Planning on buying rv to live in

My lease is coming up, and so's the rent. Apartments for where I'm looking are almost up 500 from what I've been paying. I put a post on Craigslist to look for people who'd want to pitch in on renting a house or something. I'm holding off on contacting a realtor.

It looks like I can purchase a class c RV (meaning my current license legally permits it) with 15% down with payments lower than 700. Credit Karma calculated a $15000 loan for my credit, 25% apr 5 years, and it was like $457. So that's about 1100, what I'm paying for rent now, not including all utilities. At that point I could easily afford a 200 max lot fee somewhere. It also gives me like a ticket out of here, to make a base of operations somewhere while I go to college.

I've heard a lot of news about how the Corona virus has influenced people's ability to get loans, does anyone know more about this? I live in South East America, banked with wells fargo for years. My Credit score is 563 sadly but if I could talk to WF for example they could easily see my income and that it's essentially what my current rent is and it would become my home. I can prove I'll always have income, I'm valuable in a restaurant and I've seen a lot of signs for 15-20 and combine that with OT. I also have a retention bonus coming up March and September next year, 2500 both times. And I do have my deposit at my current apartment to consider I suppose, a thousand bucks

Do you guys think it's possible? I've heard bad things about WF so it wouldn't surprise me if that's a dud. There's a one main financial near my job, I've seen them online but didn't know they had brick and mortar locations.

I'm just trying to figure out my housing situation. Seems like an interesting option, an RV. Like I said it'll get me to a good college and from there who knows. Otherwise I've honestly felt conflicted with being able to rent an apartment out of state.

Is It Normal?
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  • Please be aware that there is virtually ZERO quality control with RVs', and they are not covered by the "lemon law". The contracts are all written so you have almost zero rights or ability to exert legal claims.

    Recently (Post Covid) the RV Dealers Association has publicly complained that recent quality from the Mfr is horrible and far worse than normal.

    The manufactures have successfully argued in court many many times that it's perfectly normal for a "Brand New" to have warranty defects for up to a year after purchase.

    The normal "New" RV will need about 4-8 months for all the defects they come with to be repaired under warranty. You may not be able to live in it until certain repairs are done.

    Your best bet is to visit local RV campgrounds and talk to the owners of RVs about the kinds of problems you can expect; and then buy a used RV from someone who has cared for theirs and everything works.

    Here's a link to a good introduction video:

    https://www.youtube.com/watch?v=IP_u2JR51_Y

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    • Okay I'm kinda turned off by the idea of an RV. But now I'm thinking about switching out my car for a truck and getting a trailer

      I did get an email today from someone saying they may have something I'd be interested in. I'll try to talk to them tomorrow

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      • If it were me... I'd look for an older Airstream trailer or RV that needed a lot of Tender Loving Care inside.

        Then I'd build new furniture out of real wood and rewire it myself. I'd have new custom leather covered cushions made. I'd get the mechanical serviced so it could roll down the road without any anticipated issues.

        If it was a a more modern one with a shower and toilet. I'd replumb as necessary.

        Linoleum floors (not PVC) as it does not emit toxic chemicals if it burns. Yes, you can still get linoleum,

        But, I'm a handyman - and have an assortment or tools and experience.

        That would get me a great trailer or RV - in good condition with low flammability.

        It would also likely take me 4-6 months to finish everything.

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        • I ordered a 2015 ford escape through carvana. It's got the 2.0 l engine and class II tow hitch, so it can tow 3500 lbs. Lots of good ratings online. I'll just have to do some light maintenance to keep it running well.

          Thinking about getting something like what Taxa has to offer. A Nasa engineer started the company, they make compact trailers with the same ingenuity that goes into spaceships. Taxa specifically will take a few grand and spend a couple months building it, so I bet I could talk to someone about customization.

          Thanks for talking it out with me. I was having a hard time figuring out what to do with everything going on

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        • I found out I can trade my car in to a dealership. Any remaining balance will be tacked on though

          I did find a few pick up trucks for about 5000 online.

          The important thing though is I need to make sure it's worth it. I don't know much about vehicles, good makes/models, what to look for and check. I don't wanna lemon, which I've bought a car that ended up having a radiator leak which caused the head gasket to blow, although I suspect subterfuge, but that's another story.

          I have a 2014 yaris with less than 90k miles, only made 3 payments so far. I'd be looking for a truck that could tow a modest trailer that I could rely on 5 years at least. It'd be worth it to be able to get a trailer, I just wanna make sure it's a smart investment

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      • I'm glad you appreciated the video.

        Likely your best bet on the loan question from you previous post is WF. You can ask; but, with your credit score your options are limited.

        A lot of the other places that are online and recommended by dealers are bait and switch. I had that happen about 2 years ago on a roof loan. Instead of the 9 year loan they talked about up front; the payments the presented was for a 20 year loan - and I was not aware that it was for 20 years.

        Also, they will want the truck/trailer as collateral, and take them if you miss a series of payments. At least with my credit score number I avoided that on my roof loan (hint its hundreds of points higher than yours).

        Onto the truck and trailer option. Most travel trailers are built by essentially the same people who build RV's. Buyer beware.

        Another fact I did not mention in my original post: To build them cheap they tend to use very flammable materials on the interior. IF there's a fire you have seconds (way less than a minute) to get out as the fumes will poison you. Most people who are sleeping don't make it.

        It cost money to build (or rebuild the interior) with normal to low level combustible materials.

        Have you considered an older used full size van? I've owned two of those. Took the back seats out and used them for a variety of things.

        You need to make sure that engine and transmission are in reasonable condition; and that the brakes, exhaust, and tires are in good shape (I spent money right away on both vans for that - and every used car I have ever purchased). Do what you like with the interior as you can.

        Join a health club, where you can shower.

        Or the local truck stops sell shower stall time at typically $12-$15 per use. I've done that many a time when traveling long distances with a car where I need to be nice and clean and possibly dressed up. I also tended to sleep in my car a lot on certain trips. Nice to be able to take a shower when you need one.

        Note: Modern Truck Stop shower stalls are big enough for 2... and they come with 2 sets of towels. My wife loved that when I introduced her to them. ;)

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    • I'll check that vid out later, but do you know much about applying for loans? I imagine I could find something older and better but I would still need a loan or to finance without a down payment

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  • 25%? Hells no

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  • 25% APR, holy fuck man

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  • Buying a RV is like buying a boat. Never gonna resell it at a value that would be favorable. That being said the smart choice would be investing that into land.

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    • I don't care about resale. Ideally it'd last me 5 years, enough to make a lot of my goals easier. At the very least I could put it on some land I buy and live in it after that. I just don't want land now, I don't want to be tied down to just this area

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  • Get a better APR, you can shop around at different credit unions. Or just go to a place that sells RVs and they’ll probably get you started.

    BUT FUCKING DO IT.

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