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-   -   Difficulty Financing as a Student (http://www.airforums.com/forums/f350/difficulty-financing-as-a-student-183475.html)

Daquenzer 06-27-2018 07:33 PM

It might be easier to finance a used one if you have that much down. I can say if she is going to buy it and you arenít married it probably wonít happen. Banks are notoriously tough on houses. I doubt they will be different on a TT. It doesnít matter what your credit score is. It is about monthly income.

Sgt.Estes 06-27-2018 07:40 PM

Quote:

Originally Posted by vintageracer (Post 2121012)
Buying an Airstream with your STUDENT LOAN funds (Your Words) tells us all you are already BROKE so don't be stupid!

If this is your idea of "Prudent Financial Planning" you will be paying on that STUDENT LOAN for the next 30 years all the time "Justifying" your "Prudent Decision" way back when I was in Medical School on idea that the interest rate is cheap, I AM A DOCTOR and I can easily afford the payment.

As stated earlier by another poster as a group Doctor's are NOT known to be good business people. It's not always about the MATH saying what's the best way to go as you continue to try to "sell" us all on that idea. Quite listening to your BROKE economics professor's who tell you "Debt is Good" and start PAYING for things as you go instead of trying to justify financing "Depreciating Assets"!

Tread lightly sir. You are far out of bounds, and your assumptions are way, way off. I am not a student, I am an engineer, and former Marine. I know what I can and cannot afford. So, if you must continue to take jabs or make assumptions, then by all means. However you have only proved one thing and it goes something along the lines of, "When you assume it makes an......" Well I don't need to spell it out, you know how the saying goes.

Sgt.Estes 06-27-2018 07:42 PM

Quote:

Originally Posted by Daquenzer (Post 2121017)
It might be easier to finance a used one if you have that much down. I can say if she is going to buy it and you arenít married it probably wonít happen. Banks are notoriously tough on houses. I doubt they will be different on a TT. It doesnít matter what your credit score is. It is about monthly income.

Agreed, she just wanted to throw out a hypothetical, because she read something different. However, for the most part we knew this was not likely. She will not be financing it.

Best Regards

Sgt.Estes 06-27-2018 07:42 PM

Quote:

Originally Posted by Wayne&Sam (Post 2120941)
A bit off topic, but thank you for your service Sgt. Estes.

You are very welcome.

A W Warn 06-27-2018 07:44 PM

IMO, if you can afford it and it makes you happy go for it. That's what all of us have done.

$ aside; have you gone to see where you might live during the time in the trailer. Some times it is difficult to find acceptable/nice full time parking locations, especially difficult around large towns.

Remember, you'll be joining us trailer trash :lol: :o :blush:

Sgt.Estes 06-27-2018 07:45 PM

Quote:

Originally Posted by dznf0g (Post 2120948)
I financed mine.....for about 5 years of a 10 year note. Old enough to fall in your espoused economic group, but the right unit found us early. Paid it off early but the situation called for action. Just saying, your rules, albeit wise, does not fit all. Just sayin' chill. That said, I'd buy a 'disposable' lower cost unit for the school years.

Sent from my SM-G950U using Airstream Forums mobile app

Noted, we did consider it. We would be paying ours off completely within 8 years. Chill? I am cool as a cucumber ;) however, being called broke or stupid on a forum by a stranger can test that.

Bottom line is we can easily afford the camper, and it does mitigate financial loss over the period of time that we have allocated.

Sgt.Estes 06-27-2018 07:47 PM

Quote:

Originally Posted by A W Warn (Post 2121024)
IMO, if you can afford it and it makes you happy go for it. That's what all of us have done.

$ aside; have you gone to see where you might live during the time in the trailer. Some times it is difficult to find acceptable/nice full time parking locations, especially difficult around large towns.

Remember, you'll be joining us trailer trash :lol: :o :blush:

haha. We would be happy to join you. Yes we have researched for the past year where we will be headed. The cost have been factored in and in fact I would say that the places we have seen were quite pleasant.

Thank You

Best Regards

Foiled Again 06-27-2018 07:55 PM

Quote:

Originally Posted by dznf0g (Post 2120948)
I financed mine.....for about 5 years of a 10 year note. Old enough to fall in your espoused economic group, but the right unit found us early. Paid it off early but the situation called for action. Just saying, your rules, albeit wise, does not fit all. Just sayin' chill. That said, I'd buy a 'disposable' lower cost unit for the school years.

Sent from my SM-G950U using Airstream Forums mobile app

My mother hated to spend money, but when there was no other choice she always bought "durable" and "quality" (which sometimes meant butt-ugly too). When my sister's children were young, sis bought cheap living room furniture and mom chided her at length... and then the kid responded... small children throw up, drink red Kool-aid, and poop... and bring their friends into the jouse to play trampoline on the couch. I want something that can end up on the curb with no regrets in 8 years. Disposable furniture is great now... this time.

Medical school needs to be priority 1,2,3 and 4.... get an RV two can neglect and abuse until graduation, then upgrade. A new Airstream will need a lot of TLC by graduation. You both will have more time and energy AFTER.

Oh and one biggie.... storage. There isn't a lot. I have a quarterly throw out, and still need to do more. Wasting money on rent? Not. You are paying for free time!

Sent from my SM-G930V using Tapatalk

Daquenzer 06-27-2018 07:59 PM

Suggestion: Put a bunch down on a used one and see if the owner will finance it. I’d probably do it if I was trying to sell mine. I’d have to do a credit check, etc. And the contract would have to be such I can easily take it back. But people use to sell houses that way when interest rates were 18% in the 70’s.

Hope it works out for you.

tojimmiller 06-27-2018 08:08 PM

Loan
 
If your going into debt for med school. Do you really think itís a good idea to take on another loan. Starting off life in debt is a killer. Buy a cheap trailer if you want to live in one.
J miller

A W Warn 06-27-2018 08:11 PM

It appears to me, you have made up you mind.

Do you mind sharing with us, a general location where you will be going? You might gain some insights from other areas around the country regarding various conditions you might encounter.

Did you know Airstreams are not designed to be lived in full time? It is stated in several owners manuals I've read. The reason I'm bring this up; In the dead of winter where freezing occurs regularly it can be very difficult, uncomfortable, and condensation can damage a trailer over extended periods. (surfaces can get wet during either temperature extreme, possibly causing mold if the trailer is not ventilated properly). If you stay in areas where 100+ during summer is the norm, it can be very uncomfortable unless you get a trailer with two AC units.

vintageracer 06-27-2018 08:21 PM

Quote:

Originally Posted by Sgt.Estes (Post 2121019)
Tread lightly sir. You are far out of bounds, and your assumptions are way, way off. I am not a student, I am an engineer, and former Marine. I know what I can and cannot afford. So, if you must continue to take jabs or make assumptions, then by all means. However you have only proved one thing and it goes something along the lines of, "When you assume it makes an......" Well I don't need to spell it out, you know how the saying goes.


You asked for "Opinions" and I gave you mine based upon the information you originally provided.

I wish you success with whatever decision you make.

Sgt.Estes 06-27-2018 08:21 PM

Quote:

Originally Posted by A W Warn (Post 2121036)
It appears to me, you have made up you mind.

Do you mind sharing with us, a general location where you will be going? You might gain some insights from other areas around the country regarding various conditions you might encounter.

Did you know Airstreams are not designed to be lived in full time? It is stated in several owners manuals I've read. The reason I'm bring this up; In the dead of winter where freezing occurs regularly it can be very difficult, uncomfortable, and condensation can damage a trailer over extended periods. (surfaces can get wet during either temperature extreme, possibly causing mold if the trailer is not ventilated properly). If you stay in areas where 100+ during summer is the norm, it can be very uncomfortable unless you get a trailer with two AC units.

We will not be in any area where there will be extended cold. IF we purchase, we will have the globetrotter equipped with the dual A/C, as for the classic its standard. We understand they are not meant to be full time, but that has not stopped many who successfully do so ;)

I have lived in a camper before more about three years and again for two, I understand all too well to the good and not so good.

Best Regards

Sgt.Estes 06-27-2018 08:24 PM

Quote:

Originally Posted by vintageracer (Post 2121038)
You asked for "Opinions" and I gave you mine based upon the information your originally provided.

Don't remember telling or stating that we were broke. On the contrary... You took the liberty of making that assumption. I honesty don't mind. Assume all you want sir.

TBRich 06-27-2018 08:34 PM

OK...here's my 2Ę.

It sounds to me like you have done your homework and crunched the numbers. And everything looks doable from your perspective and your insight and knowledge of your particular financial situation. You have the means and you have the dreams.

I say go for it. And yes, it's OK to finance an Airstream. I find it interesting that some folks "don't know anyone who has financed their Airstream". It happens every day ... We had the means to buy ours outright, but we financed through the AS dealer with no problems. (At that time we could write off the interest because it was considered a second home. I believe that may not be the case these days.) Despite financing it, we paid it off very quickly because we hate paying interest even if we could deduct it.

The worst that could happen is that after living it for a while, you decide it isn't working out as you had hoped. You can always change directions at that point ... sell the AS and go on to Plan B.

ALL here know the joy of Airstream ownership ... and so can you. Good luck and enjoy your Airstream. ;)

vintageracer 06-27-2018 08:39 PM

Yes I guess you could think I made the "Assumption" that you were/are Broke based upon your statement that you were considering using "Student Loan Proceeds" for the purchase of an Airstream.

EVERY student I have every met, known or associated with who was considering or actually did use their student loan proceeds for a "Non-Educational Purchase" were Broke. That's why they considered or used those student loans to make the purchase.

Since every student "I" have ever known that used student loan proceeds or considered using student loan proceeds for a "Non-Educational Purchase" was Broke I worded my response based upon what "I' considered to be a "Fact" based upon my life observations and experience rather than from the perspective of making an "Assumption".

Either way all everyone wants to do here on the forum is help you make the best decision for your particular circumstances.

bweybright 06-27-2018 08:45 PM

Dude....this is what started it all:


"I have a great credit score, usually stays within mid to high 700s and I will have at least 10% down if not more. I'm planning to have my payments be taken care of by my student loans during medical school, but for the first few months of owning the airstream I will probably receive some assistance from my parents. My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

I'm also considering a co-buyer in the form of my parents, but I do not want to have to use them unless it is absolutely necessary. I don't own a home (since I move about every 2-3 years), but I own my car (no lease involved). "

I would suggest that you and she have a very different mind set on things?

You obviously have your mind made up so let it go and start shopping. And best of luck on the endeavor....I hope her residency doesn't end her up at Mayo Clinic in an Airstream for a couple of years........

pcskier 06-27-2018 08:57 PM

Quote:

Originally Posted by ncolondi (Post 2120557)
My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

You asked for advice, and certainly got some. While I have my thoughts on your plan...you didn't ask for them, from anybody on here. The questions you you actually asked (quoted above) are pretty simple to answer.

Any loan application WILL ask you what your monthly or annual income is. It will also ask you your occupation. "Student" will throw up red flags, if the income number you chose to provide is any kind of income number that would support this Airstream payment. I'll assume your income is basically zero, since you mentioned student loans, and possibly help from Mom and Dad. (Student Loans are not 'income.')

I see the point as moot, as I can't imagine you getting a loan for more than $100,000, as a 'student'. Without some creative 'answers' on the loan application. OR with Mom and Dad (or fiancee?) co-signing. Your fiancee stated that (presumedly) with his income, you can both easily afford the trailer. But you asked about your ability to finance and pay with student loans and/or help from your parents...no mention of a fiancee and his income were in your original post. Obviously, I'm curious, based on his statement, why you're are even asking what you are asking; or why you'd use student loans or Mom/Dad to make the payments, as opposed to a joint ownership on this as a couple. But, not my circus, not my monkeys.

I think that covers the questions, so I'll refrain from pontificating with advice you did not ask for.

Good Luck!

pcskier 06-27-2018 09:17 PM

Quote:

Originally Posted by Sgt.Estes (Post 2121007)
I really do not see the big deal here.

OK. I wrote my previous post before reading the long post that the above was snipped from, where you say that getting a loan and using student loans/parents to make the payments were just a 'hypothetical', and not actually an option--and that your income would be covering everything.

So with all due respect, I don't even understand the purpose of this entire thread, as it was founded on the simple question your fiancee asked: "Can I, as a student with Student Loans and no income, get approved on a loan to buy an Airstream." Why even ask the question if it's hypothetical? Yes, the thread morphed into advice on whether doing what she suggested was a good idea or not, because based on her question, no, of course it's not a good idea. Based on her stated parameters.

If you guys want an Airstream and you (her fiancee) can and will be financially responsible for it, and choose to be, go get a loan and buy your Airstream.

tjdonahoe 06-27-2018 09:27 PM

Quote:

Originally Posted by ncolondi (Post 2120557)
Hi I'm new to the airstream forums.

I'm currently an undergraduate student but I'm planning to attend medical school in about a year and a half. As part of my plan for maintaining cost of living down, and starting to build equity, I want to purchase an airstream (globetrotter or classic are currently under consideration) as my full time living quarters. I have a great credit score, usually stays within mid to high 700s and I will have at least 10% down if not more. I'm planning to have my payments be taken care of by my student loans during medical school, but for the first few months of owning the airstream I will probably receive some assistance from my parents. My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

I'm also considering a co-buyer in the form of my parents, but I do not want to have to use them unless it is absolutely necessary. I don't own a home (since I move about every 2-3 years), but I own my car (no lease involved).

This is quite honestly the most cost effective option for living, I will probably not have a steady home base for a few years, which means having to buy and sell a house every 3-4 years is not an option. Renting ends up being extensively more over time with rent being increased every year, possibility of having to move due to bad landlords.


Any advice is greatly appreciated.

...donít do it...they depreciate just like anything else...lot rent is expensive


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