Difficulty Financing as a Student
Posted 07-04-2018 at 12:13 PM by drjudy
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.
As a physician I appreciate your desire to keep costs down. Have you been accepted to a Med school? As you know we seldom have a few / many options to choose from (I fortunately had two). You may end up in an area that is not conducive to RV living. And you must keep in mind that you will be back and forth to anatomy lab late at night in the first year; in the clinical years you Will have long shifts and sleepless nights.
Internship and residency are probably going to be through THE MATCH; you may end up in Hawaii or Buffalo; neither place easy for transporting or living in an RV.
Consider a used airstream or have your parents purchase a condo for equity sharing if you end up in someplace like California; if my parents had done so in Orange County, by the time I graduated UC Irvine and finished internship at VA Long Beach, we each would have profited a tidy 80k.
Best of Luck
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