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Old 03-28-2017, 12:56 PM   #1
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Financing as a Renter vs a Home Owner

Would appreciate your feedback: I have a FC 20 that I bought as a home owner - totally love it but want a bigger unit so I can travel for long periods of time - basically live in it but have a rental place, too. Trying to decide what order to do this in - my impression is that it's much easier to get financing if you own your home versus if you are renting. Even with great credit. If I sell my home first, I'll be able to accumulate extra cash more quickly to put towards a FC 30 - but my impression about financing has me hesitating... My FC 20 is a 2016 - so, I have to accumulate lots of cash as I'll take a hit on it since I've only had it 6 months. Kicking myself for not buying a bigger one to start! Is there any truth to ease of getting financing as home owner versus renter? Especially, since I'm guessing interest rates are going to go up and credit might become tighter... Thanks!!
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Old 03-29-2017, 08:58 AM   #2
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Financing as a Renter vs a Home Owner

Just a thought: Perhaps the best way out is through. Learn to love that FC20 and live small on the road, enjoying it for a few years, saving up your money, and getting some value out of that depreciation hit before you move up to a 30. Most of the depreciation has already happened, so this could be a great solution for you. Meanwhile, you can tell everyone how awesome it is to be a minimalist, which will put you in the same club as those bunches of cool young folks doing the same thing.
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Old 03-29-2017, 10:21 AM   #3
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If you bought new and liked the dealer, go to them now and tell them what you want to do. They have seen it before. While you will still take a depreciation hit, that dealer will want to sell you another trailer, and may have some ideas of how to make it happen, both on selling the FC20 and financing the FC30. Good luck!
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Old 03-29-2017, 10:21 AM   #4
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If you go to Las Vegas never gamble more than you can afford to lose, and if you win a big jackpot early on then turn 1/2 into a money order and mail it home - so you can actually prove that you won.

If you borrow, never GAMBLE that you'll stay employed long enough to pay the loan... have collareral or at least a big fat load of jewelry you can pawn or sell if something goes wrong.
Do you have ANY savings? Even enough to cover getting a really serious case of the flu that keeps you home and wipes out 2 or 3 paychecks? If not, you really shouldn't borrow for anything - well if my sister needed a kidney I'd break that rule.

Fund your 401K or simple.IRA before you even think about getting another trailer, and NEVER borrow against it.

Might sound preachy, but I know too many people who are hopelessly in debt.

Paula
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Old 03-29-2017, 05:18 PM   #5
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I'm thinking a history of on-time payments either to rent or to a mortgage might be a wash as far as helping a credit score.
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Old 03-29-2017, 07:26 PM   #6
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Quote:
Originally Posted by Rocinante View Post
...
Meanwhile, you can tell everyone how awesome it is to be a minimalist, which will put you in the same club as those bunches of cool young folks doing the same thing.
And this old guy...
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Old 03-29-2017, 07:30 PM   #7
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To answer the OP: loan decisions are mostl made based on your credit score. If yours is above 700 and your debt/income ratio is low it won't matter if you rent or own.
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