Mortgage loan on an RV

[JamesL73]

I’m wondering if anyone has found a bank or credit union that would allow an RV to be financed as a mortgage loan rather than just a personal loan. I do not own a “house” but am trying to have a mortgage on my credit profile to maximize my FICO score. Any information would be much appreciated.


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[Squirlee]

I’m wondering if anyone has found a bank or credit union that would allow an RV to be financed as a mortgage loan rather than just a personal loan. I do not own a “house” but am trying to have a mortgage on my credit profile to maximize my FICO score. Any information would be much appreciated.


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I would suggest that because of the type of item being financed a bank wouldn't mortgage it.

 

[jerryjay11]

Probably not because it is a recreation "vehicle" and not a house and it depreciates in value.

 

[jnbhobe]

Do a home equity loan??

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[JohnDar]

Do a home equity loan??

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Without a sticks & bricks, a HELOC probably won’t fly, either.


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[jnbhobe]

Without a sticks & bricks, a HELOC probably won’t fly, either.


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My mistake, I missed that !!

 

[angelinmorrie234]

I'm curious if anyone has located a bank or credit union that will finance an RV as a mortgage loan instead of a personal loan. I don't own a "home," but I'm attempting to get a mortgage on my credit report in order to improve my FICO score. Any help would be greatly appreciated.


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Yes, You can get mortgage loan on credit report. If your credit score is Good. Then, Bank can give the loan.

 

[MTPockets]

Is there an advantage trying for mortgage instead of regular RV loan? We had no home, a 15 year loan, no affect on credit score... just asking: curious.

 

[thewanderingeight]

There are several companies that will finance an RV with a loan similar to a mortgage. Good Sam even has an option to finance specifically as a full-timer.

 

[MCTalley]

The loan on our RV is written as a mortgage loan. At the time of purchase, we were full-timers, thus the RV was our "home".

In particular, Alliant Credit Union wrote the loan. Since it is a mortgage, they did require a separate escrow for the cost of one year's insurance on the rig. That just sits in a savings account as unavailable funds, though it does generate a trickle of interest over the year.

 

[southernlady5464]

Probably not because it is a recreation "vehicle" and not a house and it depreciates in value.

I agree with the recreation vehicle part But the depreciation in value….they give mortgage loans on mobile homes even if you rent the lot and they depreciate in value as well.

 

[jerryjay11]

I agree with the recreation vehicle part But the depreciation in value….they give mortgage loans on mobile homes even if you rent the lot and they depreciate in value as well.

You are correct though mobile homes typically sit on a site for years where a camper typically does not, thus it would be more were and tear. That is why it is hard to find a financial institution to mortgage a RV.

 

[Routemaster]

I used:- https://www.essexcredit.com

 

[jleavitt11]

I’m wondering if anyone has found a bank or credit union that would allow an RV to be financed as a mortgage loan rather than just a personal loan. I do not own a “house” but am trying to have a mortgage on my credit profile to maximize my FICO score. Any information would be much appreciated.


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You can only have a mortgage on real property. A trailer is considered a vehicle.

 

[danemayer]

Here's a link to what is probably reliable information on deducting interest on RV loans. But note that you must itemize deductions. With the structure of the standard deduction after the Trump Tax Cuts, it's hard to get to a deduction level where itemizing is advantageous.

 

[TurnerJoshua]

Why would you take a mortgage loan on an RV? It's an investment in a lifestyle, but you can mitigate the expense by renting it out when not in use.