Financing an RV by a UK resident vs renting

[Barry_UK]

Hi everyone!

I've just joined the forum after reading so much useful advice!

I received by B2 visa today (yippee!) so I am now one step further to my road trip dream...

My ideal RV is the Winnebago SOLIS 59PX, but I won't have the funds to pay cash for one. So my question - is there any way that I can get US finance to buy such a vehicle? I would hopefully get a visa extension to stay for a year and aim to sell the RV when I leave the US paying off the finance at the same time.

Alternatively, are there any good leasing deals for RVs? I've looked on Outdoorsy.com and prices are around $250 a day ($7,500 a month or $45,000 for 6 months, $90,000 for a year - way too much, I might as well buy one at this cost!)

Many thanks in advance for any advice and/or experience.

Barry

 

[Gary RV_Wizard]

I would expect that all US lenders would be very skeptical of a loan request from a temporary visitor. You have no verifiable track record in the US, no fixed home address and probably no relatives or community ties that could be used to find you if necessary. Nor is selling after a year attractive to them - they would prefer that you pay interest for many years so they can gain profit after the initial expense of granting a loan. US lenders often won't even give loans to fulltime RVers, simply because they have no reliable way to locate either the person or the collateral (the RV).

Could you perhaps get a personal line of credit from an international lender with a UK office? Maybe secured with property in the UK?

 

[Tom]

Hi everyone!

I've just joined the forum after reading so much useful advice!

I received by B2 visa today (yippee!) so I am now one step further to my road trip dream...

My ideal RV is the Winnebago SOLIS 59PX, but I won't have the funds to pay cash for one. So my question - is there any way that I can get US finance to buy such a vehicle? I would hopefully get a visa extension to stay for a year and aim to sell the RV when I leave the US paying off the finance at the same time.

Alternatively, are there any good leasing deals for RVs? I've looked on Outdoorsy.com and prices are around $250 a day ($7,500 a month or $45,000 for 6 months, $90,000 for a year - way too much, I might as well buy one at this cost!)

Many thanks in advance for any advice and/or experience.

Barry

Hopefully, things have changed since we came to the US on B1/B2 visas in 1980 and needed to buy a house. Although we had a US bank account, we had to use a loan broker ($$$$ commission) who contacted Lloyds in London for UK banking info and contacted Access for credit card account history. He also contacted my employer regarding current and future employment, salary verification, etc.

Things like cars, we paid cash for, so I have no loan experience there. However, I recall looking at a nice "second" car owned by a VP at the branch of the US bank where we had an account. Although I wasn't looking for a loan, he volunteered that he could set us up with one.

 

[Tom]

Rethinking this, I like Gary's suggestion of securing a loan (or line of credit) in the UK against UK property. It doesn't need to be an "international" lender, because you can easily transfer or wire funds across the Atlantic.

 

[Tom]

Another consideration is what the market for used RVs will be like when you're ready to leave. The markets for new and used have been hot the last few years, but you might be faced with being unable to sell when you're ready to head home, and you might need to leave the RV on consignment.

 

[Isaac-1]

You could also consider something older, used that you could pay cash for, I assume if you are shopping for a circa $100,000 van, then you have at least $20,000 to put down as a down payment, in that case consider what $20,000 will buy you on the used market, something like this 2004 25 ft class C (random example off rvtrader) https://www.rvtrader.com/listing/2004-Shasta-FREEPORT-250SL-5021494224

 

[SeilerBird]

That is what I think. Personally I would not finance an RV. Too scary in this economy.

 

[RNS]

This place offers long term rentals, no idea of terms.

Long Term

The used market may also be an alternative as suggested.

 

[Tom]

Hopefully, Barry will let us know if/when/what he decides to do. His feedback could help others with the same dream in the future.

 

[jackiemac]

You could try calling one of the Banks and ask. Or email them.

We set up a bank account with Bank of America and they gave us credit cards.

I tried to get a credit card with Costco but needed a Social Security number which we obviously don't have. I told them about our Bank card and they said Bank of America do issue those without one, but they couldn't.

You can apply for one if you needed to, should one be required for a loan (might not be a requirement but thought I'd mention it just in case).

Not sure how easy or implications.

 

[Barry_UK]

Thanks everyone for your helpful hints and tips. I think the easiest way is to secure a bank loan over here in the UK and transfer the funds over to US dealer for the purchase.

I am really in the very early planning stage so sadly I don’t have any positive feedback for others reading this post. I’m probably a year away from jumping on a plane!

 

[Tom]

I am really in the very early planning stage so sadly I don’t have any positive feedback for others reading this post. I’m probably a year away from jumping on a plane!

Good luck Barry. Remember you can always come back here to get questions answered.

I realize you're from "England" (we won't hold that against you), but there were some famous Welshmen named Barry e.g. Barry John, one of the greatest fly halves in Welsh rugby - second only to his successor, the recently departed Phil Bennett.

Tom (ex-pat Taff exiled in California)