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Financing a Tiny House RV

Last Updated: Oct 05, 2015 03:37PM PDT
There are several steps to get financing for your Tumbleweed.

Tumbleweed Tiny House RV's are now classified as a Travel Trailer and are listed in the NADA Guide (National Automotive Dealers Association):  http://www.nadaguides.com/RVs/2015/Tumbleweed.

When initiating conversation with the lender, only say that you want a "travel trailer RV loan" and do not mention "tiny house."  That revelation comes later in the process.

Borrower requirements
Unlike home loans, RV loans aren't available for people who state they intend to make this their primary residence (only true for some lenders). Credit unions look for borrowers with steady income, credit about 700 or higher and are purchasing an RV for recreational purposes.

Find a credit union
Conventional banks still aren't lending on this type of RV (generally speaking, but this is now changing), but most credit unions do. If they do RV loans, they typically will loan for 7 years or 15 years. On a 7 year loan, your payment will be roughly $1,000 per month. On a 15 year loan, your payment will be roughly $500 per month. Make sure that you find a credit union that will meet your needs. Typical interest rates are between 4% to 7%.

Determining Value
Credit unions use one of two methods to determine the value of a RV. They either go by dealer invoice or NADA (or possibly either). Tumbleweed is listed in the NADA guide as of July 2014.

Get pre-approved
Getting pre-approved makes the process easier. We recommend asking for more than you think you'll need to borrow for two reasons. One, sometimes you get approved for less than you ask for. Two, you can often include upgrades and shipping charges into the loan.  Do not apply for a loan until you are ready to begin the ordering process!   Your pre-approval is only good for 30 days.  Therefore, you will need to find a parking space for your Tiny Home before you being the lending process.  
Next steps
After you are pre-approved, it is a good idea to have a Tumbleweed representative talk to your credit union. They often have questions that you won’t know the answer to. We are here to answer those questions.

PS:  We now have a new lender for Tumbleweed Tiny House RVs.  They currently have a  <5% interest rate and only a 7 year term (no 15 available at this time).  Apply here:  http://tumbleweedhouses.com/tiny-house-loans.



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