Pay Rent or Finance RV

[RV-Hopeful]

Okay, I'm at the point where I need to make this whole thing real!  Since the other RV deal fell through I've been racking my brain on what to do. 

In about a month I'll be without a roof over the head unless I rent a low income senior apartment ($655+elec) OR finance an RV/van+trailer/something.  Whatever I do I'll be paying X amount per month. 

Doesn't it seem smarter to finance a used RV than to pay rent for a dungeon of an apartment?  I won't be able to save in the apartment and NO I don't want to live in my car because I'm just not in good enough health to do that or do a build.

I know the whole goal is to be debt free, etc., but at this point it ain't happening ...

The other alternative is to pack up, rent a uhaul-tow car, drive to Alabama and hang out with my brother until I can save some money.  Whine whine whine - it's humid in Alabama - yuck - ... chuckle.  

All kidding aside - I just don't know what to do.  URG - rent - finance - go to Alabama

Well, I guess that's my grumbling for the week.  Thanks for listening.

 

[TMG51]

Buy a Craigslist van for 800 bucks and live in it as cheap as possible while saving up for that RV?

I know that may be a lifestyle adjustment. Personally I find more and more that I enjoy finding I can live happily with less and less.

Otherwise, maybe talk to a credit union about financing. I believe you said it was bank that declined you.

 

[Gunny]

I would suggest finding out what years your bank will finance (some won't do older RV's) then take the plunge. Have a reserve for repairs or breakdowns, but at least it is yours!

There are subprime lenders who will finance older RV's but beware, their interest rates are high. 

From reading your posts, you seem determined to fulfill your dream, so don't let a little thing like having to finance hold you back. 

A two or three year contract on a nice place to call home is worth it, eh?

 

[Reducto]

Where would you keep the RV? You'll need to pay for a spot with electricity or find somewhere else to park and provide your own energy via solar or generator. It's about to get hot in many parts of the country so you'll have to either find someplace cool enough for you or power and air conditioner. I'm not saying an RV isn't right for you, just be sure to keep in mind additional expenses you'll run into.

Also the fact that you say van + trailer makes me think you're planning on bringing a lot of stuff with you. Perhaps you should focus on getting rid of some things so you can fit everything in a van.

 

[Wanderer]

OK, I'll put myself in your position.

Bad health, can't mod and want comfort....

Head to Alabama, live with Bro and go slow in getting van and modding..

That's my suggestion.....

I know we have other Van dwellers who have bad health conditions and were able to do so.....

But we all have to live our own lives....The reason I say this is to stretch yourself and realize you ARE able to do such.

PLus I'd not trust any dealer without Bob's book in hand....RV's are nice, but not stealthy at all....

 

[darude]

Where would you keep the RV? You'll need to pay for a spot with electricity or find somewhere else to park and provide your own energy via solar or generator. It's about to get hot in many parts of the country so you'll have to either find someplace cool enough for you or power and air conditioner. I'm not saying an RV isn't right for you, just be sure to keep in mind additional expenses you'll run into.

Also the fact that you say van + trailer makes me think you're planning on bringing a lot of stuff with you. Perhaps you should focus on getting rid of some things so you can fit everything in a van.

id'e never invest in an RV because of all of the expenses!!! iv'e seen RV parks go upto 2000.00 a month :s . i refuse to pay for something that i can get free!!! why should i have to pay someone just because i exsist on this planet and i am temporaily occupying a miniscule pice of it :huh: :huh: ??? id'e downsize to where i could fit everything that i need to survive on in a van. it's amazing how many people don't know that they don't need alot to live off of!!!

 

[Milk Hauler]

Even a used RV will depreciate faster than u can pay it off. If for some reason you need to sell it before the note is paid, it will be tough to get what you owe on it.

With the oil bust in the Midwest, the market is flooded with nice abandoned rvs, whos owners left in the middle of the night.

The banks who are stuck with hundreds of rvs, have ruined the resale market by listing them dirt cheao. Good for a buyer, but bad for sellers. Take a look at South Dakota Craigslist. It's mind boggling seeing CL crammed with rvs.

Sent from my SCH-S968C using Tapatalk

 

[Cheli]

My initial thought would be paying a loan is better than paying rent because it will be yours in the end. But, seeing you have the option to go hang with bro and save money and doing it right, instead of panicking, I would do that. If you are doing it by choice and not by necessity it will be less stressful.

 

[mayble]

Even a used RV will depreciate faster than u can pay it off. If for some reason you need to sell it before the note is paid,  it will be tough to get what you owe on it.

I have to disagree here - just buy something that is fully depreciated.  
You can buy a 15-20 year old Class C for less than $10k, and in five to ten years it will still be worth what you paid for it as long as you keep it clean and maintained.
I recently bought a 1993 Tioga for $7000, and I saw dozens of older models in the same price range.  I figure if I use it for two years I'll know whether I want to invest in another RV or go a different route, and I'll be able to sell for what I paid for it (barring major mechanical problems, of course).  I may find that I don't need anything else and drive it 'til the wheels fall off.  Who knows?  Either way, I'm not out much money and I'm learning and having fun in the meantime.

 

[eDJ_]

Back when I was a poor College Kid just graduated and looking for work and money to get an apartment, better car, and "get started",  my Grandmother suggested something really unique. (even for her)   You see young kids like myself back then share a similar situation to yours.   The family wants them to get out and on their own,  which means having to find work (monthly income) and lodging while trying to save some money.  So often they are living the "American Drama" of living from pay check to paycheck.  (where a $1000 unforeseen expense could put them homeless)  Grandmother used to watch a TV show called "Chip's"  which was about a couple of Motorcycle Cops.   It seemed one had a decent RV he parked in a trailer park for his home and she  saw great merit in his choice.   If his job played out he could fire up the RV and move to a new area where he  would find another job. 

Rent is just money down a rat hole.  The RV is something you can pay off and get yourself to better areas to live in,  and generate some savings.   The RV is going to need maintenance so shop wise and allow for a budget would be my advice.  Maybe better to buy a better one which is road ready with everything working
and finance that than a "do it yourself kit".   Then you could "work camp" or find some odd jobs along the way to help with a percentage of your finances.

You may have seen this TV show at one time or another.  The guy on the right side lived in the RV.

 

[cherterr]

Hmm. Wow... what to say, what to say. My 'trip' has been a long one. A debt free one, and an indebted one.. back and forth.. SO... The biggest point I will make to you is: PATIENCE is of great monetary value, in the long run.

If you go into debt for an RV (?try FunTime, they self finance and have some pretty nice ones) Pay it Off EARLY using the same amount you would have spent on rent. Expect to spend a couple thousand on new A/C and Roofing if it's over 8-10 years old. Your electric will likely be half what you spent before (unless it was a tiny house) to stay cool in a southern state.

Expect to be bummed out at times because you 'live in an RV'.

BOTTOM LINE: If you Do Not have to have shelter immediately, WAIT. If you DO, just be smart about it.
ACTUALLY.. wait a minute!
Does rent suck? YES!
Yes: I financed my RV (paid off early in 3 years and LOVE that I will ALWAYS HAVE A HOME, well.. until it falls apart.. lol)
Yes: I am 'stuck' again by indebtedness on my "Granny Cabin" under construction and it may be 2 more years til I can move in.
Yes: Sometimes 'stuck'ness is a good motivator - I put off the cabin construction, set up my Sienna mini van (Paid for, and I already HAD it) to be road ready.
Yes: I have two tiny plots of land: one paid on a tiny lake - one not that I can sell eventually and make back a little $. Will I get utilities and move RV to paid off lot soon? Yes!

You just have to REALLY think about what you want, and realize that it may sometimes be fluid and changing, and try not to beat yourself up about it.
At the end of the day; I still have a little debt on the cabin, but I can now say that no matter WHAT happens (financially) I have a PAID FOR HOME. (Besdies my minivan)

The length of time this has stretched out over sometimes seems intolerable... but.. you know what? I just keep learning about myself. I can DO more than I ever thought. And.. I even saved a few shelter dogs from death and got them into loving family homes. Those are things I can never regret.

GO FOR IT!!! Just DECIDE and DO IT. Remember to be 'fluid'. Life is not made from concrete.
Hope this makes sense and helps. So now I'm just gonna hit reply!!