Financing without a Title

[eyemgh]

I'm buying a camper from a seller in a state (MO) that requires neither title or registration of slide in campers. I will have the Statement of Origin and a Bill of Sale, but I would like to finance it for cash flow reasons. I'm also bringing it to a state (OR) that does require title and registration. I'll call the bank tomorrow, but I'm trying the get a jump on what to expect. I'm not certain how the logistics will play out. For instance, what will the bank demand to hold to show proof of lien until I can get it back home and get it titled and registered here. It seems like a potential Catch-22 that they might not be able to originate a loan without a title to sign over to them, but I won't have a title to sign over until I possess it. Has anyone been through this? Thanks!

 

[DanoT]

I think what you want to do is first talk to an insurance agent who is willing to start insurance coverage at the time of purchase which will be prior to getting the camper home and insurance policy actually issued with registration and serial # in place.

How keen are banks in granting loans for campers? Might the bank want a lien that also covers other assets as well? Just be prepared is all i am saying.

 

[eyemgh]

Got it figured out. They (USAA) took the FWC MCO and Bill of Sale in lieu of a title until I can get one in OR. Thanks!