- Is financing different if I purchase my RV with an LLC?
- My bank approved financing if my personal name is on the title with the LLC. Is that okay?
- My bank/dealership says they can’t finance me if I use an LLC. Are there other options?
- My lender is asking for a long list of LLC paperwork. Can you help?
Is financing different if I purchase my RV with an LLC?
Yes. Not all lending institutions will process loans for an LLC that purchases a personal vehicle, like a motorhome or travel trailer. These loans are hybrids of commercial and consumer loans, so you will want a lender that understands how it works.
One lender that works with Montana LLCs is RV Financing. You can contact them at 1-888-929-4424.
If you have an existing lender that will work with you, contact our office to get additional information on questions you will want to ask before finalizing the loan.
If your lender has questions, you can also ask them to contact our office at 1-888-441-5741.
My bank approved financing if my personal name is on the title with the LLC. Is that okay?
Unfortunately, you personal name cannot appear on the title to the vehicle – even if your LLC is also listed. Each individual or company who applies for a vehicle title in Montana must prove that they are a resident of Montana. We can provide documentation showing that the LLC is legal set up in Montana with the Secretary of State. However, because you personally are not a resident of Montana, you will not be able to be listed on the loan.
The good news is, there may be some flexibility with the loan paperwork. If your lender will allow you to write the loan contract showing the LLC and you personally as guarantors on the loan, but still have the vehicle registered and titled to the LLC only, we can work through the rest!
My bank/dealership says they can’t finance me if I use an LLC. Are there other options?
Absolutely! We can recommend a financing company to you (RV Financing).
You can also look into loan options that might include personal lines of credit and home equity loans. These types of loans generally do not require you to list the bank as a lien holder on any property purchased with the money, and may leave you the freedom to have the RV titled and registered to the LLC.
My lender is asking for a long list of LLC paperwork. Can you help?
Yes we can! We have prepared a variety of paperwork for lenders. Please call or email us with the requirements, and we will be happy to provide you with the paperwork; or refer you to another resource where you can get the requested paperwork. We want to make you and your lender both comfortable with the transaction!
Also see …
Have a question regarding setting up an LLC in Montana or registering your RV in Montana? Contact Us!