Financing a wheelhouse?

[castmaster]

What have any of you guys done to get a loan on a wheelhouse? My bank says they will do it but needs to be titled. Was looking at a couple used ice castles and an ultra shack, but all the sellers say they arent titled.

Any of you have any experiences with this? How does a guy get around the title issue, or go about obtaining a title on one?

[usmcjsy]

Well if you have a car that is paid off you can just refinance the car and give the bank the title for that. They dont care what you do with the money they just want to have a title for collateral.

[that_guy]

Have you considered licensing it as an RV? You'll have to pay for tabs and whatnot, but it might be a decent option.

[castmaster]

ThatGuy,

What would need to be done for that to happen? I am kind of confused with some of this. It has always been my understanding that any trailer used on public roadways had to be licensed, be it a snowmobile trailer, boat trailer whatever, the trailer itself had to be licensed and registered. Then in the MN Fishing Regs it says this..

• A shelter may not be left unattended anytime between midnight and one

hour prior to sunrise unless the shelter is licensed.

Note: The Dept. of Public Safety - DVS requires trailers used to haul fish

houses or dark houses and enclosed trailers or recreational trailers used

for fishing to be registered. See your local Deputy Registrar for trailer

registration.

Which would reaffirm the fact that it at least needs to be registered as a trailer. But pretty much anyone I talk to selling one used says it has no title on anything, even the trailers, and are only sold on a bill of sale.

Kind of confused how folks are running these without ant registration for at least a trailer. And what I need to do even once I buy one. Even if I just go pay cash to get away from the whole title issue with the bank, will I need to go register it with the DVS to be legal?

[that_guy]

First, I'd call the deputy registrar as advised in your previous post. I'm sure you aren't the first person with these questions. They'll also have the current regs and processes (these things change from time to time)

Second, I'd pay cash for it up front then register it as an RV so you can have insurance on it.

Third, if necessary, finance it at this point if you need some cash to get by.

[jerkbait]

Up until 2-3 years ago the crank down fish houses did not need to be titled or licensed to be on the road. Had to do with the fact that the shelter had to have a shelter license anyhow. What ever year they changed the law about shelter licenses only if the shack was left unattended needed a license that the state required the crank down houses to be licensed and titled. That is why some of the older ice castles(or any other brand) did not have titles.

[poorB]

i would save your money until you have enough to pay cash that way you don't have to figure out how to get a loan and you will save a ton in interest.

[castmaster]

I have enough cash to buy it now. Thats how I have always lived, saved my money until I could afford to pay cash. Have never had credit cards for the same reason. I am learning that is really frowned upon these days. I have been told by several different lenders I have spoke to that having no credit is worse than having bad credit. I purchased my home on a contract for deed, but am thinking of selling and would want to get a regular FHA mortgage the next time around. Figured taking a small loan on this fish house would be a way to start building some credit. I know its only a baby step, but its just something I have a hard time breaking down and doing, so baby steps it is.

How they can view a person who has never asked anyone for anything and always paid as he went as "lower" than a person who has shown a willingness to borrow and not pay back is beyond me, but thats a whole nother topic!

I guess I wasnt aware I could buy it, then get it registered and go and take a loan out against something I already own.

[Sprinter]

I purchased a Grand Lodge 2 years ago and it came with a title. I guess I assumed that all wheelhouses came with them unless they were home built. Even without a title I would think that all the DMV would need would be VIN#, Length, Make, Year, and possibly GVW.

[LightningBG]

Couple different subjects here.

Licensing your shack with the DNR doesn't give it any permission on the roads. You will need to do this though if you leave it unattended.

Registering with the DMV will need to be done with the DVS. They do not need a title to register it. Lots of trailers dont have titles (unless they are big or over a certain weight I think). (think about the $300 trailer at Harbor Freight. they aren't gonna give you a title for that)

As for the bank. They want something showing that they own it in case you default on the loan. Chances are you wont be able to come up with a title from Ice Castle or another outfit. You may be able to go to the DVS and tell them you would like to have a title issued, but I'm not sure if they will do it.

As for the loan. Check with the bank to see if you can just get a personal loan for 4-7 thousand with installments. Installment loans look better on your credit than open lines of credit. If they are hesitant to give you the loan, and if you have cash in hand, tell them you want a collateralized personal installment loan. Tell them you have cash in hand, you want to put it in a CD, and use the CD as collateral.

(You will basically borrowing your own money back at 5% that you gave them for 2%, but it will build up your credit.)

[LightningBG]

OH, and I would do everything possible to NOT register it as a RV. If it is registered as an RV you will have to buy tabs for it every year or whatever. I'd try to get a lifetime license if at all possible.

[castmaster]

Lightning,

I was aware of the collateralized personal loan you mentioned. When I bought my boat I went through this, but was self employed at the time. Was having a heck of a time getting a loan, until one place said they'd give me one of those type loans. The terms were my $15,000 in a CD at like 4% and then they'd borrow that back to me at 11.5%. I just couldnt swallow that pill and paid cash for the boat instead.

I guess if it were only a couple % points, and on a relatively small amount (was thinking of putting $2500 down on say a $6,000 house-so $3500 on loan) might make it easier to accept.

Anyone have trouble getting insurance if not titled as an rv? I heard that can be an issue.

[LightningBG]

Lightning,

I guess if it were only a couple % points, and on a relatively small amount (was thinking of putting $2500 down on say a $6,000 house-so $3500 on loan) might make it easier to accept.

Anyone have trouble getting insurance if not titled as an rv? I heard that can be an issue.

Your right. It seems like a jack, but like you said, if its only a small amount, for a short period (1 year?) then it wouldn't be too bad. Depends on how bad you want to build the credit.

There are also lots of options on building up credit. depending on what your credit looks like currently, you can get a regular credit card or a good option is to get a store credit card. Something like a Target credit card or whatnot. The good thing about a Target are or similar is that you can buy stuff that you are going to buy anyways (especially groceries if your Target has that, but I dont think Hastings does yet) and pay it off in full each month or just roll over a very small amount (this builds credit faster, who knows why).

[eyebjim]

I have a house that is not titled it is registered as a trailer not RV so it has a lifetime license.

It is a 05 King crow.

I have full coverages insurance with 0 deductable for value of house plus 2500 for contents.

Even covers going thru the ice. Both recovery and reapirs. I don't think I want to use that one though.

My insurer had no problem that it didn't have a title. I gave them the serial number off the frame.

[Jimmy from Cottage Grove]

I just bought a new ice castle at the show. My bank was giving me a bunch of [PoorWordUsage] about no title. The new ice castles do have titles. After I made them do some research into it they wound up giving me an RV loan.

[Big Minnow]

eyebjim

Could you tell me your insurance company? Please.

Thanks