Why Finance Your RV?
Your RV might actually cost you less in the end if you finance your purchase. When you finance your purchase instead of liquidating assets or paying cash,
you maintain your personal financial flexibility. This allows you to take advantage of other investment opportunities, and the earnings from those investments can potentially exceed the cost of your RV financing. Plus, your RV may qualify
for some of the same tax benefits as a second home mortgage.
What Are the Advantages of Financing Through a RV Lending
Specialist?
Down payments are lower - Although final terms are determined based on your
credit profile and the age, type and cost of the RV being purchased, financing
through RV lenders usually requires down payments in the 10% range.
Finance terms are longer / Monthly payments are lower - Because RV finance
specialists know that RVs maintain their value and resale appeal, they tend to
offer more attractive terms. In fact, it's not uncommon to find 15-20 year
repayment schedules to help you afford the RV of your dreams.
How Does RV Financing Compare With Other Payment Options?
Borrowing against an owned home is not an option unless the money is used
directly for that home. Home mortgage interest deduction is restricted to
interest paid on mortgage debt used to purchase or improve a residence, or to
refinance the remaining balance on a purchase or improvement. The purchase of
an RV, therefore, does not qualify for this deduction. Home equity loans limit
the amount of interest that is deductible, if your RV loan balance exceeds
$100,000. Home mortgage interest deduction is limited to interest paid on home
equity loans up to $100,000.
The Last Word on RV Financing
The bottom line is that if you are thinking of buying an RV, you
should check financing options to maximize your purchase enjoyment. You'll
be on the road enjoying your new RV before you know it!
Information provided by GoRVing.com
