RV Financing
There are many advantages to financing your RV, instead of liquidating assets or paying cash. By financing your purchase, you maintain your personal financial flexibility.
Your RV financing also allows you to take advantage of tax benefits available to you. The interest paid on the majority of RV loans is tax deductible as home mortgage interest.
To qualify, the Internal Revenue Service (IRS) has ruled that:
- The RV must be used as security for the loan.
- The RV must have basic sleeping, cooking and toilet facilities.
Advantages of Financing Through a
RV Lending Specialist
Final terms are determined based on you credit profile and the age, type and cost of the RV being purchased. However, by financing through lenders who specialize in RV loans, the required down payment is generally in the 10% range.
- Longer Finance Terms = Lower Monthly Payments
Lenders who specialize in RV loans tend to offer more attractive terms than the average bank. The banks we deal with offer repayment schedules of up to 20 years to help you afford the RV of your dreams.
Lenders who specialize in RV loans tend to have better financing rates as well. Many banks have higher interest rates on RVs, because they are not eager to loan money on RVs. The banks we deal with love RVs.
RV Financing Compared to
Other Payment Options
A home equity loan is not a wise option for purchasing your RV. It is never a good idea to borrow money from something that will go up in value to pay for something that will go down in value. By keeping the home and the RV separate, you are not putting all your eggs in one basket.
Also, home mortgage interest deduction is restricted to interest paid on mortgage debt used to improve or purchase a home, or to refinance the remaining balance. The purchase of a RV does not qualify for this deduction.
To see how affordable the RV of your dreams can be
please contact John Tessendorf @ 815-332-3322 ext. 120 today.