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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 around 10%.
Finance terms are longer/Monthly payments are lower- Because RV finance specialists know that RVs maintain their value and resale appeal, they 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, improve a residence, or refinance the remaining balance on a purchase or improvement. The purchase of an RV 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
Your RV may actually cost you less in the end if you finance your purchase. By not tapping into your financial assets to purchase the RV, you can take advantage of attractive new investment opportunities that might come along. Potential investments earnings can exceed the cost of your RV financing. The bottom line: 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!