A Quick Guide to RV Financing
You’ve worked hard, and now it’s time for a little play. Or better yet a well- deserved vacation, an untaken honeymoon, or perhaps even a whole new life, one where the journey is the destination. You have always wanted to hit the road and see what the world has to offer in an RV, well we’re here to tell you that you can, and it may just be easier than you think. So don’t let a little thing like financing your dream RV hold you back. After all, there are stories to be made, sights to see, even Jackalope myths to bust.
So here is a breakdown of what you need to know:
- It’s a good time to finance an RV because lenders view RV buyers as responsible and creditworthy.
- Less than 2 percent of RV loans are in arrears.
- The majority of lenders only require 20 percent down with some only requiring 10 percent down for new RV purchases.
- In most cases financing terms are for between 10 and 15 years making the payments very affordable.
- Used RV purchases may require bigger down payments and have shorter loan terms, but their purchase prices are less, keeping them affordable.
- When certain requirements like the RV being collateral for the loan and the RV having bathroom and kitchen facilities it is possible to get a second mortgage deduction.
- The IRS offers free information on RV loan deductions. Go to IRS.gov for more information.
So don’t be overwhelmed by the idea of financing your dream RV. It’s a good time to buy, the process is easy, and we assure you that the memories you make will pay dividends of their own.