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RV Financing

Why Finance Your RV with Labadie RV?

When you finance your purchase instead of liquidating assets or paying cash, you maintainyour personal financial flexibility. Plus, your RV may qualify for some of the same taxbenefits as a second home mortgage. Of course, check with your tax advisor, but basicallyto qualify for these benefits, such as the deductibility of interest on the loan, the RV must be used as security for the loan along with providing basic living accommodations such as a sleeping area, bathroom and cooking facilities. Remember, the RV is considered aqualified second residence as long as you designate it for each tax year.

What Are the Advantages of Financing Through a RV Lending Specialist?

Down payments are lower - Although final terms are determined based on your credit profileand the age, type and cost of the RV being purchased, financing through RV lendersusually requires down payments in the 10% range.

Finance terms are longer / Monthly payments are lower - Because RV finance specialistsknow that RVs maintain their value and resale appeal, they tend to offer more attractiveterms. In fact, it's not uncommon to find 15-20 year repayment schedules to help youafford 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 forthat home. Home mortgage interest deduction is restricted to interest paid on mortgagedebt used to purchase or improve a residence, or to refinance the remaining balance ona purchase or improvement. The purchase of an RV, therefore, does not qualify for thisdeduction. Home equity loans limit the amount of interest that is deductible, if your RVloan balance exceeds $100,000. Home mortgage interest deduction is limited to interestpaid on home equity loans up to $100,000.

The Last Word on RV Financing

Your RV might actually cost you less in the end if you finance your purchase. By nottapping into your financial assets to purchase the RV, you can take advantage of attractivenew investment opportunities that might come along and the earnings from thoseinvestments can potentially exceed the cost of your RV financing. The bottom line is that ifyou are thinking of buying an RV, you should check financing options to maximize yourpurchase enjoyment. You'll be on the road enjoying your new RV before you know it!

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