Evaluate Additional Downpayment versus Leaving Money in Investments
Many RVs, depending upon the age of the vehicle, downpayment, credit score and financial history of the purchaser can be financed. Independence RV has a select group of lenders, which provide suitable financial packages for the dealership’s recreational vehicle purchasers. Independence RV will help guide you through the application process to make the RV buying experience easy and straight forward.
Interest rates are always in flux, but the Independence RV Business Manager is updated on a daily basis as to current market and lender conditions, terms and percentages. So whether you are purchasing a brand new Newmar Mountain Aire or a Used Newmar you will receive the most competitive rates.
Purchasers have many things to consider in the potential financing of a recreational vehicle. One of the biggest is the amount of the downpayment versus the amount to be financed. Depending upon the buyer’s personal investment portfolio, it may be wise to leave investments untouched, because dividends, interest earnings and market changes that provide positive financial growth may offer a better use of the dollars than could be used as additional downpayment. Additional information on RV financing is available through GoRving.com.
Some RVs will qualify for tax deductions, as a principal or second residence. Generally, the recreational vehicle must offer sleeping accommodations, food preparation and toilet facilities. In addition, the RV must be used as the security for the loan. The RV may not be rented any more than an aggregate of 15 days in a calendar year. The Internal Revenue Service offers publications (#936 – “Home Interest Deduction” and #523 – “Selling Your Home”) which can be helpful in determining the eligibility of deducting your RV loan interest. “Click” here for IRS publication and easy access downloading.The above information is intended to be helpful and informative, but it should not take the place of the advice from your financial consultant, accountant or tax advisor.
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