* With approved credit. Well-qualified purchasers. Not all purchasers will qualify. Higher purchase rates apply for purchasers with lower credit ratings. Plus tax, title and registration.
When you finance your RV purchase instead of liquidating assets or paying cash, you maintain your personal financial flexibility. Your RV might actually cost you less in the end by taking advantage of attractive new investment opportunities that might come along and the earnings from those investments can potentially exceed the cost of your RV financing.
Plus, your RV may qualify for some of the same tax benefits as a second home mortgage (Check with your tax advisor). To 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. Your RV is considered a qualified second residence as long as you designate it for each tax year.
Borrowing against an owned home through a home equity line of credit 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 or improve a residence, or to refinance the remaining balance on a purchase or improvement. The purchase of an RV, therefore, does not qualify for this deduction. Home equity loans limit the amount of interest that is deductible. Home mortgage interest deduction is limited to interest paid on home equity loans up to $100,000.
