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Buying an RV
Now is a Great Time to Buy
Fuel costs have come down and stabilized. There are great deals on exciting new models coming out. It’s a great time to invest in an RV for years of vacation savings. Now is the time to see your RV dealer! 
After a rough patch brought on by the mortgage lending crisis in 2008, consumer financing is beginning to normalize. Loans are readily available for qualified borrowers looking to purchase the RV of their dreams.
Most dealers offer in-house financing through one or more national lenders or with local banks, finance companies and credit unions. Their in-depth knowledge will make the process go that much smoother.
Terms for RV loans can extend up to 20 years. The median term for new RV loans is just over 18 years for new RVs and about 17.5 years for used RVs, according to the 2008 Survey of Lenders’ Experiences, an annual nationwide survey conducted by RVIA of financial institutions concerning their RV lending portfolios.
“Anyone who is interested in shopping for an RV should not let media reports about tight credit deter them,” says Richard Coon, president of RVIA, the trade association which represents the country’s RV manufacturers and suppliers, including a number of national finance companies. “Families can readily find a vehicle to fit their needs at a price to fit their budget, and arrange financing for the purchase.”
You May Qualify for Tax Deduction
For the vast majority of RV buyers, the interest on their loan is deductible as second home mortgage interest. To qualify, owners must not already have a second home mortgage. Also, the RV must be used as security for the loan and provide basic living accommodations such as sleeping area, bathroom and cooking facilities. Virtually all RV types – motorhomes, travel trailers, truck campers and even most folding camping trailers – are equipped with these accommodations and eligible for to the tax savings benefits.
A Great Investment in Family Fun
Studies show that even factoring in the cost of RV ownership and fuel, families can save 27-61% on vacation costs by traveling by RV, so by investing in an RV today, your family can enjoy many years of quality vacation time together all while saving money generally spent airfare, hotels and restaurant meals. And the on-the-road adventures create priceless memories that will last a lifetime.
The bottom line is that 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!
Get the facts about RV Specific Insurance
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