Fuel costs have come down. There are great deals available on exciting new models. It’s a buyer's market and a great time to invest in an RV for years of vacation savings. Now is the time to see your RV dealer!
In the wake of the mortgage lending crisis of 2008, consumer financing remains available for qualified borrowers looking to purchase a vehicle to fit their needs at a price to fit their budget. 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.
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.
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 the tax savings benefits.
New Sales Tax Deductions Take Effect
In early 2009, the American Recovery and Reinvestment Act of 2009 created changes in federal income tax laws that potentially can benefit qualified RV buyers. The new tax deduction is available to taxpayers regardless of whether or not they itemize deductions on their returns. Those who buy motorhomes between February 17 and December 31, 2009 can deduct the state and local sales and excise taxes paid on the first $49,500 of the vehicle purchase price on their federal income tax, thereby lowering their overall taxable income. Always check with a qualified tax advisor to see if you are eligible for these deductions
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!
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