FINANCING NEWS
Many RV dealers across the country are finding it difficult to secure retail financing for their customer trying to purchase recreational vehicles. The recent 'credit crunch' has forced many lenders to tighten up their lending standards. Giant Recreation World has a been able to replace and acquire aggressive RV financing for our customers wanting to pursue the purchase of a new or pre-owned recreational vehicle. So don't let other RV dealers tell you that you can't acquire RV financing when, in fact, the professional RV finance departments at Giant Recreation World has several lenders eager to lend money to good people. Apply online today! Click Here to Submit our Secure Online Financing Application
Tips on Financing your RV
Why Finance Your RV?
When you
finance your purchase instead of liquidating assets or paying cash, you maintain
your personal financial flexibility. Plus, your RV may qualify for some of the
same tax benefits as a second home mortgage. Of course, check with your tax
advisor, but basically 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. Remember, the RV is considered a qualified 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 profile and the age, type and
cost of the RV being purchased, financing through RV lenders usually requires
down payments in the 10% range.
Finance terms are longer / Monthly
payments are lower - Because RV finance specialists know that RVs maintain their
value and resale appeal, they tend to offer more attractive terms. In fact, it's
not uncommon to find 15-20 year repayment schedules to help you afford 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 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, if your RV loan balance exceeds $100,000. Home mortgage interest
deduction is limited to interest paid 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 not tapping into your financial assets to purchase the
RV, you can take 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. 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!
Information provided by GoRVing.com
