Use our interactive and secure online financing application to begin the financing process from the comfort of your home. 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 adviser, but 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.
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.
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!
For more information or questions on RV Financing at Myers RV Center, contact us today!
Information provided by GoRVing.com
Interested in financing your RV? Myers RV has a great team ready to help you! Fill out the form and our team will contact you as soon as they can!APPLY NOW