Question on using RV Loan

kyonu wrote:
I just got a loan in order to go full-time and leave the mortgages behind.

Obviously I wanted to get solar panels, maintenance kits, the whole shibang. My question is--the RV obviously covers what you get at the dealer and that's it. Can you get the dealer to add items onto the receipt so it can be covered under a loan?

For example, can I have the dealer order items, like solar panels and kits, or a car hitch, and then hand over a loan for the whole deal?

Thanks in advance!

Hopefully you have made the decision to sell your stick house and go full time in a motorhome because you really want to travel and believe that you will love the RV lifestyle for many years to come.

I can see that if you are making big payments on the current mortgages, trading those for smaller payments on an RV loan will free up income for other living expenses. But, please remember that a motorhome is a depreciating asset that will be worth less than you paid for it the moment you drive it off the dealer's lot. Depending on your down payment, you could be "under water" on the loan on day one.

Of course we don't know your financial situation, so the above may not be important. However, the fact that you want to add items with a cost of only a few thousand $ to the loan makes it appear that there isn't a lot of equity in your stick house or other cash available. Assuming that getting out of the current mortgages will free up cash, you would be wiser to save some of that money and purchase those additional items with cash, rather than add to your loan balance and interest burden.

As far as adding such items to the loan so you can deduct the interest on your tax return, does anyone really believe that paying $100 in interest to get back $25 in a tax refund makes any sense at all?