The advice that has been given so far has been very good and they have some good merits and problems.
On my first Motorhome,I bought used and financed. Now that worked out well because at the time I needed the deduction for the interest paid,as others said it is treated as a 2nd home and thus the interest was deductible. But I found out that about half way thru the 15 year loan period I was upside down,by the time I sold it it was just barely worth what was owed on it.
This is what I found on most of the RVs that I looked at when I was searching for my current RV. They were worth less that what was owed on them,about half way thru the loan period.
With the interest rate low I looked at maybe financing as a way to go. Now I am retired, less money and no need for more deductions and I couldn't afford any more payments.
With these low interest rates and after crunching some numbers I found that If I refied my house not only would it lower my monthly payment considerably,which I needed on this fixed income,I could take enough out to pay cash for what I wanted.
That is what I did, I have a much lower payment and a RV that is paid for.
My only advice is to do as I did and crunch some numbers and see what is the most favorable to you and your finances.
Just my 2 cents worth.:B
Good Luck.
