RV loans

Sounds like a survey. Keep in mind that the new tax law may or may not allow a deduction for loan interest. My guess is not.

We had ours thru farm bureau

I think you'll find there isn't a real consensus on this. Some people will post that financing should NEVER be done. Some people will argue the opposite.

It really comes down to your own personal situation and preferences. Run your numbers and see what they say. Don't rely on another person's situation for your decision

Did ours through Alliant Credit Union.

When we bought our 24' class C, used with 6,205 miles on it 4.5 years ago, we paid $50K (OTD} putting $18K down and financing $32K. Because we have very good credit {Fico of 834}, we got what was at the time a very good rate of 4.99 per cent on a 15 year loan - payments of $268 a month.

My plan from day one was to have it paid off in 7.5 years by making additional principle reductions at such times as it was financially convenient to do so. We are on pace to easily accomplish this goal as we now owe a little over 15K. Every time we pay down the principle it is like getting 4.99 per cent back on our money which most would agree currently is a pretty good return.

The coach is easily worth 2 to 3 times what we owe but since we have no plans to part with it things are working out quite well. We put on average, at least 12,000 miles a year and look for ward to many more.

The key to financing any RV is NEVER, EVER, put yourself in the position of being "Upside down"
by staying ahead of the inevitable depreciation and "Run Forrest run" from any salesman that advocates minimum down secured by long term financing. If you can not reasonably expect to pay it off in 10 - 15 years and assuming you will be using it alot the entire time the sad truth is you can NOT afford it.

As always... Opinions and YMMV.

:C

Most people do. Honestly you will be surprised to find out how long they will finance a RV, and yes you can use the interest as a deduction on you taxes. It is classified as your vacation, or second home.

Yes, an RV loan can be written off of your taxes but... the interest as a write off is only as good as your need for it. If you do not itemize then the interest on the RV is worth squat. If you do itemize you will get a break but it is not nearly as significant as most folks think.

If you are buying an RV with writing off the interest as a motivating factor you need to spend some time with a decent accountant... Reality, what a concept.

:S

Anytime you make additional principle payments, make sure they are actually crediting the principle and not interest. I had a bank try and pull this trick on me. After they heard from my lawyer, they recalculated 4 years worth of mortgage payments. I sent a letter with every payment to "put this toward principle", and they ignored it.

I recently read on a separate RV forum State Farm was offering very good rates on RVs. I do not use them, and have no info on amount / length of loan. Obviously rates will depend on credit history.

T18skyguy wrote:
Anytime you make additional principle payments, make sure they are actually crediting the principle and not interest. I had a bank try and pull this trick on me. After they heard from my lawyer, they recalculated 4 years worth of mortgage payments. I sent a letter with every payment to "put this toward principle", and they ignored it.

Good point... every principle reduction I make is a stand alone check labeled "Principle Reduction" with a brief cover letter to that effect. So far so good.

:C