Question on using RV Loan

[kyonu]

I have a quick question I needed to ask, and wasn't sure where to ask it. 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!

[2oldman]

Does leaving the mortgages behind mean selling? Doesn't sound like it.

There are many 'quick' questions, but rarely quick answers.

[CloudDriver]

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?

[C-Bears]

Actually it could depend on your individual credit rating, plus the value-to-loan amount of the trailer you are purchasing.

For example if your credit score is 800 and the bank determines you want to borrow $50,000 for a unit that is valued at $50,000 with all the options, you will probably be okay.

If your credit score is in the 600 range, they may not go along with loaning much more than 80% of the total including added options.

I wouldn't worry about it, figure out what you want and apply. You are the customer and banks/credit unions are in the business of loaning money.

[camp-n-family]

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

?? An RV loan is just a mortgage on wheels. Just say'in. That being said, you can load up on options at the dealer and have it all written into the purchase price.

[Halmfamily]

You should have no issues with this. We purchased our new fiver 3 weeks ago and we added slide out toppers and a washer and dryer. Our credit union had no issues and said we can ad other items if needed. Good luck and have fun full timing.

[stickdog]

We had a Splendidi washer/dryer installed and added to the selling price.

[kyonu]

path1 wrote:
If you can get the lender to lend, the RV dealer would probably throw in first born.

(Might be out dated info) Don't know if still legal but many used to finance entire truck and RV as one loan package and you could take off interest because RV is "second home" and "self contained". Talk to a tax person and find out if still good or maybe there is something better.

Well I already own a car, and I'm getting a motorhome, so I'm going to need a way to hitch my car up. I also plan on doing a lot of camping, so I wanted solar panels as well. I just didn't want to do anything illegally!

[path1]

If you can get the lender to lend, the RV dealer would probably throw in first born.

(Might be out dated info) Don't know if still legal but many used to finance entire truck and RV as one loan package and you could take off interest because RV is "second home" and "self contained". Talk to a tax person and find out if still good or maybe there is something better.

[Mandalay_Parr]

Don't see why not.