OKEMOS, Mich.-A recreation vehicle is the ticket to get away from the stress of today's society, as well as a way to get a little relief from today's high taxes. That's right; owning a recreation vehicle saves on taxes and keeps money in your pocket instead of in the hands of the government.
For a vehicle to save jingle at tax time, it needs to pass the test of being a second home. To be considered a "second home," all an RV needs is cooking, sleeping and bathroom facilities. Virtually all RV types-motor homes, travel trailers, truck campers and even some folding campers-may be equipped with these facilities. Tax savings depend upon the monthly loan payment, the length of the loan and the interest rate. For example, a $15,000 loan for a term of ten years with an interest rate of 8 percent will shave about $15.45 a month from taxes. For the entire 120-month loan period, the total savings will be $1,854.
Getting a loan for an RV is easy because recreation vehicle owners are considered good credit risks. In fact, less than 1.9 percent of all RV loans are delinquent. As a result, lenders are extending RV loan terms and making monthly payments more affordable, according to a survey of RV lenders. Loan terms for both new and used, large RVs typically extend up to 15 to 20 years. Whether the purchase is financed through a bank, savings and loan, finance company, credit union or RV dealer, the average minimum down payment is 10 percent. This makes it easy for the family on a budget to get into the RV lifestyle economically.
The Michigan Association of Recreation Vehicles and Campgrounds (MARVAC) is celebrating its 65th anniversary, making it one of Michigan's oldest trade associations. MARVAC is a statewide, non-profit organization dedicated to encouraging growth in the recreation vehicle and private campground industries while contributing to the quality of Michigan tourism. For more information, visit MARVAC's Web site, www.marvac.org. MARVAC, 2222 Association Drive, Okemos, Mich. 48864-5978; 517.349.8881.
For additional information, please visit our All About RVing section of this web site. Here you will find various articles spotlighting the people and places that makeup the RV and Camper lifestyle.
