Getting financed for an RV isn’t as difficult as you might think. Loans for
new RVs typically range from 5 to 15 years, with many even extending 20 years. Whether the purchase is financed through a bank, savings and loan,
finance company, credit union or RV dealer, lenders typically require a 10
percent down payment on loans up to $100,000 and 15 percent down for
loans over $100,000.
When filing your taxes at the end
of the year, you could grab a big
deduction by claiming your RV as
your second home. Depending on
certain conditions, your RV can
be considered a second home if it
enables a person to use it as a
dwelling unit—meaning that there
must be cooking, sleeping and
bathroom facilities. The Internal
Revenue Service (IRS) publishes
two booklets that contain helpful
information regarding the tax
deductibility of RV loan interest.
Copies of “Publication 936—Home
Interest Deduction” and “Publication
523—Selling Your Home” are
available by calling the IRS at
800.829.3676 or visiting their web
site www.irs.gov.
Download tax worksheet
In order to demonstrate your estimated tax savings, you’ll need to know the amount of the loan, the interest rate, and the
length of the loan. We’ve provided a worksheet so you may figure out an approximate monthly payment and average monthly
tax savings.
Vacationing in an RV is more affordable than travel by personal car, airline or cruise ship. A study by PKF
Consulting found that a family of four can spend up to 70 percent less when traveling by RV. For a typical weeklong
vacation, the study showed that, depending on the type owned, going by RV costs an average of 65 to 80
percent less than a cruise; 50 to 66 percent less than a trip involving air travel, rental cars, restaurants and hotels;
and 9 to 42 percent less than traveling in a personal car, staying in hotels and eating in restaurants. RV vacations
are among the most economical, regardless of the distance, duration or region.
Select from the various articles below to learn more about the camping and recreation vehicle lifestyle.
