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Topic: RV loans (Read 7 times) previous topic - next topic
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RV loans
Yahoo Message Number: 136839
anyone from the group done an RV loan lately?  Starting the process...great credit score so not worrying about that...just looking for the best rates...

thanks,

Bill
Re: RV loans
Reply #1 –
Yahoo Message Number: 136841
Quote
"anyone from the group done an RV loan lately?"

Bill
You might want to consider a Home Equity Line of Credit with your bank or credit union. Much more versatile than a straight loan.

Steve S.
Lazy Bones & Jiggs
Steve S.
Lazy Bones & Cedar
2004 30'IB (Island Bed)
Yesterday is History, Tomorrow is a Mystery
Live for the day!
Re: RV loans
Reply #2 –
Yahoo Message Number: 136842
The only problem with a home equity line of credit is that you can't deduct the interest rate on your taxes since the RV has to be used as the security for the loan.
 That's assuming, of course, that you itemize deductions.  If your Schedule A deductions are small enough that you'd get a bigger deduction using the standard deduction, then it's a moot point.

Linda Hylton http://earl-linda.blogspot.com
Linda Hylton
Re: RV loans
Reply #3 –
Yahoo Message Number: 136843
Actually, you CAN deduct the interest on an RV loan. I've been doing it for years.  As long as it is self contained (all LDs meet that requirement) the interest is deductible as a second home (obviously if you have another "second" home it is not).

From the schedule A instructions...
--- Home Mortgage Interest A home mortgage is any loan that is secured by your ma
Re: RV loans
Reply #4 –
Yahoo Message Number: 136844
Quote
The only problem with a home equity line of credit is that you can't deduct the interest rate on your taxes since the RV has to be used as the security for the loan.
Bank of America  - 4.3% last month.
 Take a look at IRS Publication 936.  An RV that meets the test of a second home is fully qualified for a home mortgage interest deduction.

Dan
2007 IB-30
Re: RV loans
Reply #5 –
Yahoo Message Number: 136845
Actually you can deduct interest on a home equity loan - again if you itemeize.  Your home is the security for the line of credit, not the RV.  This is how we bought our LD.
Re: RV loans
Reply #7 –
Yahoo Message Number: 136847
Take a look at IRS Publication 936. An RV that meets the test of a second home is fully qualified for a home mortgage interest deduction.

- True.
- Anyone who had an RV loan and didn't take the interest deduction can amend back tax returns.  2009 will *generally for most people* close 3 years after the due date of the return [4/15/2010 if it wasn't a weekend or holiday + 3 years which would be 4/15/2013].  Get Form 1040X. It could be later if you never filed; committed fraud; substantially understated your income; or filed for an extension for that year.  Hopefully, none of the first three apply to anyone here.

John - 40 yrs as an accountant, 30 as a CPA

1994 RK - Chug