Thread Tools Display Modes
Old 10-30-2013, 03:47 PM   #21
Senior Member
Join Date: Oct 2013
Posts: 156
2.39 here (credit union) for 5 yrs. I did put down/trade-in worth 12k.

2014 Flagstaff 831BHDS
2010 Ram 2500 Cummins 4.10s - Superchip'd
Built-in Controller
Hellwig Sway Bar 7272
Equalizer Hitch system
Long Islander is offline   Reply With Quote
Old 11-01-2013, 04:57 AM   #22
Junior Member
Join Date: Oct 2013
Posts: 2
There have been a number of posts regarding not using equity in your home as RV loans are tax deductible. Two things one is in many states your home is vulnerable anyways because if the RV is taken back for non payment then they can still come after your home for any balance due and put a lien on that. Then with tax laws always changing the government could stop us from deducting any home interest although it would be more likely they stop second home deductions first. So as the idea is one that's out of the box. It might not be the best for everyone. It wasn't the best for even me as I paid cash for me. I have a believe that this is a toy and I don't finance toys. I do like to try to help people when I get the chance. So with that sorry to get a post up in arms.

Copeland is offline   Reply With Quote
Old 11-01-2013, 06:13 AM   #23
Site Team - Lou
Herk7769's Avatar
Join Date: Oct 2009
Location: South Eastern PA
Posts: 19,834
Originally Posted by Copeland View Post
I have a believe that this is a toy and I don't finance toys. I do like to try to help people when I get the chance. So with that sorry to get a post up in arms.
This is great advice but as you said, cash for an RV is not for everyone. As a former Secretary of Defense once said, "you go to war with the army you have; not the one you wish you had."

As applied to this topic, for most, borrowing for capital purchases is a fact of life. We all wish we could pay cash, but reality gets in the way. If you must borrow; borrow smart. Finance the absolute minimum you can, for as short as you can, for the least interest that you can, and NEVER tie a car or RV to your HOME. You can always tell them to come get your car or RV and they can't touch your home, PROVIDED you did not tie the title to your house.

The fact that TODAY, you can write off the interest as a second home is a plus; not a determining factor. Remember most folks are in the 12 - 15% tax bracket and/or take the standard deduction on their return. If you don't have enough deductions to itemize; you can't claim the mortgage or RV interest.

So even if you CAN itemize your deductions, that means "Uncle Sugar" is only reimbursing you 12 to 15 cents for every dollar of deductible interest paid OVER the standard deduction.

You are also right, that as part of the "Grand Bargain," it is possible that second home interest may go away. Just as likely, all mortgage interest will go too as the biggest benefactors of the deduction are millionaires with two mansions; not regular home owners who at most are benefitting a few hundred dollars of tax savings; if they can even use it at all.

Then again; maybe not; but in the big scheme of things, it is not a driving factor.

Lou and Laura with Bella - German Short Hair Pointer
2008 GMC Sierra 2500HD Crewcab SB Allison Duramax
2010 Flagstaff 8526RLWS - Superglide 3300
Herk7769 is offline   Reply With Quote
Old 11-01-2013, 10:22 AM   #24
Senior Member
Join Date: Apr 2011
Location: Splendora, Texas
Posts: 1,112
Yes that is correct about states being different. I am lucky that I have my ranch in Texas. We have very strong homestead laws. They can only take your homestead for; not paying the loan that bought the homestead or home equity loan on the homestead, not paying real eatate taxes on the homestead or the IRS can take it if you owe them money. Not many states are that good! They are not permitted to put liens on your homestead for money you owe on other things. It has never been a good idea, tax wise, to buy things, other then a homestead, for the tax deduction. The only reason I added that was because, from his comment, he didn't know that Rv were second homes and that the interest could be deducted. I also have not be able to idemize for many years.

whj77372 is offline   Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

» Virginia Campgrounds

Reviews provided by is not in any way associated with Forest River, Inc. or its associated RV manufacturing divisions.

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities

Copyright 2002-2015 Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 05:25 PM.