Newbie - Financing

[deanjp1]

Where to go to, what type of financing to get?

I can go to my bank and get a Home Equity Loan, which has a better rate than an "RV" loan, but are they both tax deductible?

Most "RV" loans seem to be about 4%, am I not looking in the right/best place?

[ryand]

Go to a credit union might be your best bet?

[SuicideSaints]

You can go to a bank/credit union, online, or to the dealer themselves.

A home Equity loan will use the house as collateral, an rv loan uses the rv itself as collateral and a personal loan has no collateral tied to it.

The rate is dependent on the lobby rate or prime rate with your credit score and worthiness factored in. 4 percent seems like a decent rate without knowing your situation.

Your home loan is not tax deductible (in a sense) the interest you pay on that loan is. An rv loan is not tax deductible neither is the interest (maybe if it is your primary residence - not sure on this one).

[heavynlori]

An RV is considered a second home and interest can be deducted if you itemize

[Still Kickin]

This very topic has been discussed in detail right in this forum. You would benefit greatly to pull it up and read up on it.

[SuicideSaints]

Originally Posted by heavynlori

An RV is considered a second home and interest can be deducted if you itemize

Interesting, I just looked it up and you are correct, my apologies and I am going to have to remember that for next year (I just bought me a new on and I financed it).

[fx2]

My $.02 - I would never use my home to finance a depreciating asset like a car or trailer. If everything goes south the trailer gets repossessed and you have bad credit, credit can always be rebuilt over time. If you lose your house because you can't pay the home equity loan you have nothing in the end.

Also in the event one has to file for bankruptcy you turn the trailer over to the bank and move on with life. Much harder to deal with a defaulted mortgage or HELOC in bankruptcy.

Like I said, just my $.02, I've just seen it go bad both ways and seen the final outcome.


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[whj469]

I have to agree, I would not finance it as a home equity loan for the reasons provided above.