Is it hard to finance a used luxury motor home?
In a word, “no.” Actually it’s a lot easier than you might think. One important factor is that lenders typically consider RV buyers to be reliable and financially sound. A little under 1.5 percent of all RV loans are delinquent, which leads lenders to extend favorable loan terms that make owning an RV more affordable, according to a survey of RV lenders conducted by the Recreational Vehicle Industry Association (RVIA).
Large luxury diesels like the ones we sell typically have a loan life from 10 to 15 years. Whether your new RV is financed through a bank, savings and loan, finance company, credit union, or RV dealer, eight out of 10 lenders usually require less than 20 percent down payment. About 30 percent of all lenders require a down payment under 10 percent.
Here’s the good news. For the vast majority of RV buyers, the interest on their loan is tax deductible as second home mortgage interest. To qualify, the RV must be equipped with sleeping, bathroom and kitchen accommodations. The 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 1-800-829-3676.
At Motor Home Finders, we have a network of lenders we have worked with over the years that we can refer you to when financing your new-to-you motor home. Many offer online application and fast approvals as well. Let us know how we can help get you into the motor home of your dreams.
SellRVNow.com is a division of Motor Home Finders, is a licensed motor home broker based in Dade City, Florida. Specializing in diesel, luxury motor homes and bus conversions, Motor Home Finders has 50+ years of experience in buying and selling luxury RVs nationwide. Their mission is to eliminate the difficult efforts of private sellers trying to sell their recreational vehicle by orchestrating a seamless RV transaction process. To learn more, call 1-888-783-4009 or visit Motor homeFinders.com.