Financing FAQs

1. Is the interest tax deductible?
YES! Because an RV qualifies as a home in the IRS regulations, you are able to deduct the interest as you do your home. Please see a tax advisor for more details, but the interest is deductible!

2. How long can I extend the payments?
This depends on the amount financed and the financial institution doing the financing, but there are general guides. $10,000-25,000 would be for 144 months. Over $25,000 is 180 months. Some banks will go to 240 months at $50,000 or $75,000. There are always exceptions to these terms, but that is a good starting point!

3. I want to pay cash, why finance?
Be careful when considering your purchase! My suggestion is to look at it both ways and even seek advice from a financial advisor. It takes most people many years to build up that savings. Your money will earn more in compounding interest, than you will pay in interest on a depreciating asset (RV, boat, car).

4. Why not do a home equity loan?
In some instances, these work well for people, but again, look at the whole picture before using your equity to buy an RV. In this scenario, the customer is tying a depreciating asset, to an appreciating asset. If you decide to trade that RV before the home equity is paid in full, you will then be paying for two RV’s…the one in your driveway and the one you traded!

5. I have a prior bankruptcy, can I get financed?
Yes! The further out the bankruptcy is the better, but it can be done. We do have banks that will look at these deals. From experience, every one of these is a little different.

6. When will my payments start?
The default term is 30 days from the day paperwork is done. Most banks will allow up to 45 days, getting the payment date where it works for the borrower. There are several banks that offer extended first payments. Some offer 90 days until the first payment all the time and up to 180 days in the early show season! The interest does start at the time the paperwork is done.

7. Is there any penalty for paying it off the loan early?
No, the loans are simple interest loans and can be paid off at any time. Any additional money you send above your scheduled payment would go towards the principal, reducing the amount of interest you would pay over the length of the loan. By making 13 payments in the year, you can reduce your term and the overall money you pay.

8. What else should I think about with my purchase?
Buying an RV is a big investment, and protecting that investment is very important! We offer a wide range of products to help you enjoy your RV for many years! Service Agreements, Fiberguard, Coach-Net, GAP Waiver, and Tire Guard are some that we offer!

Got more questions? Just click here and ask!