dezolen wrote: I wonder whatever happened to the day when people actually saved up their money to purchase a luxury item when they had the cash. Sure glad my parents taught us to do this. Owe no one and all is paid for.
Did you pay cash for your house?
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k.
2009 Montana Mountaineer 295RKD
2008 Ford F250
2007 Black Lab/Pitt Bull mix named Harley
BuckBarker wrote: You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.
Since home equity loans are deductible (up to $100K), why do you believe you can't use it to purchase an RV?
That's not what he said. He said that you cannot deduct the RV as a 2nd home if the loan is not guaranteed with the RV itself. He would be 100% correct.
Ok my bad for the way I presented my question.
Someone takes out an RV loan using the RV as collateral. They are able to right the RV interest off as a second home.
Someone else purchases an RV using a home equity loan. They also are able to write of the interest.
I guess I was trying to find out the tax implications of an RV loan vs a home equity loan. What's the difference?
Thanks,
Jeff
That would require doing more math than I'm willing to put into the answer. I will say this: all deductions are not created equally.
The wife and I wondered the same thing, if our credit score would be high enough in today's market, we arrived at the dealership the day after we called and had given them our credit card number to hold the Durango we had decided on. They called the company for authorization, but never charged anything against the card. We showed up at 9:00 am after delivering our truck to their service department for the brake control and hitch installation. The finance manager called several of the local banks and credit unions and literally started a bidding war for our business, in the end the bank we have been doing business with for the last thirty years won out with a 6.4% loan for 12 years and they would have gone 15 years without any issues. Deal couldn't have gone smoother, more than happy with the price and the dealership treated us like royalty, the salesman even came in on his day off to do the walk through with us, even lent us his truck to go for lunch because the hitch took longer than they expected. In at 9:00 home by 3:00 with the new fifth wheel on the slab. I was shocked beyond belief to say the least. Hang in there it will work out!
wlock162951 wrote: the dealership treated us like royalty, the salesman even came in on his day off to do the walk through with us, even lent us his truck to go for lunch because the hitch took longer than they expected.
Let us know how they treat you when you go back for service, or if they remember your name in 2 months. That's the true test.
Congrats on your new 5er and glad everyting went smooth. You obviously didnt buy from Aloha RV, in Albuquerque, NM.....
Ken
2008 Ford F250 XLT Super Duty SB Crew Cab 6.8L V-10 4x4 4:10
2005 Keystone Copper Canyon Sprinter
Didn't have any probs finding lenders when we bought in August. Just re-fi'd our house 2 weeks ago, again no probs and uber low rates. Both my wife and I are well into the 700's. However, I own a small business and that usually scares lenders to death being self-employed so I don't see the lending market being bad at all.
It's not all about the credit score too though as there are tons of other factors. You could have a decent score and clean history but if you've got too much revolving credit you are not gonna get financed. Having credit cards with zero balances is better than ones that are maxxed out but having the ability to easily dip into that debt counts against your ability to borrow more for example.
2009 Bristol Bay by SunnyBrook 3420BH 36.5'L, 11.1k dry
2005 F350 Superduty 6.0 CrewCab, Longbed, DRW, 4" exhaust, SCT with custom tunes, triple Autometer gauges and pillar pod, Tow Command Package, 4.10 LSD rear
Nicknamed "Tiny"
I wonder if I should be calling around for a better rate than the 7% the dealer is quoting. Our rig is 44K OTD, we offered 25K down and have a 760+ credit rating. The finance mgr. said we would get the best rate (7%) if we borrow at least 25K, and reduced our downpayment.
2009 Cardinal 38BHQSLE
2008 GMC 3500/CC/D/A
DW,DD & two DS's. Life is good
dezolen wrote: I wonder whatever happened to the day when people actually saved up their money to purchase a luxury item when they had the cash. Sure glad my parents taught us to do this. Owe no one and all is paid for.
Did you pay cash for your house?
No but we paid it off before making any other major purchases.Initially we did without many frills but now we are very secure. In Canada we do not get to write off payments so there is more of an incentive to get it paid for. Now we buy nothing unless we can pay cash but we are in the minority I am sure.
dezolen wrote: I wonder whatever happened to the day when people actually saved up their money to purchase a luxury item when they had the cash. Sure glad my parents taught us to do this. Owe no one and all is paid for.
Did you pay cash for your house?
No but we paid it off before making any other major purchases.Initially we did without many frills but now we are very secure. In Canada we do not get to write off payments so there is more of an incentive to get it paid for. Now we buy nothing unless we can pay cash but we are in the minority I am sure.
IMHO, I believe this is a life lesson, not RV advice. I respect you for how you live life, wish I could do it. Sounds like boasting to me. Someone who is turned down time after time wanting to RV is very, very discouraging. Last thing needed is "Just save 35K this year and go pay cash for it" advice. Not realistic.
2008 Durango 325BHS
2007 Dodge 2500QC 6.7 CTD, 6 sp auto, Ride-Rites, prodigy, Husky 16K slider.
Retired USAF Air Traffic Controller after 26yrs
Gotta keep em separated!
DW, Sons 17,11,5; Daughters 15,13,4
This seems kind of interesting to me considering I'm reading on the internet that RV sales are high right now. Here's a story that I read.
Good luck to those of you who are trying to purchase an RV. I would think that this would be the time to be buying with prices so low and the economy needing a boost.
Scott & Margo
Daughter-12
Dusty (Aussie X), Kadie & Gracie (Cairn & Silky Terriers)
'06 Chev Slvrado 3500 LT Quad Cab LB Drmx/All
'07 Cedar Creek 36RLTS Custom
"May you live as long as you want and may you never want as long as you live."
Banks are doing more research before loaning money right now. I recently relocated from Oregon to Wisconsin and purchased a home in WI. This was in September and I had to provide all sorts of information that I had not had to provide on my other home purchases.
I even had a signed contract (gauranteed buyout) with my employer to purchase my home if I couldn't sell it in 60 days. That type of contract is often used to show the banks that you will not have two mortgages to pay for. I could not move forward with the WI home purchase untill I could show the contract fully executed on the home in OR.
Contract was not fully executed (but I did have a gaurantee buyout for more than what was owed) on the OR house because I didn't have an offer yet. I finally got an offer and the company then bought my house fully executing the gaurantee buyout allowing me to move forward on the WI house.
In past times the banks recognized the gaurantee buyout. The banks are very careful with who they are lending money too.
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