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RV Finance Terms

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My RV as a 2nd home

Your Options In A Nutshell
"In my entire adult life, I've never been able to borrow money as cheaply as I can right now."

With more and more people deciding to vacation close to home and see America, many people are quickly discovering just how affordable buying an RV is. With lenders nationwide offering hard to resist interest rates, financing an RV is easier than ever before.

One reason lenders are making it easier to buy an RV, is because the profile of a potential RV purchaser is first and foremost that of a responsible borrower. They are generally mature individuals, in committed relationships, who own their own homes; read more about who's RVing. Consequently, the delinquency rate for RV loans is less than 2%…very attractive risk rates if you're a lender.

What this means for RV enthusiasts is very flexible rates, terms, and payments, to meet even the most frugal enthusiast's budget. Loans for New RVs range anywhere from 10-12 years, with many even extending to 20 years. Likewise, down payments required are typically less than 20%, with many lenders requiring under 10%, and some just trade equity.
Although somewhat uncommon, some lenders will approve certain customers and situations with zero down and 100% financing. Although all terms have some restrictions, there is generally enough flexibility to allow almost everyone the opportunity to structure a payment that's comfortable.

All this being said, it's important to keep in mind that as with any loan, the shorter the term, the quicker the principle is paid down, and the longer the term, the longer it takes to pay down the principle. It's always important to have a budget in mind before you go shopping for your dream RV.

It's also important to consider, that unlike your car payment, some RVs may be used as a tax deduction. That's right, the interest on your loan may be deductible as second home mortgage interest; read more about 2nd home tax write-offs. Needless to say, this is yet another reason why Americans are RVing.

With lenders making financing easier, payment plans being more affordable, and possible tax benefits to boot, it's no wonder more and more people are discovering the incredible benefits of RVing.