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Financing an RV

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Captain Dondo

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Oct 8, 2002, 5:44:26 PM10/8/02
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Any creative ways to do it? I'm relatively well off, but the mortgage,
tuition bills for the kids, and the uncertainty of my income (I'm self
employed) leave me skittish about a large monthly payment.

Seems to me that at one time some companies offered very long term loans
(like 10 years?).

I think I can write off part of the vehicle as a mobile office, but that's
a small factor.

A second mortgage is an option. Any other creative ways? Leasing? Any
companies out there specializing in RVs and/or long term RV loans?

Heck, anyone want to give me a bag of money? :-)

Thanks for any info.

-Dondo

anon

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Oct 8, 2002, 6:45:32 PM10/8/02
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You can check out sterling associates, they do rv loans but I'm not too sure
of thier terms and all.

www.unibank.com/_sterling/sterling.htm

The site talks mostly about boat loans but they also do RV loans.

"Captain Dondo" <cap...@thebigsandbox.com> wrote in message
news:pan.2002.10.08.21....@thebigsandbox.com...

Rich

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Oct 8, 2002, 6:44:17 PM10/8/02
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well, the interest on an RV is usually tax deductible. our loan is
for 15 years and that is not at all unusual. most dealers can steer
you to a bank or you can check the RV magazines as financing companies
usually advertise each month. although we went with the financing
that the dealer suggested, we also just called a number of banks
looking for 15-year loans. most had them but wanted anywhere from .5
to 1.5 points higher than the dealer's source.

73,

rich, n9dko

Wayne T. Whitelaw

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Oct 8, 2002, 7:09:08 PM10/8/02
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I the RV has a kitchen and full bathroom, it qualifies as a second home and
the interest is deductible. Remember, consumer loans are like any consumer
entity, shop around for the best terms. Get your financing in order, then do
your vehicle shopping.

"Captain Dondo" <cap...@thebigsandbox.com> wrote in message
news:pan.2002.10.08.21....@thebigsandbox.com...

Roadwarrior

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Oct 8, 2002, 7:48:09 PM10/8/02
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On Tue, 08 Oct 2002 17:44:26 -0400, Captain Dondo
<cap...@thebigsandbox.com> wrote:

snip

>I think I can write off part of the vehicle as a mobile office, but that's
>a small factor.

I just called my accountant at Arthur Anderson for some advice, but
their phone system seems to be down this afternoon.

Seems to me that, if you used it 100% for business, you could expense
all of the interest, registration, insurance, repairs, depreciation,
etc. Or, if you claim say 80% business and 20% personal, you could
still write off all of the interest (80% as a business expense, 20% as
2nd home interest), but you would lose 20% of the other expenses
above. Depreciation is a biggie -- vicinity of 10 grand per year,
depending.

So, if I've got it right, you will expense all of the interest, no
matter how you split it, but the more business use claimed, the more
of the non-interest expenses and depreciation you will expense.

(The Arthur Anderson guy called back just now. Didn't want to chat,
just wants to send me a resume.)

--RW

Jaberwokie

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Oct 8, 2002, 9:08:11 PM10/8/02
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You can get loans up to 20 years, that I know of, on motor coaches, at a
bank or credit union and I assume at finance companies that specialize
in RV loans. The finance companies may be somewhat high on their rates
though. Ask the Dealer. You can deduct the interest on the RV as a
second home, provided you live in it 2 weeks? per year. I don't think
the IRS bothers to verify that.

D.C.

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Oct 8, 2002, 10:44:23 PM10/8/02
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Try Citizens bank, they're easy to get along with and they offer up to 15
years financing.


"Captain Dondo" <cap...@thebigsandbox.com> wrote in message
news:pan.2002.10.08.21....@thebigsandbox.com...

RVBR

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Oct 8, 2002, 11:28:01 PM10/8/02
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Well since you asked yes there are companies out there that do lease
motorhomes. Feel free to email me and I'll be glad to see what we can
do for you. We lease only late model class A motorhomes both gas and
diesel. I 'll be happy to discuss the pros and cons of leasing if
anyone wants to carry on a thread but if I go much further now it
would probably appear as spam and that is not my intention.


Captain Dondo <cap...@thebigsandbox.com> wrote in message news:<pan.2002.10.08.21....@thebigsandbox.com>...

Deborah J Violette Pierce

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Oct 9, 2002, 12:48:10 PM10/9/02
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Where are you finding these long term loans????? I live in NH, and had to go to
a Maine branch (KeyBank) to get a 12 year loan. Plus, I found that some banks
won't finance a vehicle over 10 years old (that's the only way I could afford
one!)
Debbie

Ernie

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Oct 9, 2002, 2:21:01 PM10/9/02
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The way the stock market is, if you have access to a 401K with a loan
option, it might be worth considering. 5 3/4% interest that you are
paying back into your own account. Definitely check with your
accountant and account manager first though.

On Tue, 08 Oct 2002 17:44:26 -0400, Captain Dondo
<cap...@thebigsandbox.com> wrote:

Captain Dondo

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Oct 9, 2002, 7:45:27 PM10/9/02
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On Tue, 08 Oct 2002 16:28:01 -0400, RVBR wrote:

> Well since you asked yes there are companies out there that do lease
> motorhomes. Feel free to email me and I'll be glad to see what we can do
> for you. We lease only late model class A motorhomes both gas and
> diesel. I 'll be happy to discuss the pros and cons of leasing if anyone
> wants to carry on a thread but if I go much further now it would
> probably appear as spam and that is not my intention.
>

I'm actually looking at a relatively inexpensive Class B, so a lot of the
options discussed don't really apply to me. I located a 1999 model for a
very reasonable price (i.e. one I can afford if I stretch the budget and
starve my kids ;-) but I'd still like to hear a discussion of leasing v.
borrowing. I guess I should have leased my most recent car - it gets
driven less than 12,000 miles a year - but Dodge was giving away money at
the time...

The way it looks right now, I'll refinance the house and take out enough
to buy the RV, without actually increasing my payment... I love those low
rates!

-Dondo

Snoball

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Oct 9, 2002, 5:30:19 PM10/9/02
to
Just a note on the tax deduction, you do not have to live in it two weeks
per year, or at all. The two week reference has to do with if you rent it
out any part of the year. I don't have the exact reference on that, but
just suffice it to say, the RV interest qualifies as a second home, so long
as it has eating, sleeping, and toileting facilities, and if you don't rent
it out to others, don't worry about any other qualifications.

Snoball

"Deborah J Violette Pierce" <d...@mitre.org> wrote in message
news:3DA45DC9...@mitre.org...

Rambler

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Oct 10, 2002, 11:33:34 AM10/10/02
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Does anybody know anything about Dimen Marine Financial Services? They are
located in Newport Beach, CA. They are sending brochures out with up to 20
years at 6.09 % interest rate for refinancing your RV. Just curious.
Rambler

Deborah J Violette Pierce <d...@mitre.org> wrote in message
news:3DA45DC9...@mitre.org...

RVnNOW

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Oct 10, 2002, 10:02:35 PM10/10/02
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In article <uco8qusm2dufv93uv...@4ax.com>, Ernie
<nco...@attbi.com> writes:

>The way the stock market is, if you have access to a 401K with a loan
>option, it might be worth considering. 5 3/4% interest that you are
>paying back into your own account. Definitely check with your
>accountant and account manager first though.

Anyone who has been invested in the stock market would be out of their mind to
sell any shares now. IMHO.
The only ones who lose are those who sell low.

Buy low. Sell high.

Lon

Tom

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Oct 10, 2002, 10:47:21 PM10/10/02
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Lon included,

<< Anyone who has been invested in the stock market would be out of their mind
to
sell any shares now. >>

I know one person that move the entire 401k from equity to cash yesterday. I
asked "Did you want to lock in your loss?" Anyway, the end of the bear market
is when confidence is at its lowest.

Tom


Larry DeMers

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Oct 16, 2002, 1:37:01 PM10/16/02
to Tom
Tom wrote:

While the market has been awful of course, I can say that I have gained some of
that back with Amazon.com and a few others. I held AMZN for 8mn and gained 12k.
Compared to my CISCO situation, where I have to wait until hell freezes over
twice before regaining 63/share, it's turned out well, and I will rebuy AMZN on
the next dip.

Larry DeMers


HDinNY

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Oct 16, 2002, 2:35:31 PM10/16/02
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Larry DeMers wrote:
snipped

> While the market has been awful of course, I can say that I have gained some of
> that back with Amazon.com and a few others. I held AMZN for 8mn and gained 12k.
> Compared to my CISCO situation, where I have to wait until hell freezes over
> twice before regaining 63/share, it's turned out well, and I will rebuy AMZN on
> the next dip.
>
> Larry DeMers

If I see 20/share for CSCO again, it's gone.
HD in NY

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