Leftover 2014 AI Ext good price?

[Lily&Me]

Congratulations, Teamaron!

We financed ours, then began making double oayments each month, which will have it paid off in a couple more years.



Maggie

[xrvr]

Instead of double payments, have one patment amount put directly to the principal. Unless this is what you meant. Cuts the finance charges way down. Jim

[Bikerbill]

If you own your own home, did you ever consider taking out a Home Equity Loan or reset your mortgage? Many times the rate is much lower than what you will get on your loan for the motorhome. I have a Line of Credit Mortgage at 2.25% for over 5 years. Better than I can get on any motorhome loan. And it's a mortgage so it's deductible.

[73shark]

Originally Posted by David M

Congrats Teamaron! Look on the bright side, you can write the interest off on your taxes [emoji2]

Can you elaborate on the way to write off a RV loan unless it's on a HELOC like Bikerbill mentioned..

[Sebtown]

If you use a HELOC or any other mortgage instrument to purchase your RV and run into financial distress the lender can foreclose on your home! If you get an RV loan and run in to financial distress they may take the RV but they can't touch your home.

[Ron_CA]

Originally Posted by 73shark

Can you elaborate on the way to write off a RV loan unless it's on a HELOC like Bikerbill mentioned..

2nd home interest is tax deductible.

[Ron_CA]

Originally Posted by Sebtown

If you use a HELOC or any other mortgage instrument to purchase your RV and run into financial distress the lender can foreclose on your home! If you get an RV loan and run in to financial distress they may take the RV but they can't touch your home.

Yeah, but you could still live in the RV

[73shark]

Originally Posted by Ron_CA

2nd home interest is tax deductible.

Not sure if the IRS would buy a RV as a second home but one could always try. Unfortunately I'm already using the 2nd home option.

[Kwils25]

Originally Posted by 73shark

Not sure if the IRS would buy a RV as a second home but one could always try. Unfortunately I'm already using the 2nd home option.

The IRS will accept an RV, or boat for that matter, as a second home for purposes of a mortgage interest deduction as long as it has cooking, sleeping and bathroom facilities.

[Bikerbill]

I would not recommend using your home equity to borrow against unless you know long hand for the length you want to "borrow" for the motorhome. I merely suggest that using a Home Equity Loan is one way of doing it. You have to chose what one is capable of financially handling. If in doubt, don't. My home's value vs the value for my AI is quite different and doing a quick cash sale of the AI is always a possibility, but it would obviously be at a depressed price in a quick sale.

[Teamaron]

Originally Posted by Bikerbill

I would not recommend using your home equity to borrow against unless you know long hand for the length you want to "borrow" for the motorhome. I merely suggest that using a Home Equity Loan is one way of doing it. You have to chose what one is capable of financially handling. If in doubt, don't. My home's value vs the value for my AI is quite different and doing a quick cash sale of the AI is always a possibility, but it would obviously be at a depressed price in a quick sale.

I agree

Keep it separate. Use home equity for your home or as a reserve for emergencies.

[Teamaron]

Took delivery today

[Ron_CA]

Looking GOOD....

[73shark]

Sweet!

Let the mods begin.