Buying or Renting: What’s Best for You?

Buying an RV

Get the Facts about RV Financing
There’s no better time to buy an RV! You’ve searched and researched and you’ve found the RV of your dreams! Whether it’s new or used, the question now is how can you make that dream a reality? The answer: by financing your purchase with terms that make it affordable for your budget.
Most dealers have already arranged on-the-spot financing through one or more major lenders and will work to make your purchase dream come true. Their in-depth knowledge will make the process go that much smoother.
Why Finance Your RV?
When you finance your purchase instead of liquidating assets or paying cash, you maintain your financial flexibility. Plus, your RV may qualify for some of the same tax benefits as a second home or mortgage. Of course, check with your tax advisor, but basically to qualify for these benefits, such as the deductibility of interest on the loan, the RV must be used as security for the loan along with providing basic living accommodations such as sleeping area, bathroom and cooking facilities. Remember, the RV is considered a qualified second residence as long as you designate it for each tax year.
What are the advantages of financing through an RV lending specialist?
Down payments are lower – Although final terms are determined based on your credit profile and the age, type and cost of the RV being purchased, financing through RV lenders usually requires down payments in the 10% range.
Monthly payments are lower – Because RV finance specialists know the industry, it’s not uncommon to find 15-20 year repayment schedules to help you afford the RV of your dreams, resulting in manageable monthly payments.

Take Over Payments
There is another option that is becoming popular which is taking over owners payments. There are RV brokers that specialize in no credit check assumable contracts. These brokers are becoming more popular, but check out the broker to make sure that they are reputable. With a small down payment, (brokers fee), you can assume the owners loan, some banking institutions frown upon this but it is gradually becoming more popular. And you still get the tax benefits of owning.
The Last Word on RV Financing
Your RV might actually cost you less in the end if you finance your purchase. By not tapping your financial assets to finance your RV, you can take advantage of attractive new investment opportunities, and the earnings from those investments can potentially exceed the cost of your RV financing. The bottom line is that if you are thinking of buying an RV, you should check financing options to maximize your purchase enjoyment. You’ll be on the road enjoying your new RV before you know it!

Renting an RV
Never owned an RV and thinking about buying one? Consider renting one and taking an extended “test drive” with your family and belongings. Travelers are finding it easier than ever to rent RVs year round, for a weekend, entire week or even longer.
More than 460 national chain outlets and local RV dealerships rent RVs, including state-of-the-art, late model year units. A growing number of campgrounds offer on-site rentals.
You can check in your local yellow pages under “Recreation(al) Vehicles: Renting and Leasing” or call your local RV dealer.

Why Rent?
Renting allows you to try various types of RVs and learn from actual experience which one best suits your particular needs. Or, perhaps you already know and enjoy the RV lifestyle but aren’t ready to own. Many people rent RVs simply for the fun, freedom and flexibility of taking RV trips to a special event or destination.
What to Rent?
Motor homes are the most popular rented model. Travel trailers, truck campers and folding camping trailers are available at some rental outlets.
Most RV rental companies provide “housekeeping” packages (dishes, pots, pans, etc.) for a nominal fee. Even if you’re driving or towing an RV for the first time, features like automatic transmissions, power brakes, and steering make it easy for experienced drivers to adjust to the difference in size, height, and weight.