The Official 2008 RVers Guide to Florida - (Page 84) In the Market for an RV? FINANCING HAS NEVER BEEN EASIER By Ed Arienti, President, RV & Marine GE Money Buying a recreation vehicle (RV) is an attractive proposition … with low interest rates and financing readily available there is an option for every buyer who wants to hit the road. From folding camping trailers to conventional Class-A motor homes, there are many different options available. Just as there are many different types of RVs, there are also various financing programs available to consumers, and the process of purchasing and financing has never been easier. Most RV loans are simple interest, with competitive rates and terms as long as 20 years. Many lenders offer tailor-made programs for borrowers with offers like ‘No Money Down’ or deferred payment programs. In addition most RV loans include no prepayment penalties or fees, and features like credit life insurance and extended warranties may be included in the loan contract. Several lenders, including GE Money, specialize in RV loans and can usually answer a loan request (application) quickly, with a variety of rates, terms and conditions. Financing is available from RV dealers, affording borrowers the convenience of one-stop shopping. RV dealers work with many different lenders and can assist the borrower in choosing the lender that fits their needs. If you are considering an RV purchase there are a few important tax/legal issues to keep in mind. • RVs can be financed in individual or business names. • Interest payments on an RV loan are tax deductible in most cases. According to IRS code section 280A(f)(1) (the federal income tax second home deduction), an RV must be used as security for the loan, and it must have cooking, sleeping and toilet facilities on board to qualify. You cannot take advantage of this deduction if you already own a second home or another RV. Tax laws change, though, so check with the IRS or your tax adviser for more information on this finance benefit. • Truth in Lending Act (Reg. Z) requires creditors to provide written disclosures of the cost of credit and terms of repayment before you enter into a credit transaction. Most importantly, it requires creditors to disclose the dollar amount and APR of a transaction. Reg. Z is intended to promote the informed use of credit and to encourage consumers to shop for the best deal. • Equal Credit Opportunity Act (ECOA) prohibits creditors from denying credit based on sex, race, color, marital status, religion, national origin, age, or because the borrower receives public assistance. • Fair Credit Reporting Act (FCRA) gives consumers the right to learn what information is being distributed by credit reporting agencies and establishes procedures for correction errors in credit records. It also protects consumer privacy by requiring editors to distribute credit reports only to those with a legitimate right to the information. The time is now to buy and finance an RV, so visit the Florida RV Super Show and talk to a local RV dealer to get started! 84 2008 FRVTA RVers GUIDE TO FLORIDA
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.