RV Financing in Texas and Texoma
Why Finance Your RV here at Foundation RV?
When you finance your purchase here at Foundation RV instead of liquidating assets or paying cash, you maintain your personal financial flexibility! Plus, your new RV in Texoma may qualify for some of the same tax benefits as a second home mortgage. Of course, check with your local 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 a 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. Patterson is here to help you find the perfect RV no matter what your situation is - and we have the financing options to make that dream a reality!
What Are the Advantages of Financing Through a RV Lending Specialist?
Down payments on your new or used RV for sale from Patterson 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.
Finance terms are longer / Monthly payments are lower - Because our RV finance specialists know that RVs maintain their value and resale appeal, they tend to offer more attractive terms. In fact, it's not uncommon to find 15-20 year repayment schedules to help you afford the RV of your dreams at a very affordable rate.
How Does RV Financing Compare With Other Payment Options?
Borrowing against an owned home is not an option unless the money is used directly for that home. Home mortgage interest deduction is restricted to interest paid on mortgage debt used to purchase or improve a residence, or to refinance the remaining balance on a purchase or improvement. The purchase of a new or used RV, therefore, does not qualify for this deduction. Home equity loans limit the amount of interest that is deductible, if your RV loan balance exceeds $100,000. Home mortgage interest deduction is limited to interest paid on home equity loans up to $100,000.
The Last Word on RV Financing
Your new or used RV might actually cost you less in the end if you finance your purchase. By not tapping into your financial assets to purchase the RV, you can take advantage of attractive new investment opportunities that might come along 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 from Foundation RV in Texoma, you should check financing options to maximize your purchase enjoyment. You'll be on the road enjoying your new RV before you know it!
BAD THINGS HAPPEN TO GOOD PEOPLE...
2nd Chance Financing Guidelines:
- - Income of $3,500(+) a month for family
- - Loan amounts from $5,000 to $50,000
- - Scores from 580 and up with bankruptcy
- - 15%-20% down
- - Proof of Income (on applicant up front)
- *Tax Return(s)
- *Current Pay Stubs
- Proof of residence
- * Phone bill
- * Utility bill(s)
- 4 references, not at same address