Financing, Tax Deductions and Insurance When You Buy an RV
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Financing, Tax Deductions and Insurance When You Buy an RV
RV Financing:
So you've decided that you're ready for that RV. You're buying experience should be fun and run smoothly if you keep a few things in mind. New or used RV dealers would prefer that you come shopping with pre-approval from your bank or credit union if you are not paying by cash or check. Most new and used RV dealers will offer financing as well, so you may want to call ahead and compare interest rates. Stick to a budget to ensure a set monthly payment. Remember, it's easy to be dazzled when you are looking for a used RV motorhome, travel trailer, or camper!
RV Tax Deductions:
Fully self-contained RVs, like motorhomes and travel trailers, are sometimes tax deductible as a second home. When purchasing a new or used RV, consider that your tax deduction may be enough to put you into a lower tax bracket. Consult the IRS for details, as some restrictions apply.
RV Insurance:
Don't forget insurance when you buy a new or used RV. You will need liability insurance and you may want to purchase additional insurance in case of damage by weather, fire, flooding or vandalism. Check that your RV meets safety standards for make and model, because your insurance company may not want to insure a vehicle with weight or safety issues. It's better to be safe than sorry, especially when it comes to your home away from home!
