eirerose71 Report post Posted February 2, 2016 Any recommendation on RV loan financing? Also If it is our primary residence, is it a mortgage? Who should we stay away from etc. Any advise would be greatly appreciated. Sign Sell and drive to live! Share this post Link to post Share on other sites
kaypsmith Report post Posted February 3, 2016 For tax purposes the interest on the loan is IRS tax deductible either primary or secondary. If your state has income tax, you should check there, as it may or may not be according to your state rules. As to whether it is a mortgage or not I really don't know that answer, some other fellow FMCA'er will answer that I'm sure. Welcome to the forum, and happy motoring. Kay Share this post Link to post Share on other sites
manholt Report post Posted February 3, 2016 Welcome. I would take it up with your CPA or if you don't have one, call FMCA or Escapees. There are so many variables.... Carl Share this post Link to post Share on other sites
tbutler Report post Posted February 3, 2016 Welcome to the forum! We got our loan through the dealer when we bought our motor home. Then, we refinanced after shopping around at an FMCA Convention. If you are going to be in Perry, GA, there should be vendors there that are brokers for the loan industry. Our refinance was done by Wachovia - which went out of existence in 2008-2009. So our loan was sold to Wells Fargo, their dealer services division. It is not a mortgage, it is like an auto loan or a boat loan. This is a good time to look for such a loan. Brokers don't charge you a fee, they get a finders fee from the loan companies. Our loan was done through Sterling Associates, Whitinsville, MA. They have offices all over the US. We were at a rally in Oregon, registered in South Dakota and processed the paperwork in California but the loan was done through the Massachusetts office. They are advertising loan rates as low as 3.28% on the web site. Once we had our loan, we never heard from Sterling Associates again, nor did we need to contact them. They were very efficient, did just what we needed and no more! One caution, we did reject the first loan they found for us as it included a balloon clause allowing the lender to call in the loan (require full payment) at any time. We were assured this wouldn't happen but if it is written that way, it could happen. I hate to think of what might have happened in 2008 as Wachovia was being taken over by Wells Fargo. You couldn't even get a loan for a regular home at that time. Read the paperwork carefully and/or take it to an attorney for review if you aren't comfortable with your own understanding of the language of the loan contract. We told the representative at Sterling Associates we weren't comfortable with that language and asked them to find a lender that didn't include this clause. The second try was good, that was the Wachovia loan at 4.99% in 2004. Because it isn't a mortgage, the bank may not give you a statement of interest at the end of the year as they do with a home loan. It is deductible on federal taxes (considered a mortgage for IRS purposes) as a first or second home. If you request an interest statement from the bank, they will provide you with one. Wells Fargo sent one every year after we made the request. As Kay said above, you would have to check state laws regarding deductiblity on state taxes - unless you live or are a resident of a state with no state taxes! Share this post Link to post Share on other sites
kaypsmith Report post Posted February 3, 2016 Thanks Tom, as usual, well said. Kay Share this post Link to post Share on other sites
hermanmullins Report post Posted February 3, 2016 FYI in 2007 at age 71 years old I got a 20 year loan on a depreciating asset. Go figure. Herman Share this post Link to post Share on other sites
tbutler Report post Posted February 3, 2016 So this is a big milestone year for you Herman! How do you plan to celebrate? Share this post Link to post Share on other sites
jana0623 Report post Posted February 3, 2016 If you are a member of Escapees, you have the option of joining Alliant Credit Union and financing through them. They finance full-timers, which is one of the challenges. Most banks and Credit Unions don't do full-timers. That's what we ended up doing, when the dealer couldn't find someone who'd take us, despite a credit score well above 800. Share this post Link to post Share on other sites
hermanmullins Report post Posted February 3, 2016 Thanks Tom and Louise, Have missed you'll at the Rallies. FYI we are going to be in Concan, jus a bit North of Uvalde, the 18th to 21st. Would love for you'll to come. This year will mark 79, the day after Easter, and still going strong. Hope I can keep going when I and as old as Carl. (Oh!I forgot I'm older then him) Are you'll coming to Perry? Herman Share this post Link to post Share on other sites
tbutler Report post Posted February 4, 2016 All that is happening before we are ready to leave the Rio Grande Valley. Likely pack up in late April or early May. Unfortunately, I don't have any family east of the Mississippi and that is ruling our travels more and more each year. We'll be watching for the next FMCA National in the central or western states, mid to late summer are best for us. Share this post Link to post Share on other sites
tetonchief Report post Posted February 20, 2016 I used Alliant CU (formerly United Airlines Employee CU) and I am very happy with the loan, terms, and customer service I received. As I worked for United after my Air Force days I was already a member and had used them for previous snowmobile loans. I can't say enough about their service and I also belong to Escapes. Share this post Link to post Share on other sites
