Motorhome financing

[mfire1339]

elite wa can you tell us more of "no second home write off"? Been doing it.


Mike

[elite wa]

Originally Posted by mfire1339

elite wa can you tell us more of "no second home write off"? Been doing it.


Mike

When the new tax law went into affect this year part of the changes were to your deductions. So in the past you were able to write off pretty much anything. Now there are differences between towables and self driving. If you already have a home and second home then you are not supposed to be able to write off a third. What I should had said was don’t just assume you can like in the past. Each persons situation is different. I live on the west coast so someone having a 750k mortgage on their primary home is not unheard of and with the limit changed from 1 million to 750k that affects a lot of people in Washington and California. The best news would be to speak with a tax advisor. In the past we had customers take advantage of lower rates and basically a no questions asked approach of using a home equity loan because it was reported on a 1098. The change in standard deduction may help now though to offset if you aren’t able to use the deduction

[Rockwood27]

Originally Posted by aknavy

I found one that claims to have an assumable loan at 2.99 percent. Anybody have experience with that? The interest rate more than makes up for the slightly inflated price they are asking.

The inflated price is probably due to them being upside down (they owe more than the MH is worth). If you assume the loan, then you'll also be upside down. The bank may not allow less equity than the loan value.

[Mr_D]

Originally Posted by elite wa

Working on the banking field for the last 25 years credit unions are going to typically offer the best rates. Thought banks do work in the indirect lending with RV dealers so you might find a good deal with b of a or wells. With the trump tax law you can no longer write off the sales tax and you can no longer count the interest paid as second home like years past so that sucks. The fed just raised rates .25 so it is better to act sooner then late as the fed seems to be really trying to control inflation.

Actually you can deduct the MH interest as a second home, however they doubled the standard deduction so you have to have quite a large amount of interest $ to make it worthwhile.

[elite wa]

Originally Posted by Mr_D

Actually you can deduct the MH interest as a second home, however they doubled the standard deduction so you have to have quite a large amount of $ to make it worthwhile.

You are correct I spoke as in what my typical experiences are with my customers which is a 500k first mortgage and 300 to 500 k second mortgage for a lake place or a home in Arizona. They never took the standard deduction so now they lost the write off for their “third home”. This may not be typical for most of the country but if you live on the coasts pretty common. My bad for using a generality that I deal with day to day

[Sicduc]

I just had a buddy go to a local dealer and he was told 4.99% is as low as he could get on a New Coach and he has a 800+ FICA score and it going to be going up thanks to the Fed...

[GEM1N1]

Originally Posted by aknavy

Looking at using USAA when the time comes.

20% down required with USAA. Just FYI.

I was long down the rabbit hole and negotiated a sale price. Went to get my loan and the 20% hit me out of left field. lol.

I guess i can rest easier knowing I’m not upside down now.

[aknavy]

Originally Posted by GEM1N1

20% down required with USAA. Just FYI.

I was long down the rabbit hole and negotiated a sale price. Went to get my loan and the 20% hit me out of left field. lol.

I guess i can rest easier knowing I’m not upside down now.

That's good too know....cause I didn't know they would require 20 percent. Was expecting 10.

[momdoc]

AT 10% down on any MH you buy you will be underwater in year. And if you financed for 20 years you will have it towed to the junk yard after 10-12 years and be lucky to have it half paid off.

[KiteSquid]

When you finance get a loan amortization table for your loan so that you will fully understand the entire price that you are paying.

Go Navy

[Finance]

If you get serious about any loan claimed to be capable of being assigned to you get a written statement directly from the lender to that effect. Most terms the loan is immediately due in full.

[aknavy]

No 20 year loans for me. 15 year gets better interest rate than shorter terms, but still not taking that long to pay it off.

[Crasher]

I could never be comfortable with a long term loan on such a depreciating asset as a motorhome. I never cared about the depreciation, but did not want to owe more than it was worth. The longest I have used is five years and the last two were two years. I did not mind house payments, because it was appreciating, but anything with a motor in it had to be very short term or I wouldn't do it.

[retnasaguy]

Originally Posted by aknavy

Looking at using USAA when the time comes.

You can do a lot better than your first choice! Just saying.
Shop around.
Cheers