Hi,
This is really beginning RV'ing. Paying for the RV. I am scheduled to pick up our new RV when it comes in at the end of the month or thereabouts. The cost will be about $24,000 with everything, out the door price including taxes, hitches, the whole ball of wax. I ordered lots of upgrades too.
I took 24K out of my IRA so I could pay cash and I was told by a few people (including an RV dealer) that I was being dumb and that I should finance as I can write off the interest on the loan.
I do understand that but if I pay cash then I won't HAVE any interest on the loan. Believe me, I know if I put 20k into some great investment vehicle it can make me some interest but I was in a very conservative IRA and wasn't making much in the first place.
Is financing the RV a better way to go? What is the interest rate these days? I would ask Suze Orman but her show makes me nervous! LOL
Any advice would be most appreciated. Lorraine
This is really beginning RV'ing. Paying for the RV. I am scheduled to pick up our new RV when it comes in at the end of the month or thereabouts. The cost will be about $24,000 with everything, out the door price including taxes, hitches, the whole ball of wax. I ordered lots of upgrades too.
I took 24K out of my IRA so I could pay cash and I was told by a few people (including an RV dealer) that I was being dumb and that I should finance as I can write off the interest on the loan.
I do understand that but if I pay cash then I won't HAVE any interest on the loan. Believe me, I know if I put 20k into some great investment vehicle it can make me some interest but I was in a very conservative IRA and wasn't making much in the first place.
Is financing the RV a better way to go? What is the interest rate these days? I would ask Suze Orman but her show makes me nervous! LOL
Any advice would be most appreciated. Lorraine