Financing both tv & 5er in same package?

[dsprik]

Has anyone ever heard of financing both tv and 5er in the same loan? And if so what happens to the ability to deduct interest if we are FT?

[richfaa]

You can do that but don't think it is a good idea as the interest on the Rv is deductible and the truck is not.Don't know how you could seperate out the interest portion for the RV...Ask your tax guy.... Interest on The Rv is deductible FT or not...

[Parrothead]

You could run an amortization schedule on each separate amount. You should know how much each separate unit costs. However RV's are usually a longer contract that TV's so you may be paying a lot more interest than if you separated. It would depend on the length of the contract. If you have your taxes done, your preparer should be able to run the amortization schedule. If not there are some programs available that do it. I use Microsoft Money and it has a built in amortization. But you can also do it on Excel or any spreadsheet application.
Happy trails......................

[syplace]

Talk w/your tax man. Since both of us over 65 plus expemptions it was more than itemizing (we didn't even come close to itemizing. So combined loans for TV & 5th @ 4% 5 yr balloon and make double payments..so both will be paid off or very close to it in 5 yrs. When separating loans we found interest was higher and since we have no mortgage it made sense to make larger pmts. This works for us.

[Parrothead]

John and Marianne
I agree if you can't itemized deductions it doesn't really matter. Plus you got a great deal on the 5th @ 4%.
Happy trails................

[richfaa]

Right..If you can't make the itemized deduction amount it makes no difference. I've been driving a school bus and charter bus for 5 years to pay for the new Tv and 5th..we are just about there.