A camper or mobile home gives you ultimate freedom on vacation. You drive wherever you want. And for overnight, you are not bound to dusty hotel rooms or too crowded campsites. Delicious right? But a camper has a price tag and not such a small one too. How are you going to finance that camper? We give you five practical tips for an affordable camper loan.
Financing camper – Loan or savings?
Saving for your camper is, of course, sensible and cheaper than borrowing money. But maybe you do not want to wait that long. With a loan for camper you will have him in your possession tomorrow, so to speak. If you decide to borrow for your camper we help you with the tips below to keep the costs within bounds.
Camper loan tips
Saving money on the loan for your camper is easier than you think. We are happy to help you with these tips.
1. Which loan for camper to choose?
Do you already have the camper of your dreams in mind and do you know what it will cost? Then a personal loan is the best form of lending. You know exactly how much you lend, what it costs and when the loan for your motorhome is paid off. Well organized.
Do you find it a more pleasant idea to be able to reinstate paid amounts, for example for the inventory of your motorhome? Then a revolving credit may be a better form of lending.
2. Determine the duration of the camper loan
In case of a personal loan for a camper, you agree with the bank or credit company how long the loan will last. In general, the longer the term, the lower the monthly costs. But do not just choose the longest term! If your camper has had his best time, you do not want to have a loan. So choose a term that matches the expected lifespan of the motorhome.
3. Financing the camper via dealer
Dealers often offer you to pay the camper in installments. Interest is often charged for this which is higher than the interest on a loan from the bank. Always compare first what is more advantageous, a camper loan through the bank or through the dealer.
4. Conditions for borrowing money for camper
Low-interest rates already make a big difference in costs. The right conditions too! Extra repayments ensure that you are rid of your motorhome loan and therefore pay fewer interest costs.
5. Selecting the loaner’s camper van
Most people who apply for a loan for a camper or mobile home go directly to their ‘house bank’. Very familiar. But you are probably a thief of your own wallet. The big banks have higher interest rates than the smaller online lenders. Good comparison can save you a lot of money. So you still have some money left to spend during your camper trips.
Benefit bonus tip from camper!
You must ensure a motorhome with minimum WA insurance. Actually just like a car. But if you borrow money for the camper, we recommend an all-risk insurance policy. With this, you get enough money back in total loss or theft to pay the rest of the loan.
With the above tips, you are well prepared in terms of money matters and you can look for a camping carefree for a well-deserved vacation!