hen buying a motorhome, few people really have the funds to buy outright and for most the reality involves trying to find some kind of finance deal. However, with the economic situation as it is, finding a good finance deal is not proving too much of a problem for customers with good credit ratings, and there’s no doubt that low interest rates are helping to bolster sales of motorhomes.
Banks are currently offering some reasonable deals on small value loans and the low base rate is helping to keep headline rates down. This is great news for customers who are looking to finance a motorhome purchase privately, but it’s not the only option. Many motorhome dealers and manufacturers are offering great deals to entice new buyers. Often the terms of these loans are preferable to those offered by banks and are specifically tailored for motorhome ownership.
Normally the process of finding finance, along with things like motorhome insurance and tax come as afterthoughts when searching for a motorhome, but it’s becoming more clear to potential buyers that finance affects the real price of a motorhome. As incomes get squeezed, what is affordable becomes less and less, and for many motorhome owners the interest rate on a finance deal is the ultimate determining factor.
All of this looks even more appealing given the pitiful savings rates available at the moment. Motorhome lovers with a few quid in the bank aren’t being rewarded for sitting on that cash, and for many the rewards of a shiny new motorhome are much greater than two or three per cent on a lump sum. Those who had been saving for a rainy day might have just found it arrive.
There are a plethora of finance deals available out there for motorhome buyers at the moment, but borrowing money does always cost. Any motorhome finance deal should always be well considered and anyone taking out finance should have a good plan in place to be able to make repayments.