Can I Finance a Camper Van/Motorhome?
Yes, we can offer finance on campervans and motorhomes at Vendor Finance.
Types of Camper Van/Motorhome Finance:
- Hire Purchase (HP):
- You pay a deposit (typically 10–30%) and repay the remaining balance in fixed monthly instalments.
- Ownership transfers to you once all payments are made.
Eligibility Requirements:
- Deposit: Most lenders require an upfront deposit, typically 10–30% of the vehicle’s value.
- Credit Score: A good credit score improves your chances of approval and secures better rates.
- Income Proof: You’ll need to demonstrate affordability through payslips, bank statements, or tax returns (if self-employed).
- Age of the Vehicle: Some lenders may have restrictions on financing older motorhomes.
Documents Needed:
- Valid ID (e.g., passport or driver’s licence).
- Proof of address (e.g., utility bill or bank statement within the last 3 months).
- Bank statements (covering 3–6 months).
- Proof of income (payslips or tax returns for self-employed applicants).
- Details of the motorhome (make, model, year, price).
Financing New vs. Used Motorhomes:
- New Motorhomes:
- Often financed through dealers offering partnerships with finance companies.
- May include manufacturer incentives or promotions.
- Used Motorhomes:
- Many lenders finance used motorhomes, but they may have age limits or stricter conditions.
- Ensure the vehicle is inspected and valued before applying for finance.
Key Considerations:
- Interest Rates: Compare rates from different providers to get the best deal.
- Repayment Terms: Longer terms reduce monthly payments but may increase overall costs.
- Insurance: Camper vans/motorhomes require specialised insurance, which adds to your overall budget.
- Depreciation: Consider how depreciation may affect the value of the motorhome if you plan to sell it later.