How do you pay for yours? (1 Viewer)

[DangerMousy]

We intended saving up for ours, but the right MH came on the market at the right price only it was about 6 months earlier than we had planned. So we borrowed £25k over 3 years with the intention of paying the loan off early and paid it off fully in just over 18 months so we paid only £1021 in interest. Never regretted it for a moment - spending that 1k on interest has enabled us to do and see so many things and have memories that will last a lifetime.

Credit isn't a bad thing so long as you make it work for you. We have had a number of unsecured loans over the past few years and I don't think we've ever let any of them go to full term (apart from 0% interest ones - because we'd be silly not to). We look for the lowest rate 3 year flexible loan on the market, and any spare cash goes towards overpayments.

 

[The Wino]

We intended saving up for ours, but the right MH came on the market at the right price only it was about 6 months earlier than we had planned. So we borrowed £25k over 3 years with the intention of paying the loan off early and paid it off fully in just over 18 months so we paid only £1021 in interest. Never regretted it for a moment - spending that 1k on interest has enabled us to do and see so many things and have memories that will last a lifetime.

Credit isn't a bad thing so long as you make it work for you. We have had a number of unsecured loans over the past few years and I don't think we've ever let any of them go to full term (apart from 0% interest ones - because we'd be silly not to). We look for the lowest rate 3 year flexible loan on the market, and any spare cash goes towards overpayments.

The best way we had to borrow was a flexible mortgage where any balance in a linkes savings account offset the mortgage. We borrowed several times to buy property each time we withdrew our previous overpayments with no fees to arrange then repaid as soon as possible but leaving a small debt so the facility was still available. As we were self employed we could also pay in our tax money until payment was required receiving effectively interest at the mortgage rate. Yes there are sometimes smart ways to borrow and if it lets you do things at a better time in life fine also as depreciation is so low if you need to sell up and repay there will not be the same loss as on a car but a lot of loans particularly the ones offered as finance by dealers will not be a good option

 

[PhilG]

I buy cars for £600 so I don't have to lose shed loads of money on them , and finance the MH .

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[Crazylegs]

The majority of posters seem to dislike any form of credit, however when we visit a Motorhome show I note the the van price display signs are normally sponsored/ supplied by someone like Black Horse finance.
Just saying like.

 

[gus-lopez]

We never finance any vehicles as its daft unless theres an interest free deal and no discount for cash option. I suspect a lot are bought on finance but very few by people who have looked at the true cost.

Don't buy here then. Don't want the finance, want to pay cash ? = price goes up. Want to part exchange ? = price goes up . Always makes me laugh that one on any vehicle, no idea whether the spaniards think it is normal?
Another motorhome dealer near Granada accepts nothing but cash , even though the gov brought in laws preventing you paying more than 2,5k in cash to businesses. He advertises no cheques , no finance, no bank transfers, no credit or debit cards, cash, effectivo, metallico, nothing else! & last ad I saw with all that on was for a MH he ws asking 100k+ for

Yes I’ve got an A40 , will that do ?

Is it a Farina ?

 

[Louis]

Don't buy here then. Don't want the finance, want to pay cash ? = price goes up. Want to part exchange ? = price goes up . Always makes me laugh that one on any vehicle, no idea whether the spaniards think it is normal?
Another motorhome dealer near Granada accepts nothing but cash , even though the gov brought in laws preventing you paying more than 2,5k in cash to businesses. He advertises no cheques , no finance, no bank transfers, no credit or debit cards, cash, effectivo, metallico, nothing else! & last ad I saw with all that on was for a MH he ws asking 100k+ for

Is it a Farina ?

Yes it Was - just sold though, too much work for me now

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[GIZMO1020]

Ours was from a pension drawdown (Gizmo, our dog, included) - well worth it, love Gizmo and our motorhome.

 

[Feltwell]

Similar story to haganap. I came to a point where I realised we weren't using our trailer tent as much as we should - we were getting 1 or at most 2 holidays a year in it - and the kids were growing up fast, the number of years where our eldest would want to be away with Mum & Dad was fast diminishing.

So I got a van using an offset facility against our mortgage, which incurs very little interest. Buying well is key - I bought the van 4 years ago, privately out of season for £19k, knowing that it was sound but needed about £900 of mechanical work (Full service, cambelt change, new exhaust, CV gaitor and a few other bits). 4 years on and I'm still seeing the same van & year advertised privately and trade for £20-£25k, so I could sell it now and not lose anything.

Glad I just went for it and got it!

 

[DuxDeluxe]

A spade a remote forest and a very good alibi.......

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[ABZSteve]

Made a million from Fracking so both vans bought new and always paid cash. Couldn’t stand using second hand goods, not for me. However, I do enjoy contributing to the second hand market for the poor unfortunates who don’t have money to burn, just say thank you Steve The wife always has finance for her new car every three years because she can’t afford to purchase outright. Me, I lease, change every couple of years or so, no hassle I will be retiring in a year or so at 55 so dont have access to my pension yet. May extend my working life until my wife can afford to retire; I can’t keep us both in the manner I am accustomed to. Or maybe not, doesn’t bother me travelling alone, just as long as she remembers to walk the dog properly after work. Good luck with your decision

 

[davebav]

We just saved up for it . Every couple of years we trade it in for a new one. Usually costs around 6000 to 8000 to change. That's around 300 a month.