Motorhome Finance (1 Viewer)

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May 7, 2011
6,099
32,854
East Anglia
Funster No
16,302
MH
Kontiki 669
Exp
Since 2010
I have just been looking at Motorhomes for sale,as you do, and noticed on one particular dealers website the finance packages they offer. Surely people do not take these finance deals on?
Example:

Purchase Price. Deposit. Finance Required. Monthly Payments. Total Amount Payable
£96,390.00£2,000.00£94,390.00£1,243.97£149,276.40

So after you have finished paying for this particular motorhome the interest is nearly £53,000.
 
Dec 20, 2018
725
897
Funster No
57,651
MH
C Class
Exp
Since 2004
I would guess if they have a p/x they would have a substantially bigger deposit than £2k, but even so....!

Camper UK are currently advertising a new Laika at approx £1750 a month over 10 years at 9.9%. Like you, I can't imagine why anyone would sign up to that, but no doubt they do.
 

Steve and Denise

LIFE MEMBER
Sep 26, 2011
5,386
14,431
Spalding LINCS
Funster No
18,300
MH
A Class Carthago
Exp
Since 2008
I have just been looking at Motorhomes for sale,as you do, and noticed on one particular dealers website the finance packages they offer. Surely people do not take these finance deals on?
Example:

Purchase Price. Deposit. Finance Required. Monthly Payments. Total Amount Payable
£96,390.00£2,000.00£94,390.00£1,243.97£149,276.40

So after you have finished paying for this particular motorhome the interest is nearly £53,000.
Anyone taking a agreement like that would be completely dim and should not be allowed to be in charge of their own finance 😳
 
Apr 17, 2016
6,133
36,287
South Coast
Funster No
42,523
MH
White One..
Exp
3 years….
This one is slightly less affordable on monthly payments 😂😂
DC25F80E-F9E6-4C78-BDF9-BC95E584BA3A.jpeg

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haganap

LIFE MEMBER
Dec 5, 2007
12,806
26,929
planet earth
Funster No
974
MH
Niesman+Bischoff 79e
Exp
I'm an oldbie MH number 10
People have and they do.
Spoke to a sales rep at Go European when I was laughing at the figures, he said over 75pc of sales are high end finance.

Even he was amazed.
 
6

62272

Deleted User
They must be quite naive. The cost of keeping a motorhome, and the cost of touring is not cheap, you’d be really peeved off after the first couple of instalments. A recipe for disaster.
 
Jul 12, 2022
158
303
Funster No
89,860
MH
On Order.Carado V337
££££ oh hell if you are financing a MH on the never never

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Apr 30, 2018
2,037
4,555
Mid Suffolk
Funster No
53,655
MH
Adria Matrix 670DC
Exp
Motorhoming since 2018.
It's not just the purchasing of the MH, time you add in maintenance, RFL, MoT, before you even put a drop of fuel in the tank.
 
Jul 10, 2017
1,117
3,025
Ireland
Funster No
49,405
MH
Coach built
Exp
Newbie
O for the days of ISAs , non property secured endowments , saving , investment portfolios with bona fide IFAs and paying off your mortgage early with non penalising mortgage agreements .
O and did i mention SAVING 💡

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Apr 30, 2020
452
6,430
Hartpury, Gloucester, Gloucestershire, UK
Funster No
70,272
MH
Bailey Autograph 796
Exp
2016
Any one that gets a motorhome and needs finance needs there head examined.
Really? Maybe people like me who have taken advantage of some sort of finance in order to buy a van actually provide a service for people like you to sneer down their long self important noses at. 😉
Wasn’t there a thread a few days back about you only live once and taking a few risks etc …...
 

Coolcats

LIFE MEMBER
Jan 24, 2019
6,039
10,335
Funster No
58,207
MH
HymerCar Ayres Rock
Really? Maybe people like me who have taken advantage of some sort of finance in order to buy a van actually provide a service for people like you to sneer down their long self important noses at. 😉
Wasn’t there a thread a few days back about you only live once and taking a few risks etc …...
Don’t worry there are many people on the site who whilst may have purchased thier van have a car on PCP contracts so never ever own a car.

People take up finance for all different reasons there is no shame in it it’s what fits a personal lifestyle or preferences. The only truly financially stable people are those with nothing and those who have mega wealth everyone else is financially unstable lol ( I’m sure I will get flamed for making that comment but it’s what a guy who worked/owned a finance company stated.
 

PP Bear

LIFE MEMBER
Apr 5, 2013
7,961
29,745
Kent, UK
Funster No
25,395
MH
Auto Trail Dakota SE
Exp
2012
Don’t worry there are many people on the site who whilst may have purchased thier van have a car on PCP contracts so never ever own a car.

People take up finance for all different reasons there is no shame in it it’s what fits a personal lifestyle or preferences. The only truly financially stable people are those with nothing and those who have mega wealth everyone else is financially unstable lol ( I’m sure I will get flamed for making that comment but it’s what a guy who worked/owned a finance company stated.
Stone him I say……
 

Coolcats

LIFE MEMBER
Jan 24, 2019
6,039
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58,207
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HymerCar Ayres Rock
Have you ever sat down and worked out how much interest you have paid on your mortgage. I did when we finished paying it off - very scary - hubby said just think of it as rent and it won’t hurt as much!
The interest on our mortgage was probably equal to the purchase price of our house, when interest rates came down house prices went up which meant an individual still had to spend shedloads of cash over and a live what the house is worth.

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Feb 14, 2021
3,865
8,367
Milton Keynes, UK
Funster No
79,219
MH
Burstner Lyseo 727G
Exp
19 month year 18000 miles UK, Ireland, France, Spain, Germany, Italy. Campsites and off Grid.
The only truly financially stable people are those with nothing and those who have mega wealth everyone else is financially unstable lol ( I’m sure I will get flamed for making that comment but it’s what a guy who worked/owned a finance company stated.

Can't agree. I think we are financially stable but not mega wealthy. House paid for, no loans or debts. Final salary pension that will increase in line with inflation until I die plus a good sizeable chunk of money in savings/investments. We can live comfort and enjoy 4 months holidaying a year.
Have you ever sat down and worked out how much interest you have paid on your mortgage. I did when we finished paying it off - very scary - hubby said just think of it as rent and it won’t hurt as much!

Buying a house is slightly different. It is pretty much guaranteed to rise in value over the time of the mortgage. You will probably cover the purchase price and the interest over time.

A motorhome on the other hand will just decrease in value and be with less then half of its purchase price after 10 years.
 
Sep 13, 2016
490
43,207
Okehampton
Funster No
45,103
MH
Swift Mondial
Exp
Since 2016
When we met with our financial advisor we brought up that we
May have to replace a car in a few years and that would be a fairly large outgoing. His view was that you wouldn’t use your capital but go down the PCP route with a known monthly payment that was affordable from recurrent pension income. Not for everyone but we have reasonable private pensions.

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Coolcats

LIFE MEMBER
Jan 24, 2019
6,039
10,335
Funster No
58,207
MH
HymerCar Ayres Rock
Can't agree. I think we are financially stable but not mega wealthy. House paid for, no loans or debts. Final salary pension that will increase in line with inflation until I die plus a good sizeable chunk of money in savings/investments. We can live comfort and enjoy 4 months holidaying a year.
Good for you, but it is surprising on how close we all are to financial unbalance should the unthinkable happen.
 
Mar 15, 2022
10
24
Bromley
Funster No
87,463
MH
Burstner Lyseo TD690
Exp
Newbie, rented several times
We remortgaged (in March 22) to get the money for ours. Because the rate went down from 2.5% to 1.7% on the outstanding £120k mortgage balance too, the extra £60,000 for the van is only costing us £200 a month net. Less than a Ford Fiesta on PCP!

Mortgage does now go until I'm 80 though!! (But 3 x DB pensions coming soon so that's fine)
 
Mar 23, 2012
9,664
32,651
sleights
Funster No
20,245
MH
c class
Exp
1
I think if people take on the finance knowing the costs it's up to them. But paying over £1000 a month out of season when we're not using it a lot would really annoy me. I do think anyone buying their first MH would have to be a bit brave/ determined/foolish to tie into a finance deal on a fixed term like that unless they've rented a few times. It would be hard to think of the circumstances where someone would have enough income on a regular basis to cover the repayment costs but not have significant savings for a decent deposit
 
Sep 17, 2017
5,773
10,829
Birmingham, UK
Funster No
50,575
MH
A-Class
Exp
2017
Compared to a lot of big purchases... it's not that bad a deal.

It wasn't that long ago that a car was worth half its value after 3 years. So you'd be losing far more than the amount to interest just on depreciation. At least motorhomes hold their value pretty well. Costing 10% per year isn't so bad.
 

Minxy

LIFE MEMBER
Aug 22, 2007
32,781
66,992
E Yorks
Funster No
149
MH
Carthago Compactline
Exp
Since 1996, had Elddis/Swift/Rapido/Rimor/Chausson MHs. Autocruise/Globecar PVCs/Compactline i-138
Any one that gets a motorhome and needs finance needs there head examined.
For some it's the only way they can afford one however the best way is NOT to take the dealer finance deal as they are always much more expensive than getting them from a bank/building society. The ones form a dealer are usually tied to the MH which can cause all sorts of issues and extra costs if you want to change it before the end of the loan term.

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