Buying Your 2019 Motorhome
OK, you have finally found that buying your 2019 motorhome, is just the start of some very common questions. It may have taken many months to get this far. First the layout issues, the weights and dimensions. Good job you measured the driveway! So, now to the business end of the transaction, how are you going to pay for it? There are many ways to consider all of the options, for financing a motorhome, campervan or RV purchase.
First things first, in the UK, you need to make sure who is giving you motorhome finance advice? Are they FCA broker approved. This may well be someone working within the motorhome dealers staff. Many have all the correct FCA regulation in place. FCA by the way stands for Financial Conduct Authority.
Right then let’s start to consider and share some of our observations, on motorhome finance. Please note, motorhome insurance and motorhome warranty, also, come under the FCA regulations. Whilst we provide motorhome information and links to different people, many of whom will be able to provide, good motorhome advice. However, we must point out, that we are not qualified financial advisers. We just want to help anyone needing to find information and to highlight, some of the motorhome options available, off and online.
No Small Price Tag
Buying your 2019 motorhome, is going to be a sizable transaction. Let’s not get delusions of grandeur, and think we are in the Motorhome coach luxury motorhome market. If you are, then we will be glad to point you in the right direction. Marathon Coach luxury motorhomes is where you need to go! No back to reality, the fact is that buying your 2019 motorhome, may be anywhere from £10K upwards to £150k in the UK.
There is no doubt, that you may begin to get cold feet, when the cost of your new motorhome, begins to sink in! Anyway, no turning back if you want to live the dream, better get on with it! For many, it will have taken some months to reach the point of placing the order. Consider all the financial options, then choose buying your 2019 motorhome, knowing the option selected, is fine for your circumstances.
Buying With Your Own Cash
There are always going to be people who want to pay cash for the motorhome. For example significant numbers of buyers, do pay cash. However, this is often funded particularly by taking a lump sum out of their pension fund. In some cases, they may have won the lottery or have inherited money from a relative’s estate. Good old Aunty Wainwright thanks a lot!
Whatever the reason paying by cash, when buying your 2019 motorhome, is intuitively attractive. There is good logic in the fact, that means you won’t be paying interest charges! Only to your pension equity release being rolled up to when you meet your maker! So, no need to convince a lender, that you are able to afford the money you are spending.
Your Decision & Yours Alone
However, the decision of how to pay for your motorhome remains up to you! The fact is that some financial advisers, might argue that spending your own cash, may not always be, an optimum solution. Buying your 2019 motorhome is always going to involve a substantial sum of money! A requirement that is unavoidable as motorhomes are not cheap!
Dipping into your own cash reserves, therefore after the event, by definition, that money isn’t available! So, buying other things may well be out of the question, until funds are topped up again!
The one fact to remember, is that you could always sell your motorhome in future. At least that would get a percentage of your cash back. However unless you take a cash offer, from the likes of we buy any motorhomes. Then it will take time going through the sales process, so, your funds aren’t available to you in an instance. But, at least you know motorhomes are always wanted, it is just a matter of price and residual value.
Using Hire Purchase
There are quite a number of ways to use conventional hire purchase, when buying your 2019 motorhome or a variation thereof. Basic hire purchase better known as (HP). This really does not need detailed explanation! Unless you thought it was that loverly brown source, we get in a bottle! So, what is usually required, is for you to find a sum of your own cash.
Placing that as a deposit to contribute towards the cost of the motorhome. Then, by way of a “deposit” we can arrive at a balance and the repayments worked out. Online there are many motorhome finance calculators. Therefore, you can take a look at the variations of deposit placed and payment terms. Particularly the time of the agreement, 10 years motorhome finance is not uncommon.
The hire purchase provider, will then always have title, to the ownership of the motorhome. That is until you have made the final payment. However, there is always the option of making an early settlement, of the balance outstanding. The fact is that you are its registered keeper. However, the motorhome will remain on he HPI register until cleared off by repayments of the debt.
During that period of time, the motorhome legally remains the property of the HP solution provider. Also, it remains illegal to sell it, without their written permission. Using somebody else’s money and keeping your capital reserves, will always provide a fall back position. Especially, for something like an emergency. Of course, you must pass the fact that financially you will be able to maintain the repayments. Otherwise, there will be a knock on your door demanding the keys to the motorhome!
Taking out motorhome loans, means that you may have some interesting options. You could go to a specialist motorhome finance company or bank that does personal loans. However, personal loans usually only go up to £25K per person, So, that can get a bit messy. However, people do take personal motorhome loans out.
There is no doubt that unless you have an excellent credit rating, the lender without security will be a little cautious. No doubt, there will be a higher interest charge placed on the agreement. Offering the motorhome as security, takes you back down the hire purchase route. However, ask them to advance you a sum of money with a charge on a bricks and mortar asset may help a lot.
Having a motorhome loan in place, then buying your 2019 motorhome, just got easier. Because, this places you as a cash buyer, when buying a new 2019 motorhome of your choice. This may well place you in a good position to get a good discount. Consequently, when you repay the loan back to them over an agreed period of time. Loans not secured against the motorhome, means you can sell it and use the funds elsewhere if needed.
Taking on a loan, again, you will need to find some form of deposit. Also, the norm will be that you are assessed in terms of your credit worthiness and ability to financially meet the loan repayments. There is no doubt, that taking out a loan offers the advantage of giving you a degree of freedom. That falls in many different ways.
For example, over where you end up purchasing your motorhome from! As we stated earlier this may also, increase your negotiating position a little. Because in the motorhome dealers eyes, (to them you will be effectively a cash buyer). If there is a genuine downside, certainly, bank loans are perhaps not typically available for high value loans. However, some lenders treat them as asset finance, therefore that changes the game a little.
Brexit 2019 Motorhomes
As, we go towards Brexit 2019, this may well be remembered for the wrong reasons. Buying your 2019 motorhome is going to be the right reason. There may, in fact, be other many different, motorhome finance options, available. However, as with all of theses finite details, it may be a matter of seek and you will find.
Motorhomes are no small purchase and buying your 2019 motorhome, may take time. Patience is going to be needed, to look at all the options to buy the right 2019 motorhome for you.
When buying a new motorhome, the good motorhome dealers will promote offers. Many are going to be motorhome manufacturer backed. The number of motorhome finance specialists, will find customers, a suitable finance solution. So, the motorhome advice is simple take your time when looking for your next 2019 motorhome. Why not contact us today, just to see how we can help find you the right motorhome, campervan or RV?
Buying Your 2019 Motorhome
So, which motorhome takes your fancy for 2019? Maybe an Autosleeper motorhome or an English alternative a Bailey motorhome? Or are you really in the market for buying your 2019 motorhome, from European designers. No matter, what you choose, it is going to be pretty exciting looking!
Finding is one thing, buying your 2019 motorhome, is all about having a plan and sticking to it. With large motorhome shows coming up, at the NEC in Birmingham in the UK. Also, the Caravan Salon in Dusseldorf in Germany. Maybe you will be spoiled for choice!
Caravan Salon Dusseldorf
Just about everyone will be on display, at the Caravan Salon in Dusseldorf. From Hymer, Trigano Group and many more. Truly a great event attended by thousands of motorhome owners.