3 Ways to Buy a New Motorhome
Are you ready to get on the road and start exploring the country? There’s arguably no easier or more comfortable way of doing this than with a motorhome. You can get around at your own pace, traveling off the beaten path to discover quaint spots and hidden gems.
Sadly, there’s one big stumbling block for those hoping to own a motorhome: cost.
Other than a house — and unless you have a penchant for expensive cars and other luxury items — you’re unlikely to spend more on a single purchase than a motorhome. There is good news, however. There are multiple ways to finance a new motorhome, and below are four options to take into account:
1. Make Use of Your Savings
If you have the benefit of considerable savings resting in your bank account, it’s an easy answer to the question of how to purchase a new motorhome.
When considering the average age of a motorhome/RV owner is 48 years old in the United States, there’s a good chance the regular buyer of such a vehicle will have savings. Alternatively, they might be ready to receive a lump sum from their pension.
The advantages of buying a motorhome with your savings are obvious. Firstly, you purchase it upfront without having to worry about keeping up with monthly repayments. On top of this, interest isn’t added to the price.
One negative is that the money departs in an instant, and a motorhome won’t tend to hold its value for too long — although it doesn’t depreciate as quickly as, say, a new car. Furthermore, some people simply don’t have the option to use savings.
2. Financing Directly Through the Dealership
If you’re searching around dealerships for the motorhome of your dreams, it’s not unusual to simply go with the financial package offered by said dealership. While this supplies convenience and the money needed, it’s often not the best pick when it comes to purchasing a motorhome. This could be down to the real possibility that the dealership only utilizes one lender, and this lender might include an extortionate interest rate.
3. Acquire a Personal Loan
Instead of receiving financing from the dealership, a viable alternative is to go with a personal loan.
When choosing where to obtain a loan from, most will typically believe a big bank is the best bet. After all, they are reliable and tend to offer solid interest rates. Nevertheless, an independent lender that specializes in auto finance could be your best option. Taking Auto Finance Online as an example, they offer attractive fixed interest rates and are open to helping even those with bad credit history.
There are numerous positives available for going this route. To begin with, you receive the money in one big lump sum to make your motorhome purchase. The monthly repayments can be adjusted to best fit your budget. Applying is also easy with certain independent lenders, meaning you could even get on the road within a day or two of being approved for the loan.
