Mobile homes or caravans – depending on the equipment and quality, five-digit, sometimes even six-digit amounts have to be put on the table for the purchase. Even used vehicles are still relatively expensive.
A Weinsberg Carabus 600 1MQ is currently available, for example, on the Internet for around 44,000 USD, a Bürstner Elegance I9 110 G for 107,000 USD and a Frankia Vario Space I8 1400 for around 150,000 USD.
Hardly anyone will be able or willing to pay such purchase prices out of their own pocket. Financing plays a particularly important role when purchasing motorhomes or caravans.
Financing with the dealer at apparently particularly favorable special conditions or the supposedly cheap offer from the house bank, the hasty conclusion of a camper or caravan financing – there is no safer way to lose money.
With financing of this size, a comparison of different loan offers is a must.
Compare mobile home and caravan financing with a financial check
The financial check loan comparison contains cheap loan offers from the best direct banks. All you have to do is fill out a single loan request. Astro checker then carries out an automatic loan comparison and provides you with the loan offer that is most favorable for you. The offer is made free of charge and without obligation. However, with small and with all other loan comparisons, the financing offers are limited in terms of the loan amount and the term.
Online loan comparisons work best when the loan amounts do not exceed 50,000 USD and the terms do not exceed 96 months. You can put it to the test. Increase the preset loan amount and/or choose a longer-term. You will find that the offers for financing motorhomes or caravans are significantly reduced.
However, there are a few direct banks that offer extended offers through their websites.
Special financing offers
Car credit, a brand of Sander bank, is the best-known manufacturer-independent car bank. The bank finances both caravans and mobile homes. The financial service provider operates as a direct bank but also serves as a financing bank for many traders. Installment loans and final installment financing are possible, but also leasing contracts.
Financing is possible with and without a deposit. Car credit finances up to $ 500,000 in terms of up to 96 months. Net loan amount from $ 500 to $ 500,000; APR 3.99%; fixed borrowing rate of 3.919% pa; Term of 12 to 96 months; Creditworthiness required. Representative example in accordance with Section 6a (4) PAngV: net loan amount of $ 15,000.00, 1. monthly rate $ 259.56, 59 subsequent installments of $ 276.00, total amount $ 16,543.56, term 60 months, effective annual interest rate 3.99%, fixed borrowing rate 3.92% pa
Best Bank plans a maximum amount of $ 100,000 for auto loans. The maximum term is 120 months. The bank provides the following representative example for a net loan amount of $ 80,000 and a term of 120 months according to the small comparison calculator:
2/3 of all customers receive 4.99% off. Annual interest rate, 4.88% fixed interest rate pa, total amount $ 101,257.86, monthly Rate $ 843.82, Best Bank If you are a civil servant, you may be interested in the offers of the General Civil Service Bank. The special all-purpose loans for civil servants, civil servants and employees alike, are also suitable for financing caravans or mobile homes.
Compare the financing offers of these banks by using Astro checker’s loan calculator.
Carry out financing with Good Lender
Good Lender is a credit broker from Halle Westphalia and is considered one of the market leaders in this segment. Good Lender provides loans in large amounts with long terms of up to 120 months. In principle, caravan financing with this term over larger amounts is possible. Credit intermediaries like Good Lender work almost exactly like comparison portals. The financial service providers have a pool of partner banks.
If a customer makes a loan request, the loan broker carries out a comparison among his partner banks and submits the cheapest offer to the customer free of charge and without obligation. While comparison calculators help employees and pensioners with good pay to automatically find cheap credit offers, Good Lender’s services are broader.
Since each credit request is individually processed manually, customers with medium credit ratings or the self-employed often have better credit opportunities. Good Lender provides earmarked car loans, which are probably primarily for RVs. The usual installment loans are available for caravan financing.
Credit requirements are stricter than for car loans
Dedicated auto loans are usually particularly cheap. There are less stringent requirements for creditworthiness than for general-purpose loans. The situation is somewhat more complicated when it comes to financing caravans and mobile homes. Banks often do not accept these vehicles as security because they are more difficult to recover than cars or motorcycles. For this reason, the interest rates are very often higher than for dedicated car loans, and stricter requirements are placed on the customer’s creditworthiness.
Financing mobile homes are easiest because mobile homes can be better utilized by financial service providers in an emergency. For motorhomes, there may well be the favorable conditions and credit conditions that are known for earmarked vehicle financing.
Caravans, on the other hand, can usually only be financed with normal installment loans.
If there are problems with the creditworthiness, additional collateral in addition to the usual assignment of salaries can help. It does not always have to be about the transfer of the financed item as security. Borrowing by both partners is often sufficient for spouses. The prerequisite is that each spouse has their own earnings.
The disadvantage of this solution: Co-signing does not only mean joint liability for the entire loan amount. In addition, the creditworthiness of both spouses is impaired with regard to future borrowing. Another option is to borrow mortgage loans that are not earmarked. Good Lender offers such loans.
With the mortgage loan, large amounts and long terms with low-interest rates and monthly installments are possible. Because the lenders can access the contaminated property in an emergency. Real estate is welcome security at banks. Real estate mortgage loans are particularly cheap if first-rate protection in the land register is possible. Subordinated loans are more expensive.
Maturities and monthly installments
There are special burdens associated with the purchase of caravans and mobile homes. This includes possible costs for parking spaces, insurance, and taxes. The costs are particularly high for mobile homes. Insurance and taxes have to be paid here just like with every motor vehicle. There are also possible repair costs. Again it is the motorhomes that are particularly prone to repairs due to the often luxurious technical equipment.
These additional burdens have to be taken into account when it comes to setting a representable monthly rate. For this reason, financing with terms of 120 months or even 150 months is often sought. Exceptionally long terms are a prerequisite for low monthly rates.
On the other hand, excessively long terms mean higher borrowing costs. Because the repayment is progressing slowly. The result: higher interest payments over longer periods than for loans with a short term. That is why it is always advisable to use equity capital as far as feasible. The more equity is available, the lower the total burden caused by the loan.
It is also advisable to adjust the loan term to a useful life. Mobile homes and caravans are valued according to the valid depreciation tables with a useful life of eight years.
Maturities of 9 to 10 years are therefore recommended.
Financing with the dealer or from third-party banks?
Whether financing from third-party banks is cheaper than financing from retailers is always a question of the individual case. If you take out a loan from another bank, you can act as a cash payer and possibly negotiate discounts of 10 to 15%.
However, traders often also offer discounts when financing is completed with them.
Get a specific offer from a third-party bank after a loan comparison. Have this loan offer in your pocket when the purchase price is negotiated at the dealer. Complete the cheapest offer. Traders work with the manufacturer banks, but also with independent credit banks. Sander Bank, for example, concludes many loan agreements and leasing agreements for caravans and campers through dealers.
At trade fairs, in particular, dealers offer financing at favorable special conditions. Loans for caravans and mobile homes from independent third-party banks may then not be able to keep up.
However, these special conditions are regularly only available if a down payment is made. If a particularly long credit period is important, a loan from the dealer or from the manufacturer is often the only option. Independent car banks, neither direct banks nor branch banks, will hardly be willing to accept terms over ten years.
You can find terms of up to 150 months for the financing of caravans and mobile homes on the website. The website refers to the offers of Mega Finance. Balloon financing is possible with and without a down payment, but only with terms of up to 72 months. The bank offers residual debt insurance. Completion is optional. Credit default insurance is not recommended because it can increase borrowing costs considerably.
The credits of the Mega Finance for leisure vehicles can be taken out in the car dealership, provided the dealer cooperates with the financial service provider.
Loan for motorhomes and caravans: financing options
The first question is: finance or lease? One can argue for a long time about the advantages and disadvantages of vehicle leasing. Much depends on the leasing type chosen: mileage contract or residual value leasing. Similar to loan agreements, leasing contracts are also accepted without a down payment.
However, leasing contracts are economically disadvantageous for private individuals. The total cost is higher than for loans, and there are no tax benefits that make leasing attractive for commercial purposes.
Long-term leasing contracts over six years are very rare. There may be problems with the return of the leased item. Whether the vehicle is in a contractual condition or not, i.e. whether additional payments have to be made, is often the subject of debate. Our recommendation is therefore to better finance caravans or mobile homes with credit.
There are three options for loan financing. The first variant is an installment loan that may be earmarked for a specific purpose. This variant is the most economical form of financing. The interest charge is the lowest.
With installment loans, long terms, ten years and longer are possible. You can choose from many loan providers. The competition is tough. If the creditworthiness is appropriate, the effective interest rates are very low.
The second variant is a final installment loan. Monthly rates are very low. The final installment can be up to 50% of the loan amount. Final installment loans are possible with and without a down payment.
The borrower is solely responsible for paying the final installment. They can use their own funds, take out a loan to repay the final installment or pay the final installment from the proceeds from the sale of the used caravan or mobile home.
Since the final installment has to pay interest over the entire term and repayment does not take place, final installment loans are generally more expensive than installment financing. In addition, short terms are usually only possible – 60 months at most 72 months. Borrowers bear the interest rate risk in balloon financing if follow-up financing through a loan is necessary.
However, if a high down payment is made, the settlement of the final installment can often be represented by the sales proceeds from the vehicle.
Final installment financing is best at all if the settlement of the final installment with own funds is guaranteed from the start.
The third variant is a three-way financing. The same applies to this financing option as to the final installment loan.
However, the special feature is the “third way”. The customer can return the vehicle at the end of the term. Follow-up financing or financing of the final installment from own funds is therefore not absolutely necessary.
However, the customer takes the risk of excessive use during the term. If you have driven too many kilometers or if defects are found that were not caused by normal use, you may have to pay extra.
Three-way financing is relatively rare for caravans and mobile homes. This financing option comes very close to kilometer leasing.
Conclusion: The good old installment loan is the economically cheapest and most convenient financing solution for campers and caravans.
Pay attention not only to the amount of effective interest rates but also to the possibility of free special repayments.
Final installment loans are considered if particularly low installments during the loan term are important and shorter terms and higher credit costs are accepted.
However, three ways of financing are rather unsuitable. The return option as an additional function compared to the final installment loan often leads to disputes about possible additional funding obligations.