Borrowing money for a camper. We explain how it works.

To a large extent, a motor home loan is the same as a regular car loan. What is different is that this is often about other sums. Then, of course, there may also be some other minor details that differ but basically it is the same type of loan.

This means that the motorhome you buy will be used as collateral for the loan, which means that you will normally receive a relatively good interest rate.

Conditions for motor home loan


It is not possible to borrow with the camper as collateral for the entire loan amount, but usually it is possible to use the camper as collateral for 80% of the purchase price. This is because the lender wants to be sure of being able to get back their borrowed money in case you do not pay the repayments. For they can then demand the camper as payment for the loan. Therefore, they want a margin as it is likely to lose value.

Borrow money to pay these remaining percentages


You have to settle the remaining 20% ​​of the purchase price in some other way. Of course, it is best if you have saved money or can offer something in exchange. You can borrow money to pay these remaining percentages but then it becomes the question of a private loan which is most likely to become more expensive.

Motor home loans and regular car loans is the maturity


One thing that distinguishes motor home loans and regular car loans is the maturity. Car loans usually have a maturity of up to 8 years. In the case of a motor home loan, this period is a few years until it is often possible to repay up to 15 years. This is when motorhomes are clearly more expensive but also that they do not lose value as quickly as ordinary cars, which is why lenders can be more confident in lending money for a longer period.

Where to find a camper loan?


These types of loans are not among the most common types, which means that only the larger banks usually offer them. Then it is not always the case that they call the loan for a motor home loan, but it can be something else similar.

Something that is good to know is that if you are going to borrow money for a motorhome, you must buy it from an authorized dealer with the utmost security. If you buy the motor home privately, you may take another loan such as a private loan. This loan will then probably have a higher interest rate.