Can I finance motorhomes and caravans?

Thinking of buying a motorhome or caravan but not sure on how best to finance it? In this guide, we’ll answer some of the most common questions about motorhome, caravan, campervan, and horsebox finance. If you've got your eye on a motorhome, caravan, or similar vehicle, simply knowing more about your financing options can help make things much easier to navigate, and ultimately help you make an informed decision on your next steps.

Can I get finance for a motorhome?

Yes, you can get finance for a motorhome, and there are even specialised lenders who offer tailored loans specifically for motorhome purchases. A loan like this usually requires meeting eligibility requirements such as having a good credit score, stable income, and a reasonable debt-to-income ratio. Motorhome finance terms typically range from 5 to 10 years, and you may need to make a down payment of around 10-20% of the total cost of the motorhome. 

Can I get finance for a caravan?

Yes, there are various lenders including banks and specialised finance companies who will offer you caravan finance. You can usually find financing options available for both touring and static caravans, depending on the type of vehicle you’re planning to buy. Caravan loans quite often need you to make a deposit or down payment of around 10-20% of the caravan's purchase price, though this can vary depending on the lender's policies. Interest rates and loan terms will also vary based on your credit history, income, and debt-to-income ratio.

Can you get a static caravan on finance?

Yes, you can finance a static caravan. Lenders offer loans for static caravans as well as touring models, allowing you to spread the cost of your purchase over a set period, which is usually around 5 to 10 years..

How hard is it to get motorhome finance?

The level of difficulty you may experience in getting finance for a motorhome depends on your financial situation and credit history. Lenders typically check your creditworthiness, level of income and other financial factors before approving your application. A strong credit score and stable income will improve your chances of getting approved.

How long can you finance a motorhome over?

The term of your motorhome loan can vary depending on the lender, but it typically ranges from 5 to 10 years. A longer loan term can lead to lower monthly payments, but you may end up paying more interest overall.

What is the oldest motorhome you can finance?

The age of the motorhome you can finance depends on the lender's policies. Many lenders prefer to finance newer models, usually no older than 10 years. However, some lenders may offer financing for older motorhomes if they are in good condition.

How does caravan finance work?

Caravan finance works just like any other loan. You borrow a certain amount of money from a lender to help you buy the caravan, and you agree to repay the loan over a specified period, with interest. The loan can be secured or unsecured depending on the lender and your financial situation. A secured loan is a loan that requires some sort of collateral to be attached to it, such as a car, a home, or another valuable asset that you already own. This is to provide a level of security for the lender, as they would be able to repossess the asset if you default on the loan payments.

Can I get caravan finance with bad credit?

It is possible to get caravan finance with bad credit, but it may be more challenging. Some lenders specialise offering finance for people who have lower credit scores and a history of poor credit, but it’s important to be aware that you may face higher interest rates and stricter terms if you are approved. Here at CarFinance247 we work with a large panel of lenders including those who offer bad credit vehicle finance, so we may be able to help you secure finance for your caravan.

Can you get a campervan on finance with bad credit?

Similar to caravan finance, you may be able to get campervan finance with bad credit, particularly if you research lenders who specialise in finance for people with less-than-perfect credit histories and credit scores. However, you may face higher interest rates and less favourable terms. Shopping around and comparing different lenders can help you find the best option.

Is it hard to get finance on a caravan?

The difficulty of getting finance on a caravan depends on your financial situation and credit history. If you have a strong credit score and stable income, getting approved for finance on a caravan should be relatively straightforward for you. 

Can you pay monthly for a caravan?

Yes, you can pay monthly for a caravan, which is ideal if you don’t have access to the full purchase cost of the caravan upfront. Most caravan and motorhome financing options offer monthly payment plans, making it easier to manage the cost of the caravan as you can split it over a number of years (usually 5 to 10 years with most lenders).

Will I be accepted for caravan finance?

It’s never possible to say for certain whether a person will be accepted for any type of finance. Acceptance for caravan finance, much like any other form of finance, ultimately depends on your creditworthiness and the lender's criteria. Having a good credit score, a source of stable income, and a reasonable amount of debt compared to your level of income all increase your chances of being accepted for caravan or motorhome finance. 

How much deposit do you need for a caravan?

The deposit needed for a caravan loan will be different depending on the policies of the lender you apply with. Some lenders may ask you for a deposit of 10-20% of the caravan's total purchase price, while others may offer loans with lower or no deposits. Typically, the more of a deposit you can put down, the lower your monthly repayments will be.

Can you get a horsebox on finance?

Yes, you can finance a horsebox. There are lenders who specialise in equine-related loans, including specific loans for horseboxes, making it easier to spread the cost of your horsebox over an agreed number of months or years.

How does horsebox finance work?

Horsebox finance works just like any other loan. You borrow a certain amount to purchase the horsebox and agree to repay the loan over a set period of time, with interest. The loan may be secured or unsecured depending on the lender and your financial situation. A secured loan will need you to attach some form of other asset to the loan, such as a car or home you already own, which the lender can repossess if you default on the loan.