A leisure asset such as a camper requires a very specific set of financing solutions and is similar yet distinctly different from financing a motor vehicle, for instance. The number one question that we have been asked at iCREDIT when it comes to this financing process is whether or not you should choose a financing solution if you are able to pay for your camper with cash. The full explanation includes details around your specific financial situation and credit history, but the short and simple answer is quite plainly: yes. Camper financing offers you a number of benefits over a cash payment which we will explore below. Remember that our team will be able to help you flesh out these benefits and see how they apply to your individual situation. In the end, a financing solution just makes sense; here’s why.
Benefits Of Choosing Camper Financing
If you are busy weighing your options between putting down a cash payment and securing financing for your camper, we recommend you take a look at these benefits to inform your choice. Financing your camper means:
- Keeping your cash liquid in case of emergencies. Yes, you could consider selling your camper in an emergency situation to regain some of the cash paid, but you may not be able to get back the full value of the camper, and in the end, it will be an overall asset and value loss. Better to finance now and have that cash on hand.
- Generally, camper loans accumulate simple interest. Investing your cash accumulates compound interest. It is usually to your benefit to finance your camper and invest your cash to come out ahead financially, although we do recommend speaking to your financial professional before making any final decisions.
- Depending on the insurance you take with your financing solution, you may be able to offset the depreciation of the camper in the event of it being totalled. When you pay cash, you could only receive the value of your camper at the time of the accident.
Talk To Us About Your Camper Financing Solution
At iCREDIT, we go above and beyond to help you find the perfect financing solution. Give us a call on 1300 350 118 or reach out using our online contact platform. We look forward to hearing from you soon!