If you have been contemplating getting yourself a camper so that you can go vacationing across the great Australian outback, then you probably know that they do not come cheap. To live that kind of dream, you will most likely need to apply for a camper trailer loan, which our iCREDIT professionals can help you with.
While we can help you find the best possible loan deals out there by comparing various lenders’ terms and helping you choose the one that benefits you most, the question remains whether you should go for a brand new or second hand camper trailer.
Let us consider some of the following factors that might help you decide which way to go.
Consider The Price
The fact that a second hand camper trailer is less expensive than a new one is probably the only reason you might seriously consider going this route. As with most vehicular assets, a camper trailer will start to depreciate from the moment you take ownership of it. Therefore, a second hand trailer will necessarily be significantly less expensive than a new one.
How much cheaper it is will depend on various factors, such as its condition and its age. However, the upfront price can be deceiving, as a second hand trailer could hide a host of expensive problems that will cost you later.
Consider The Condition
Pre-owned camper trailers that have been well-used over the years will likely have a handful of issues that require attention ‒ many of which cost more money. It might be long overdue for some maintenance or might have hidden problems that will not become apparent until you start using it.
These issues cost money to rectify, sometimes driving the cost up to the level of a brand-new trailer when all factored in. Aside from the money, the hassle of fixing these issues can spoil the fun of owning a camper trailer and make it seem like more trouble than it is worth.
Consider The Lender
At the end of the day, most lenders will be more amenable to financing your camper trailer if it is brand new as opposed to secondhand. Generally, they would rather put down a larger sum of money towards a more valuable asset, thereby reducing their risk.
A brand new camper is likely to be covered by warranties and service arrangements for at least the first year after purchase, which further reduces the risk for the lender, as they know they will be putting money into a verifiably valuable asset. Second hand trailers are a much greater risk to lenders, which might make them more reluctant to finance their purchase.
If you are looking to get a camper trailer loan so you can live the life of your dreams, then contact us at iCREDIT today! We can help you get the best loans possible.