Buying a used motorhome on HPI or outright

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ScreenName704A36AB58 Forum Participant Posts: 2
edited August 2022 in New to Caravanning & Touring #1

we are a couple moving back to the UK from overseas this Autumn. We intend to buy a used motorhome to do full time touring while deciding where to buy a house long term. Is it better to use our savings and buy a used vehicle outright, or better to buy on HPI and keep the savings in the bank? Any thoughts or advice welcome. 

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  • Tinwheeler
    Tinwheeler Forum Participant Posts: 23,134 ✭✭✭
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    edited August 2022 #2

    It’s anybody's guess at present. Interest rates are rising but savings rates are still low. Only you can decide this one.

    Be aware that you will need a residential address in order to insure your MH and to obtain credit and other financial services so this plan may not be as simple as you anticipate.

  • DavidKlyne
    DavidKlyne Club Member Posts: 13,856 ✭✭✭
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    edited August 2022 #3

    It might depend on how much of your savings are left after buying the motorhome and whether what is left is enough for a deposit for your future house purchase. We live in very uncertain times. Whilst savings rates will go up with interest rates they are usually well short of the interest you would be paying on a loan. As your plans seem a bit open ended it's quite difficult to comment. I suppose the thought process should go along the lines of what do you want to do most? If it's the full timing go with that but if the house is important that is a different decision. Good luck with whatever you decide.

    David

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