Motorhome Finance FAQs – All You Need to Know

Whether you’re exploring foreign climes or holiday destinations in the UK, motorhomes are an excellent way to travel and stay. Just pack your cases, stock your fridge, grab your passport (or not) and away you go…

It’s no wonder that, according to industry statistics, sales of new motorhomes have increased by nearly three-fold since 2000, while purchases of pre-owned motorhomes have gone up by 22%, between 2013 and 2017.

While taking to the road in search of adventure is an attractive prospect, acquiring the right motorhome for you to enjoy the experience may seem a little more daunting. Worry not! At Forza Finance, we can help you to fund and find your ideal leisure vehicle that will provide miles of exciting motoring and years of thrilling trips, wherever you head.

With over 40 years of experience in sourcing vehicles and arranging funding, our team of dedicated advisors will take the strain of finding the right finance product for you, comparing hundreds of options from an exclusive panel of lenders. During our decades of dealing with motorhome purchases, we’ve discovered that many clients have similar queries, so to help you on the road to your own adventure, here is our list of Motorhome

Finance Frequently Asked Questions:

Can I drive a motorhome with my current driving licence?

Yes, depending on the size of the motorhome and the date you passed your driving test. You should check your driving licence before committing to a motorhome. Anyone who passed their UK driving test after 1 January 1997 is only legally allowed to drive a vehicle with a maximum weight of 3,500kg. Most new motorhomes are manufactured to fall below this weight, however, some motorhomes are larger than this. 

You can take a test that will allow you to drive a motorhome of up to 7.5 tonnes, the limit for anyone who passed their UK driving test before 1 January 1997. If your preferred motorhome is larger than 7.5 tonnes, you’ll have to apply for a HGV licence.

Is there an age limit for driving a motorhome?

Once you reach 70 years old, you’ll need to renew your driving licence and the max permissible vehicle weight will be 3,500kg (the max weight of most motorhomes), regardless of when you passed your test. You can ask your GP to fill in a form D4 if you want to drive a larger motorhome.

What options are available to finance my motorhome?

Whether your financial history is good or not-so-good, our advisors will consider all circumstances to help you find the best deal. We’ll present the options and repayment terms, based on your monthly budget to allow you to make an informed decision. Motorhome loans at Forza usually take the form of Hire Purchase (HP) or Lease Purchase (LP)

What’s the difference between Hire Purchase and Lease Purchase?

With Hire Purchase (HP) you’ll pay the entire cost of your motorhome, plus interest and admin fees, over a number of monthly payments (the ‘term’ of the contract). Instalments remain at the same amount throughout the contract. After the final payment, you will own the motorhome outright.

Lease Purchase (LP) also involves fixed monthly payments throughout the contract, often at a lower amount than HP. At the end of the lease period, to obtain full ownership, you’ll have to make a final balloon payment (Guaranteed Future Value or GFV) which will be equivalent to the value of the motorhome at that time. This is calculated at the beginning of the agreement so you can prepare to have the right funding in place when the time comes.

Do I have to pay a deposit to secure my motorhome finance agreement?

Not always. However, any deposit you pay will come off the total that you need to finance and so will result in lower monthly instalments.

Will I have to have a credit check when I apply for motorhome finance?

Yes. Legally, the Financial Conduct Authority (FCA), which regulates lending in the UK, says that providers must examine your credit history when you apply for any loan. This helps the loan company to identify potential defaulters, as well as, more importantly, preventing you from taking on obligations that you can’t afford.

What documents must I provide when applying for motorhome finance?

As with all finance applications, you’ll be required to provide some or all of the following: 

  • Proof of identification
  • Gross annual income 
  • Home ownership status and length of time at current address
  • List of financial commitments, e.g. rent/mortgage, domestic bills, etc.
  • Details of other outstanding loans or credit card debts
  • Value of business and personal assets

This information will allow us to gain an insight into your financial circumstances and to realistically calculate your budget.

How long will my motorhome finance agreement last?

Depending on the value of your motorhome and your monthly budget, Forza can secure finance contracts with terms from 2 to 10 years.

What is APR?

Annual Percentage Rate (APR) is the interest charged on the money lent to you to buy your motorhome. You will pay this along with your regular loan instalments via your monthly repayments. Our advisors will provide you with an accurate APR figure before you commit to the finance product.

How long will it take to search for and set up finance for my motorhome?

At Forza, we can instantly compare a wide range of loan providers to find the best rates at the time of application. Complete our online motorhome finance calculator for a no-obligation decision in seconds. It’s free and won’t affect your credit rating, whatever the decision. Or give us a call and we can take you through the process in minutes.

Which Motorhomes can Forza help me to finance?

We can help with funding for most makes of motorhome, including:

  • Hymer
  • Morelo
  • Carthago
  • Dethleffs
  • Concorde
  • Swift
  • Frankia
  • RS Motor Homes
  • ABI
  • Hillside
  • Knaus
  • Burstner
  • Adria

This isn’t an exhaustive list and Forza can also finance custom or bespoke models. Get in touch to see if we can arrange finance for your ideal motorhome.

Why should I use Forza to finance my motorhome?

Using Forza is easy and straightforward, and often gives you better results than using finance offered by a motorhome dealership. As a broker, we have access to a wider range of providers than retailers and it’s our job to find you the best possible deal to fit your requirements and circumstances.

If you’ve already got a motorhome under consideration and know how much you need to finance, our advisors will start from there.

And if you haven’t already found your perfect automotive travelling companion, we’ll look at your finances and tell you how much you can reasonably invest in your new lifestyle. Then, you can make use of Forza’s motorhome sourcing service to scour an extensive network of approved dealers and help you shop with your budget in mind.

What happens once my motorhome finance is approved?

Forza will arrange for funds to be transferred to the dealership. You don’t have to do anything, except collect your fabulous new motorhome and start planning your adventures! 

To start the ball rolling on the purchase of your ideal motorhome and an exciting new future, simply give us a call or complete the enquiry form.


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