Motorhome loan: Your guide to financing your own campervan
17.05.2025
5
Minutes
Katrin Straub
Managing Director at nextsure
The desire for freedom and independence on four wheels often begins with a sound financing question. Buying a motorhome is an investment that needs to be carefully planned. This article shows you how to find the right motorhome loan for your dream of owning your own campervan, and which pitfalls you should avoid.
The topic in brief and concise terms
A motorhome loan should be carefully planned, with the total costs (purchase plus running costs of approx. €1,000 to €3,000 per year) forming the basis.
A purpose-specific loan often offers more favourable interest rates, as the vehicle serves as collateral for the bank, which can reduce the costs by several hundred euros.
Look out for flexible contract terms such as free special repayments to shorten the term and save on interest costs.
Calculate costs realistically: What your campervan really costs
Before taking out a loan, a detailed cost breakdown is essential. The purchase costs for new motorhomes start at around €50,000, but can quickly exceed €150,000. Well-maintained used models are often available for as little as €20,000 to €60,000 and have a lower annual depreciation of five to ten per cent.
In addition to the one-off costs, there are ongoing expenses that are often underestimated. Expect annual insurance costs of between €300 and €1,500 and vehicle tax of €200 to €600. Regular maintenance and smaller repairs should be budgeted at a minimum of €500 to €1,000 per year. A secure storage space can additionally cost between €300 and €1,200 per year. These ongoing items are crucial for calculating the monthly loan instalment you can afford.
Detailed budget planning protects you from financial shortfalls and is the basis for any serious discussion with the bank. Next, we look at the various ways you can finance this sum.
Comparing financing options: loan, leasing or three-way model?
A range of financing options are available for your motorhome. Each option has specific advantages and disadvantages, depending on your financial situation and flexibility. Careful consideration is crucial here if you want favourable terms.
Here is an overview of the three most common financing options:
Classic instalment loan: This is the most common route. You borrow the purchase price and repay it in fixed monthly instalments over a term of up to 120 months. The advantage is predictability and the fact that the vehicle belongs to you after the final instalment.
Balloon financing (or three-way financing): This option attracts with low monthly instalments. However, at the end of the term, which is often limited to 60 months, a large final payment becomes due. You then have three options: pay the final instalment, arrange follow-on financing, or return the vehicle.
Leasing: With leasing, you only acquire the right to use the vehicle for a period of usually three to five years. The instalments are often lower than with a loan, but the vehicle does not belong to you. Additional mileage can become expensive at the end, and modifications are usually not permitted.
The classic instalment loan often offers the greatest security and transparency, as our guide to used car financing also shows. Once you have found the right model, you must meet the formal requirements for a loan.
Check lending requirements: creditworthiness and income
Every bank in Germany is legally required to carry out a credit check before granting a loan. This allows the institution to assess the risk of a payment default. A positive result is the basic prerequisite for approving your application.
The key criteria for a successful loan application are almost always the same. These usually include:
Age of majority: You must be at least 18 years old.
Residence in Germany: A permanent residence in Germany is required.
German bank account: Processing takes place via a German current account.
Regular income: You must be able to prove regular income from employment or a pension, often by providing the last three payslips.
Sufficient creditworthiness: Your payment history, checked through a Schufa enquiry, must be positive. A Schufa score of over 95 per cent is considered good.
A stable, permanent employment relationship significantly increases your chances of approval and better interest rates. A loan with average creditworthiness is possible, but often more expensive. A purpose-specific loan can offer advantages here.
Secure interest advantages: The benefits of a loan for a specific purpose
A motorhome loan is generally a purpose-bound instalment loan. This means the money may only be used to purchase the vehicle. This intended use gives the bank additional security, which has a positive effect on the terms.
As the motorhome serves as security until it has been fully repaid, the bank can often offer a more favourable interest rate. The effective annual interest rate may therefore be up to two percentage points lower than for an unrestricted loan. The bank usually retains the registration certificate part II (vehicle logbook) as security until the final instalment has been paid.
This interest-rate advantage can mean savings of several hundred or even thousand euros over the entire term. A long-term loan benefits particularly from low interest rates. Besides the interest rate, you should also pay attention to flexible repayment options.
Embedding flexibility in the contract: special repayments and term design
A good loan agreement adapts to your life, not the other way round. Therefore, look out for clauses that give you financial flexibility. Free unscheduled repayments are an important building block here for becoming debt-free faster.
By making ad hoc payments, for example from a bonus payment or a gift of money, you reduce the remaining debt and shorten the term. This saves interest costs. Many banks allow annual unscheduled repayments up to a certain amount without additional charges. Even an annual unscheduled repayment of just 500 euros can shorten the term by more than three years on a loan of 15,000 euros.
Our expert tip: Before signing the contract, clarify whether free unscheduled repayments are possible and, if so, to what extent. Another way to reduce the monthly instalment is to refinance an existing loan. In addition to the financial aspects, the legal framework is also important.
Use legal protection: The right of withdrawal for credit agreements
As a consumer, you have extensive rights of protection when concluding a credit agreement. The statutory right of withdrawal is one of the most important instruments. It allows you to withdraw from the agreement within 14 days of conclusion without giving any reason.
However, this period only begins once the bank has fully and correctly informed you of your right of withdrawal. Studies and court rulings show that many credit agreements concluded after 10 June 2010 contain faulty withdrawal information. In such cases, withdrawal may still be possible years later in some circumstances.
A successful withdrawal leads to the unwinding of the credit agreement and the associated purchase contract. However, legal advice is essential before taking this step. Equally important protection is the appropriate motorhome insurance, which protects your new property.
By purchasing and financing your motorhome, you are entering into a long-term financial commitment. That makes it all the more important to safeguard this valuable asset. Comprehensive insurance not only protects your vehicle, but also your investment.
Most lending banks require you to take out comprehensive insurance for the duration of the finance agreement. This covers damage to your own vehicle caused by you. In addition, partial comprehensive insurance protects against theft, fire, glass damage and natural hazards. Costs vary widely, but often range between 800 and 2,500 euros per year for comprehensive cover.
Our expert tip: Make sure you have sufficient cover and check special tariffs for campers. A good campervan insurance policy also takes permanently installed accessories and the new value of the vehicle into account. You can find a detailed overview of the costs in our article What does motorhome insurance cost.
Request an individual risk analysis now: Have your insurance situation checked free of charge and receive specific recommendations for optimisation.
More useful links
Federal Statistical Office (Destatis) offers press releases with relevant statistical data.
Federal Motor Transport Authority (KBA) publishes press releases, including specific information on motorhomes.
Federal Motor Transport Authority (KBA) provides infographics on the number of motorhomes in stock.
Caravaning Industry Association (CIVD) provides information on current new registration figures in the caravaning sector.
ADAC offers financial guidance on buying a motorhome.
Consumer Advice Centre provides information on buying a motorhome and the permissibility of subsequent price increases.
Federal Ministry for Economic Affairs offers a publication on tourism as an economic factor in Germany.
Bundesbank provides statistics on interest rates and yields for consumer loans to private households.
Wikipedia offers a comprehensive overview of motorhomes.
Bavarian State Office for Statistics publishes press releases with statistical data from Bavaria.
FAQ
What is the difference between a motorhome loan and a standard instalment loan?
A motorhome loan is usually a purpose-bound loan. As the bank receives the vehicle as security, the interest rates are often lower than for an instalment loan for free use. In return, you generally have to hand over the vehicle registration document, Part II, to the bank.
How does Schufa affect my chances of getting credit?
The Schufa report is a key component of credit assessment. A high score signals to the bank a high likelihood of repayment and leads to better terms. Negative entries can result in a rejection or significantly higher interest rates.
Is residual debt insurance worth it?
Payment protection insurance can safeguard you or your dependants in the event of unemployment, inability to work or death. However, it is often expensive and increases the monthly instalment. Check carefully whether the cover is necessary for you or whether other insurance policies, such as term life insurance, are a better alternative.
Can I repay the loan early?
Yes, early full repayment is always legally possible. However, the bank may charge a prepayment penalty for the interest lost. For remaining terms of more than one year, this is capped at one per cent of the remaining debt.
What happens if I can no longer pay the instalments?
If you notice payment difficulties, contact your bank immediately. Often, solutions such as an instalment deferral or an adjustment to the instalment amount can be found. Do not ignore the problem, as otherwise the loan may be terminated and the vehicle repossessed and sold.
What documents do I need for the loan application?
As a rule, you will need a valid ID card or passport, the last three payslips (or pension statements), bank statements and the purchase contract or a quote for the motorhome.
