Recreational vehicles (RVs) are gaining ground in many countries as adventurous vacationers discover the flexibility and freedom of taking a caravan holiday on the open road. The comfort of familiarity is an added bonus since your RV is your own house on the move, the sum of transportation and accommodation all in one.
A Caravan holiday tour can take you sightseeing all over North America, Europe or Australia where families save a pretty good bundle on the cost of flight and hotels. And thanks to technology, many individuals are now able to maintain their incomes from their RV while they tour the world.
People often want to retire away temporarily from the “ordinary life” of living their todays exactly as they’ve lived over the past 5 or 10 years. Every work day looks the same until one day they get home to realize the kids have grown and left the nest. If life should be about living extraordinary experiences, caravanning is one way to make it happen.
Obviously, there’s a price tag attached to buying a caravan which makes it an investment you want to insure just like your car and house. It’s also a purchase that needs to be financed via a loan.
Naturally, the price tag will reflect the size and type of your unit. Are you looking to purchase a drivable vehicle or one of those caravans you town behind a car or truck? Your choice is important as it will determine the amount of the loan you need to take out to make your purchase and the corresponding insurance cost.
In both situations, you want to make sure you get the best rates for both expenses. Naturally you want to look up multiple lenders and insurance providers before you make your pick.
Since buying a caravan is a significant purchase, securing the lowest interest rate is only half the battle. Borrow only money you can afford to pay back. This can be accomplished by buying a caravan that fits your monthly payment capacity rather than going with the bigger is better purchase.
In the case of insurance, you might want to start by speaking with your current home/vehicle insurer simply because by bundling into an existing plan chances are you’ll get a discount. Speaking of discounts, many insurers will offer you one if you are a member of a caravan club (e.g. range of benefits available to members of BIG4 loyalty club) or if you have an alarm installed in your RV for example. Make sure you run through all the perks with every agent you talk with to maximize the service you’ll be getting for your money.
Finally, your financial health will be instrumental in making your dream come true. Pay off your debts and build a healthy savings account as these are variables lenders will take into consideration when determining risk. Being financially responsible will always pay off with the lowest rates possible for any loan.
