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The Pros and Cons of Rent to Own Campers
The tiny home movement has brought with it many new styles of living; off-grid homes, micro houses, and in many cases, homes on wheels. Full-time living in an RV isn’t a new concept, but it’s one that’s been gaining a lot of traction lately. People are drawn to RV living because it allows you to travel and lead a fulfilled life without having to pay for a home or apartment at the same time. That being said, the start-up cost of buying an RV can be gargantuan. In many cases, RVs can cost just as much as a house! However, there’s another option for people who want to own a camper without the upfront costs: rent to own camper trailers.
The Cost of Ownership
Buying an RV is no easy feat. You’ll need to do hours of research just to find the RV that’s right for your needs! On top of that, there’s the process of finding financing, saving a down payment, and much more. There are a few things to consider before buying an RV:
- Think about whether you want a newer or older RV. Newer RVs will have fewer problems and will come with a warranty. However, it’s going to cost you big bucks. On the other hand, an older RV will be less expensive, but you may need to budget more in maintenance costs.
- Finding financing can be a real pain. Newer RVs are easier to finance. Many banks won’t finance RVs that are older than 15 years, so that’s something to keep in mind. Either way, you’ll need good credit to get traditional financing, just like you would with a house.
- You’ll need a sizeable down payment to finance an RV. You probably want to put $5,000 at the very least. If you don’t have a lot for a down payment, look for longer financing terms to offset the monthly cost.
- You’ll also need to get the right type of insurance for your camper. If you’re only going to be using it on weekends and for short vacations, you can get insurance through your auto insurance provider. If you plan on living in the camper, you’ll want full-timer insurance, which is a combination of homeowners and auto.
- If you aren’t going to live in your camper, you’ll need to make storage arrangements. This is another significant expense. Winterizing and storing an RV can cost as much as $400 per month!
Renting a Camper
Obviously, if your budget is tight and you don’t plan on living in your camper, renting one is the way to go. Peer to peer RV networks like ours offer some of the best rental rates on the market. Here are some benefits to renting a camper through RVshare:
- You can find campers of all shapes and sizes, which is great if you want something older and more affordable.
- You’ll work with the owner directly and can message them through our online platform. You can negotiate rates, terms, and even ask if the owner has rent to own trailers.
- If you’re renting, you don’t have to worry about storage costs and maintenance.
- Renting a camper is a great idea if you’re thinking about buying one or have never been RVing before. You’ll be able to test out the different styles you like and see whether living in a camper is right for you – all before you make the commitment!
Benefits of Renting to Own
A quick search of “rent to own campers near me” will pull up thousands of hits on Google. There are plenty of RV owners and dealers who are willing to work with people who want to eventually own their campers. Renting to own is the best of both worlds:
- They’re often financed by the dealership or owner directly. That means you don’t have to deal with financing through a bank. It’s a good way to get an older RV, which banks won’t usually finance.
- You won’t need to put down as much of a down payment. In some cases, you may not need one at all.
- Renting to own is a good option if your credit is less than desirable. Traditional banks treat RV ownership as a luxury, so their credit requirements are usually pretty tight. However, keep an eye out for rent to own campers no credit check scams. While there are legitimate deals, some of these scams have interest rates through the roof.
- You may be able to negotiate the terms with the owner or dealer. Many times, rent to own campers are listed as such because the seller is motivated, or the dealership needs to move inventory. Use that to your advantage.
Should you Rent or Own a Camper?
Of course, the decision of whether it’s better to rent or own a camper depends on how you plan on using it, in addition to the state of your personal finances. If you’re only going to use your RV for weekend trips and short vacations, you may want to consider renting on an as-needed basis. Otherwise, you’ll have to budget all the other expenses that come with RV ownership, like storage and insurance.
Buying an RV to live in, on the other hand, is another story. The costs of renting an RV for months at a time can get expensive. If you’ll be spending lots of time in your camper, you should probably buy one. Thankfully, if you’re dead-set on buying a camper but don’t have the up-front costs or credit, renting to own is a viable option. It’s not hard to find a camper for rent to own, and the benefits are abundant. You’ll enjoy the perks of ownership without the limitations of financing a new (i.e. expensive) RV. It’s an affordable option, whether you want to live in your camper or not.
While RVshare does not offer a rent to own option, we wanted to make sure you know every possibility that is available to you. Rent to own campers give people the opportunity to own an RV when they may not have otherwise been able to. If you’re interested in renting to own, check with your local dealerships to see what’s available. Just remember to read the terms carefully and watch out for high interest rates and “bad credit” scams. Good luck!