Some people might need financial helpl to complete their ideal purchase, and looking at a private sale caravan does not mean that finance is not available. It can actually make it easier. Private sales are always cheaper compared to what a park can offer, this means lenders will see the purchase as being less unsafe.
There is several benefits to organising a personal loan as an alternative to the park’s Hire Purchase Agreement (HP), but be sure to consider both options before deciding on one.
Some benefits are:
- Having to find an “up-front” deposit that the park will require is not needed.
- There will be a wider range of lenders and rates to choose from, usually at fixed rate.
- Although you will still have to pay off the loan, you are free to sell the caravan whenever you want.
- Having a loan organised in advance gives you bargaining power.
- You will own the caravan straight away, unlike HP which means you will only own it at the end of the agreement.
The best place to start is probably your own bank. They will be able to quickly make the best decision for you as they will have a good idea of your financial history. Wether you’re looking at adding to your mortage of you’re looking at a personal loan, the rates should be very compettive to a lender who does not know your full financial history. APR is the prime comparison rate.
Parks typically work with a couple finance provider’s but this does not mean that you can not speak to them on your own. They are normally showcased in the sales office.
Google “Caravan finance” if you wish to search online. This will bring up a list of lenders. If you have a “less than perfect” credit score, specialist providers will also be available. However, please do be aware of the fact that applying for credit will be recorded on your credit file, so make sure to be cautious when filling in applications.
In conclusion, just because you believe you do not have enough money available, you can still look at private sales. You will get more for your money when buying privatley and just a littl ebit of research may save you money and stress in the future.