What is it?
A simple and traditional way to finance your caravan over a fixed period for a fixed monthly amount.
How does it work?
- You pay a deposit then make regular monthly repayments to repay the balance, it’s that simple.
- As your interest rate is fixed you’ll know exactly how much you’ll repay at the outset of the agreement.
- The loan is secured against your caravan. Once all the repayments have been paid it’s yours.
Features and Benefits
- A guaranteed fixed monthly payment, allowing you to budget with confidence
This type of agreement is covered by the Consumer Credit Act 1974, which means
- You can pay off lump sum amounts during the agreement
- You can settle the agreement early by repaying the required amount
Other things you should know
- Repayment periods of up to 84 months are available for static caravans and 120 months for motorhomes.
- Static caravans must not be more than 13 years old at the end of the agreement whilst motorhomes must not be more than 12 years old.
- Deposits of 15% are required on static caravans whilst for motorhomes minimum deposits are 10% on new and 20% on used vehicles.
- In all cases there is a minimum loan amount of £2,000.
- As a ‘regulated’ finance agreement, this product is not available to corporate entities, e.g. limited companies.