Guaranteed Finance

amled · 19 August 2017 at 10:21PM

I applied for finance today as I am purchasing a caravan.

I read that I had to pay a 20% deposit. The company said that they wanted 25% as this was the rate for guaranteed credit. I left the 25% as I thought that it meant that I would definitely get the finance for my holiday home that I so desperately want.

I have been reading about guaranteed credit and it does not appear to mean what I thought it meant. Can someone clarify what this means please? If they apply for credit using this method does it affect my credit rating negatively?

I am now worried that I was too hasty in leaving such a large deposit. If the finance does not go through there should be no issue with me getting my money back should there?

forgotmyname · 19 August 2017 at 10:43PM

It means they will find someone to offer finance although the interest will be eyewatering.

So when its rotted into the ground and your still paying for it dont be surprised.

DCFC79 · 19 August 2017 at 10:59PM

Why a caravan ?

You really sire you want a caravan, you will use it a few times and get board of it and you will be stuck with it and paying for the finance unless you sell it and make a loss.

amled · 19 August 2017 at 11:03PM

Because I need a bolt hole to escape to as I struggle through the next 8 years to retirement. the amount of mortgage I can get is insufficient to buy bricks and mortar.

amled · 19 August 2017 at 11:06PM

Thank you for this.

I will contact them tomorrow and let them know that I am not interested in such credit as when I asked it the response did not discuss interest rates above what is mentioned in the brochure.

DCFC79 · 19 August 2017 at 11:16PM

amled wrote: »

Because I need a bolt hole to escape to as I struggle through the next 8 years to retirement. the amount of mortgage I can get is insufficient to buy bricks and mortar.

When did all this occur ?

Is this a continuation or related to your earlier thread 4 days ago ?

forgotmyname · 20 August 2017 at 4:06AM

If you cannot save for a deposit to buy a home how will you afford the payments on a loan for a caravan?

Is this a tourer you tow around or a static on a campsite or parkhome?

Dont forget there maybe council tax and utility bills to pay and when the van gets to a certain age they say get it off my land its too old.
But you will still be paying for it.

Then you need to find a couple of thousand £ to move it and resite it. Or they will offer to buy it off you for £50 when you will still owe many thousands.

amled · 20 August 2017 at 4:57AM

No, I sorted that out and I will be receiving a refund, in 28 days.

Today, I found the caravan, view, sit all that I want. Then the guaranteed loan thing threw me.

amled · 20 August 2017 at 5:06AM

The deposit on a home in London where I have commitments is out of reach with the average house/flat price £650.000.

Even if I had the deposit, I do not qualify for a mortgage over £90.000 due to my earnings

Even if I did manage to save a deposit in the next 15 years, I would be too old to get a mortgage

I have missed the boat unless, in year and a half when my commitments re no longer, I get a job abroad in a tax free state/

amled · 20 August 2017 at 5:08AM

There is no age requirement on the site re static caravans.

Dribiddi · 20 August 2017 at 8:10AM

The negativity and snootiness of this forum is unbelievable at times
The OP had a question about a form of credit, wasn't asking for an interrogation of their life's circumstances, I'm sure he/she is more than capable of exploring the pros and cons of living from a caravan and what goes with.
OP good luck I hope you find suitable living arrangements

Guaranteed Finance

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