Caravan Loan

vicki8714

Hi, we're looking at buying a new caravan prices range between £20,000 & £25,000. What would be the cheapest way to finance it. I have a excellent credit rating.

Mips

What type of Caravan do you want? Static... ?

IWantToBeFree_2

Whats your annual income?

You may struggled to get an unsecured loan for that amount.

vicki8714

Yes we're after a static caravan - new or couple of years old. I am shopping around & hoping to grab a used caravan a couple of years old in ex cond. We have no other loans or credit card debt's at present.

vicki8714

Between us £70,000

Rafter

As others have said, getting an unsecured loan for that much might be tricky - particularly given the loan purpose - which might put a lender off.

2 ideas:

1. If you own your own home, take out a small mortgage or further advance to cover it - but you will be putting your home at risk if you cannot keep up payments.

2. Approach a specialist lender (look in caravan or boating magazines) - a few banks have 'marine finance' divisions for narrowboats etc where the loan is secured on the boat (like a HP car loan) and these can often be extended to caravans and similar.

Good luck

R.