Buying a caravan with a loan on it

whitejohn

Have seen a nice caravan that I would like to buy but the owner says they have a loan on it that they would like to clear.

How can I safely buy this caravan or should I walk away and buy one somewhere else?

As it's hundreds of miles away and a 2 day round trip to collect it, I really need confirmation it's paid for before I set off.

Any suggestions?

BoGoF

By a loan, do you mean finance secured on it.

If so, same advice I would give to a car buyer in a similar situation.....walk away.

whitejohn

BoGoF wrote: »

By a loan, do you mean finance secured on it.

If so, same advice I would give to a car buyer in a similar situation.....walk away.

Yes it has finance secured on it. Think they were planning to use my money to pay it off.

Yes, best walk away from it.

Thanks

DCFC79

Yes walk away.


Why a caravan ?


The money you would spend on a caravan you could use it on holidays in different parts of the country, you buy a caravan you would be tied to the same location (unless you get it moved) to make use of it.

Nebulous2

DCFC79 wrote: »

Yes walk away.


Why a caravan ?


The money you would spend on a caravan you could use it on holidays in different parts of the country, you buy a caravan you would be tied to the same location (unless you get it moved) to make use of it.

I'm assuming when the op is talking about collecting it that it is a towing caravan, not a static.

Nothing wrong with buying a caravan on finance, as long as you take steps to make sure it is paid off. It sounds like the owner has been honest up front, which is a good sign.

You may want to pay off the finance yourself then pay any balance to the owner, rather than give them all the money.

whitejohn

Nebulous2 wrote: »

I'm assuming when the op is talking about collecting it that it is a towing caravan, not a static.

Nothing wrong with buying a caravan on finance, as long as you take steps to make sure it is paid off. It sounds like the owner has been honest up front, which is a good sign.

You may want to pay off the finance yourself then pay any balance to the owner, rather than give them all the money.

Yes it's a tiny tow anywhere caravan that will enable us to go exploring remote locations etc.

They have been honest up front and I would buy it from the finance company but it's looking a bit complicated so probably go for a new one instead.