Caravan Finance

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Rates from 7.9% APR. Representative APR 22.09%

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.09%, the monthly payment would be £152.49, with a total cost of credit of £2,319.37 and a total amount payable of £7319.37. CarLoans UK is a broker not a lender.

Compare Caravan Finance

Most of us are keen to enjoy more holidays and weekend breaks and a caravan has long been a hugely popular means of managing the holiday dream!

Whether you’re looking to buy new or keen to pick up a second-hand bargain, the right type of caravan finance is essential to ensuring your purchase is as cost-effective as possible and fit for your needs. Read on to find out more about how to select the right caravan finance.

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Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.09%, the monthly payment would be £152.49, with a total cost of credit of £2,319.37 and a total amount payable of £7319.37. CarLoans UK is a broker not a lender.

How Does Finance Work?

The Initial Deposit

This step isn’t always required. Although, placing down a deposit when completing a car finance agreement is highly recommended.

Repayment Plans

Your monthly repayments equal the total cost of your vehicle, which is then divided by the length of time that your HP car finance agreement last for.

Contract Completion

Upon completion of your contract, the car will then belong to you. You may have to pay an option to purchase fee, this won’t be much.

CriteriaPersonal Contract Purchase (PCP)Hire Purchase (HP)Conditional Sale (CS)
The Initial DepositThe Majority of Lenders Will Require A DepositOptionalOptional
Repayment PlanYou Pay Less But Have 3 Options At The End of Your AgreementPayments Are Slightly Higher Than PCP However You Will Own The Car At The End of Your AgreementPayments Are Slightly Higher Than PCP However You Will Own The Car At The End of Your Agreement
Contract Completion• Optional Final Payment - Pay This And Own The Car

• Pay Nothing More And Hand The Car Back

• Trade The Car In, Using Positive Equity To Fund The Deposit For Your Next Vehicle.
A Small ‘Option To Purchase’ Fee, Which You Need To Pay To Become The Legal Owner Of The Vehicle (Maximum £50)No Final Payment, Car Is Yours After The Last Instalment
Fixed Monthly PaymentsYes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.Yes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.Yes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.

Car Finance Comparison In More Detail

At CarLoansUK, we provide numerous amounts of different finance options across our car finance brokerage site. Which then allows you to find the best way to pay with ease. Including but not limited to PCP Car Finance, HP Car Finance or No Deposit Car Finance just to name a few. Because CarLoansUK has got you covered,  don’t believe us? Then take a look at our excellent trust pilot reviews and see for yourself.

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Using our quick and easy form you get an instant decision in a matter of minutes. Apply for a car finance 24/7 days a week through our short form.

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Frequently Asked Questions

A car finance broker is essentially a middle man between the customer and the lender. A car loan finance broker will take care of all of the complicated paperwork as well as the negotiations with lenders. Which essentially means you can sit back and relax knowing that the broker is fighting your corner to get you the best deal possible. All whilst making your car finance journey as stress free as possible. Not only this but car finance brokers such as ourselves, also have deals that aren’t usually available to the general public, and to top it all off. Car finance brokers will actually charge the dealerships instead of the customer.

 

If you have been refused by other brokers in the past, all is not lost. At CarLoans UK we have a number of finance options for those with bad credit scores. However, you should be aware that when you apply for car finance through us, a hard credit check will be conducted, which may in turn have a negative impact on your credit score. Especially if these credit checks have been done in quick succession. So therefore it is recommended that after being declined for car finance, you should wait between 3-6 months before applying again.

If you are struggling to keep up with your car finance repayment plan. There are a number of options available to you. It is of great importance that you obtain free independent advice from one of the following charities/organisations. 

Money Advice Service

National Debt Line

Citizens Advice

Initially, applying for a car loan usually will have a negative impact on your credit score. Although, you should be aware that if you make your car loan repayments on time. This will most likely have a positive impact on your credit score.

 

APR stands for annual percentage rate and is the total amount charged for the lend. There are, however, two different types of APR.Exact APR in short means that the rate that is shown to you, is the rate that you will get. Whereas, representative APR however, means that 51% or more of the people who apply for the finance will receive that rate. What this means is that customers with poor credit scores could see a higher APR.

Representative APR is, for the most part, used to advertise the companies rates. After you have provided all of the necessary information to the lender, they can then offer you your exact APR rate.

What is it?

Gap insurance stands for Guaranteed Asset Protection.

Essentially gap insurance is, is a form of insurance that is designed to cover the difference between the amount your insurance provider pays out in the event of your vehicle either being written off or stolen and the price that you paid for the vehicle. You should however be aware that gap insurance works alongside your standard car insurance and is in no way a substitute.

So when is gap insurance needed?

Gap insurance can be worthwhile in several ways. Firstly, if you have taken out a big loan to buy your car. Gap insurance would be beneficial as mentioned previously if your car is stolen or written off. This is because the gap will pay off the outstanding finance.

As well as this, gap insurance could also be beneficial if you are worried about your car depreciating. A brand new car will lose between 15-35% of its value in the first year. Therefore gap insurance can help you get a bigger payout if your car is written off after it has already depreciated.

Where can I get gap insurance?

Comparing gap insurance quotes has never been easier thanks to Bright Compare!

If the vehicle is faulty on delivery, you can simply refuse the car and send it back to the dealership.

You can, however, you will have to ask the finance company for permission prior to making any sort of modifications.

Caravan loans are available to customers wishing to buy motorhomes, static caravans, touring caravans and campervans.

What sort of features can I expect from caravan finance?
Most lenders will offer features such as competitive interest rates, the option to pay a deposit or to take out a 100% finance loan, the ability to pay online and a rapid payment within just 24 hours. Others will include features such as flexible repayments and even repayment holidays or the ability to overpay without penalties.

Interest rates vary considerably depending on the lender, but usually begin around 5 points or more above the Bank of England base rate. A current search could reveal interest rates that begin from just 6.8% for example. Remember that the interest rate will depend on factors such as the amount of finance you need, the deposit you can put down and your own credit history.

Some lenders will apply fees for administration and paperwork. Lenders must provide full details of any arrangement fees as part of their illustration and financial terms paperwork before the customer signs the contract. If you use a broker, the broker will organise this information. Brokers usually receive their arrangement fee directly from the lender. Remember that when you compare caravan finance, you can use a broker to find the best possible deal available on the market.

When you compare caravan finance, there is some peace of mind that you have invested time to find a competitive deal. Some providers will offer finance directly to customers on the open market and others will sell their loans via brokers. The important thing is to carry out a search that encompasses a range of providers so that you can find the cheapest caravan loan with the best features for your needs.

For example, a payment holiday, flexible payments or an initial repayment free period may be more important to you than the overall interest rate. Equally, you may be willing to pay slightly more for a caravan loan that can be organised within 24 hours or one that you can arrange online, for example. On the other hand, you may want the lowest possible interest rate above all else. By comparing the latest finance deals, you can identify an option that works for you.

There are plenty of lenders offering loans for caravans, motorhomes and other similar holiday vehicles. Some high street banks may offer this type of finance but others will be specialist lenders. Some will not go via the direct to customer market and instead will operate via brokers. If you use a broker, it may be wise to use a whole market broker who is not tied to recommending certain products in order to receive a commission.

Many loans will require you to pay a deposit, and if you do, the underlying interest rate is likely to be lower. However, this isn’t definite and some caravan loans may require no deposit at all. If you would prefer not to pay a deposit, look for a no deposit caravan loan.

Most lenders will offer a variety of repayment terms according to your needs, say from 6 months to 5 years or even longer. Remember that the longer your repayment term, the more interest you will pay overall, even though the monthly repayment itself will be lower. Some loans offer flexibility for payments so that you can overpay if you wish without penalties. A broker can help you to find these sorts of flexible features if they are important to you or you can compare the latest loan deals online for more information.

Many loans now allow you to apply online in just a few steps. The lender will carry out a basic credit check and then indicate an approval if they are happy to extend finance to you. The better your credit record, the more competitive the deals you are likely to be offered. Many lenders simply require a short application process which can be completed online, with finance then available in just 24 hours after acceptance.

Caravan finance is offered with the caravan itself as underlying security. If you couldn’t repay your loan for any reason, this means that the lender would be within their rights to demand sale of the asset. Before it gets to this point, however, if you find yourself struggling to meet repayments, you should always get in touch with your lender immediately to discuss your options. There could be an opportunity to restructure your repayments for example or to take a repayment holiday. The important thing is to act fast and be transparent so that your lender can assist wherever possible.

Next steps
Assess your affordability by using our online tool to see how much you might borrow against the caravan or motorhome that you are interested in. Consider your deposit and desired monthly repayments to assess the right term. Then compare caravan finance options with us to see which deals are best for you before applying. Remember that some deals may be done in as little as 24 hours.

Here at Car Loans UK, our smart technology ensures that we can provide up-to-date information on a wide range of competitive caravan loans. Our highly secure systems will ensure that your data is safe and we can save you a huge amount of time in trawling through the various loans and providers.

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Rates from 7.9% APR. Representative APR 22.09%

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CarLoansUK © 2022 All rights reserved

Car Loans UK is a trading style of Wallace Bohen Ltd, a company registered in England and Wales. (Company number: 12382512, Registered Address: 4th Floor, Kingsgate, Wellington Road North, Stockport, Cheshire, SK4 1LW. We act as a credit broker and not a lender and are authorised and regulated by the Financial Conduct Authority for consumer credit FCA no.928674. CarLoansUK can introduce customers to a limited number of finance providers based on overall credit profile and may receive a commission for such introductions, this will not impact the rate you are provided. We do not charge a fee to the customer for arranging the finance. Written quotations on request. All finance subject to terms and status Data Protection Registration No.ZA766848.

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