So you’ve made the exciting decision to get a caravan – the next step is figuring out how you’re going to finance it. Here are a few tips to help you get the best deal on your caravan.
Shop around for finance
There are more lenders out there than you think including some who specifically offer caravans, others who don’t mind caravans and also specialist providers of caravan finance. Shop around and compare rates and deals, don’t just pick the first lender you see advertising either.
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Get your finances in order
It’s a good idea to check in on your current financial situation before getting a new loan. Make sure that you’re up to date on your existing payments and that you can afford the monthly repayments that come with a caravan loan.
Avoid balloon payments
Don’t get talked into a caravan loan where your monthly repayments are low but then at the end of the term, you have to come up with a big balloon payment (unless you’re happy to budget for this!). Once you’ve worked out your budget, try to stick with it.
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Compare interest rates
Caravan finance is a pretty specialist type of lending, so you need to make sure that the person offering you a loan has the experience necessary to give you a good deal. Look at their track record too – have they offered good deals in the past? How do they differ from their competitors? It’s a good idea to compare your caravan loan options online as well because there are so many different lenders out there! You can assess your Driva caravan loan options online and get competitive pre-qualiied rates.
Before you even start shopping for a new caravan, talk to your bank or other lenders you’re with and get a pre-approval of how much you can afford to borrow. Then when you find your caravan of choice, you can confidently go to the finance desk and say “I’m already pre-approved for x amount so I’ll take it!”.
Don’t assume dealer finance is cheaper
You might assume that taking out finance through your dealer will be cheaper but it’s worth checking that this is actually the case. If you are pre-approved for a loan, ask your bank or lender if they can recommend a better deal than what the dealer offers.
Be aware of all interest rates and fees
Make sure you understand exactly how much the total amount you will pay is, including fees and interest rates. Make sure that this amount is something that you can afford and if it’s not, don’t accept the deal.
Know your credit rating
If you don’t know what your credit rating is, do a quick check online because it affects how much you will pay to borrow money. If you’ve never borrowed money before, your credit rating will be fairly low but it’s worth checking what grades you can receive. You can order a copy of your credit report for free from most agencies and if there are any mistakes on it they’ll fix them for you.
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