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Cash is the only way to get a good deal and buy within your means .......sod paying loads of interest for something that will have lost over half it's value by the time you pay for it
Yes but worth thinking about what the cost will be if you come by some and are able to repay early. Just think if you were lending the money would you give a better rate secured on a motorhome possibly up to 10 years old or a house!!!! better to up the mortgage or wait and save upI think that most people that are looking for finance are looking because they don't have the cash
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Yes but worth thinking about what the cost will be if you come by some and are able to repay early. Just think if you were lending the money would you give a better rate secured on a motorhome possibly up to 10 years old or a house!!!! better to up the mortgage or wait and save up
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Personally I would never pay cash outright, even if you take a small amount of finance and you have a problem with your motorhome, they act on your behalf and either get the vehicle rejected or repaired, as the officially own the vehicle, saved us.
Lynne
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The maximum you can get is 10 years in this country and the amount of years decreases over the age of the motorhome you choose to buy- for example the most you would get on an 09 van would be 7 years.Yeah I'm not getting one. I was having a look round our local dealer the other day and there was a salesman trying the hard sell on a couple and mentioning finance and 10 year deals and low interest rates. It made me laugh and got me curious of how others do it.
Finance on a new van will not be a personal loan....it is a full hire purchase agreement.....and different financial rules apply regarding early repayment.
You cannot get out of the finance early without paying all payments up front minus around 1.5%.
Interest is added at the beginning of the contract, divided by the number of repayments, and must be repaid in full even if the contract is fulfilled early.
We bought a used van for £28000 on full finance (no deposit) over 10 years.
6 months later we were in a position to repay in full........except to repay in full would have cost almost £39000.
£11000 interest over 6 months.....nice if you are a finance house
I think that most people that are looking for finance are looking because they don't have the cash
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Not true, some of us have a different way of thinking nowadays and here's how. 10 years ago we bought our first van for 20k, had money in the bank to pay outright but when that monies gone it's gone. What do you fall back on?
we borrowed pre-crash and at a very competetive rate- the result was that in the first 3 years of a 10 year personal loan we still had 20k in the bank but owed a lot less on our MH. We then changed it increased the monthly payment and got something better kept the repayment length the same (I just earned more) still had the original 20k in the bank and a van that was now worth 23k. another 3 years another change of van, kept the repayment term the same but was earning more and had a good value on the van we PXd but still had 20k in the bank (plus a few more through the normal investment(s))
kept that van until our 10 year term had ended.
result was we had the initial 20k in the bank plus now a van worth approx 27k so in assets 47 k.
I can not tell you the amount we paid back over the 10 years but it certainly was not in excess of the 27k that we had in the value of the van we then owned.
What I do know was that we always kept that 20k just in case of a rainy day which when it did rain we could dip in to but then replace.
result is we now have a 47k motorhome, but only a fraction of that in finance over a fraction of the years we started out under, better earnings meant we were able to still keep that 20k and throw a load more in at the deal
We work hard, now have no mortgage and aim towards financial security. We had fantastic 10 years of MHing and travel with the kids which we would not of been able to do without financing and always having the reassurance of some money in the bank for a rainy day.
We could of borrowed on the Mortgage for the last van at our interest rate which at the time was a massive 1% over base rate but opted to knowingly and lovingly know that we own our house and if worse comes to worse and it all goes tits up we won't lose the house.
I hear so many bad stories of finance but, actually to some of us that had many working years ahead it makes perfect sense if you do it right, shop for the best deals and always remember the golden rule go with what you can afford and make sure you don't overstretch and always have a contingency plan but most of all know your market and don't buy new if you have any plans to change.
That is illegal these days they can no longer work that scam.Finance on a new van will not be a personal loan....it is a full hire purchase agreement.....and different financial rules apply regarding early repayment.
You cannot get out of the finance early without paying all payments up front minus around 1.5%.
Interest is added at the beginning of the contract, divided by the number of repayments, and must be repaid in full even if the contract is fulfilled early.
We bought a used van for £28000 on full finance (no deposit) over 10 years.
6 months later we were in a position to repay in full........except to repay in full would have cost almost £39000.
£11000 interest over 6 months.....nice if you are a finance house
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When we traded up last autumn for our new(to us) adria. We paid the extra cost on a 0% credit card. It was a total of about 15K. The 0% was for 3 years so we just divided the cost by 36 and set up a standing order payment so it is paid off before interest starts to kick in. This was the cheapest way for us as we won't pay a penny in interest. The old one was already paid for.
That's a spanish mortgage ! lolFinance on a new van will not be a personal loan....it is a full hire purchase agreement.....and different financial rules apply regarding early repayment.
You cannot get out of the finance early without paying all payments up front minus around 1.5%.
Interest is added at the beginning of the contract, divided by the number of repayments, and must be repaid in full even if the contract is fulfilled early.
We bought a used van for £28000 on full finance (no deposit) over 10 years.
6 months later we were in a position to repay in full........except to repay in full would have cost almost £39000.
£11000 interest over 6 months.....nice if you are a finance house