Finance

[Alex1]

Can anyone recommend the best finance for a motorhome.

 

[tonka]

Black horse seem to be the one present at a lot of shows and literature in dealerships.

 

[dabhand]

New van, old van, amount to borrow, repayment term credit history etc etc. Lots of variables really.
From what I can see the average is around 6.9%. £200 per month over 5 years will get you £10,000 from Black Horse depending on acceptance.

 

[dabhand]

Oh, and read the small print for early repayment, missed payments, secondary payments if on lease purchase etc, I’ve heard but don’t know, that you can have a ‘Chattel‘ mortgage as well which may be cheaper. Cash is king of course if you can manage it.

 

[Alex1]

Thank you i will have a look.

Cash would be great but i'm not in that situation.........

I'm looking at a van around 40k with a 10k deposit

It's only for 1 person hence the van researched them and ideal for one and looking to upgrade the suspension to do some wild caping instead of campsites as money will be tight and eventually only living on the the poor British pension when it comes.

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[dabhand]

If money is going to be tight that’s a hefty repayment (about £600 a month) over 5 years, not sure what the longest timescale for repayment on a vehicle is?

 

[Despicable]

First Direct are quoting 3.3%

Personal Loan | Apply For Bank Loan In Minutes - first direct

Applying for a first direct Personal Loan is fast, easy, and remarkably pain-free. Learn about our loan interest rates and how these affect monthly repayments.

www2.firstdirect.com

Back of a fag-packet calculations come to just under £600 over 5 years; although I only got a B pass in GCE sums.

 

[tonka]

Thank you i will have a look.

Cash would be great but i'm not in that situation.........

I'm looking at a van around 40k with a 10k deposit

It's only for 1 person hence the van researched them and ideal for one and looking to upgrade the suspension to do some wild caping instead of campsites as money will be tight and eventually only living on the the poor British pension when it comes.

Maybe look at an older van to get started. You need to use a van to then work out what you want and what layout suits.
I had 3 in 18 months when i started, final one was a layout i kept for years.
Also easier to upgrade later, buy the wrong one and you can loose a lot of cash...

You will find lots of help and information on here, a good investment of £15 for a years full membership..

 

[dabhand]

First Direct are quoting 3.3%

Personal Loan | Apply For Bank Loan In Minutes - first direct

Applying for a first direct Personal Loan is fast, easy, and remarkably pain-free. Learn about our loan interest rates and how these affect monthly repayments.

www2.firstdirect.com

Back of a fag-packet calculations come to just under £600 over 5 years; although I only got a B pass in GCE sums.

Up to 30k then it goes to 6.9% and an income of 10k or more per year

 

[Despicable]

Up to 30k then it goes to 6.9% and an income of 10k or more per year

Yeah, didn't look into the detail. However, by scrolling down the page a bit, there's a calculator:

£30000 over 5 years = £542.41 per month
£30000 over 7 years = £399.80 per month

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[Howard B]

Personal loan if you can get it. The interest rate is likely to be lower.