van loan

[mick qc]

hopefully i know the answer to this.
if you got finance to buy a van are you still allowed to do it up as a campervan.
surely the loan is basically finance on you
thanks mick (still looking)

 

[Minxy]

It depends on the loan:

• if it is a vehicle loan it will be secured on the vehicle itself in which case you don't own it until you pay it off in full so I doubt they'd be happy at you doing anything to it.
  
  
• if the loan is a personal loan that you got to buy the van independently then there isn't an issue.

 

[bigwood]

We extended an existing loan to pay for our latest van. The bank contacted us after a year to asses our finances. They lowered the interest rate because we were using the loan to pay for a leisure item.
It may be worth mentioning that you are converting it to a camper van.