Finance deals

[Jim_374334401]

Having taken the plunge at the NEC and agreed to purchase a new Coachman Wanderer, I wonder if anyone out there knows of any good deals on finance. In these days of low interest rates there must be a better solution than a personal loan etc.

Thanks

Jim

 

[Dustydog]

Jim.

Surf the net.

4.5 years ago we did just that and found Northern Rock were the best. LOL!! They were ok then.

Try and avoid dealer finance, probably one of the more expensive.

Cheers

Dustydog

 

[BecknRob]

Jim.

Surf the net.

4.5 years ago we did just that and found Northern Rock were the best. LOL!! They were ok then.

Try and avoid dealer finance, probably one of the more expensive.

Cheers

Dustydog

Afternoon Jim,

Congrats, me and the missus took the plunge a the National back in May. We used Blackhorse, try www.moneysupermarket.com

Many thanks and happy touring.

Rob.

 

[BecknRob]

Afternoon Jim,

Congrats, me and the missus took the plunge a the National back in May. We used Blackhorse, try www.moneysupermarket.com

Many thanks and happy touring.

Rob.

 

[Zbungle]

Strange thing about loans is that whereas I am only paying 0.5% on my mortgage at the moment, nobody wants to lend me the money for a caravan at anything like that rate.

Cheapest I have found so far are Tesco, asking for 8% (typical) at the moment, and so are Sainsburys (you get Nectar points, I understand). These are for loans of between

 

[602]

Hi,

If you can manage to persuade your bank manager, convert to an OFFSET MORTGAGE. The bank gives you something like 80% of the value of your house. You use part to pay of the previous morgage, and put the rest into an OFFSET SAVING ACCOUNT.

Then you draw some cash out of your OSA, to pay off your credit cards. And do the same every month. OK, you pay interest on the money you have drawn from the OSA, but its at your mortgage rate, not the credit card rate.

The bank take into account every penny of yours that they are holding, and don't charge interest on a similar amount that you owe them.

We still owe our bank about

 

[MichaelE]

You can withdraw capital anytime with an Offset morgage up to around 75% of the property value,but its not free as your repayments go up and it will increase the length of your morgage.

 

[Mikey1]

So let me get this right? you are borrowing moeny against your property so your repayments go up,then you are putting the extra you borrowed in an offset morgage to make your payments lower?

Im no expert but lending rates are higher than interest rates.

 

[Jim_374334401]

Having read the reply to 602, Ive had a lie down, read it again and still have a migraine! It seems the best loan rate anywhere seems to be around 8% which is a bit puzzling. Am I missing a trick somewhere, or is it just a case of the banks clawing back their ill managed losses?

Jim

 

[Thorpedo]

Jim

Yep you've sussed it, the banks wasted trillions, payed themselves billions in bonuses, told the government they were a bit hardup and needed everything we earn for the next 10 years, a year later massive profits and billions in bonuses.

Just in case they get a bit short again they are charging 8% to loan you a few quid when the base rate is almost nothing.

Don't worry though the FSA, Gordons morons and good old Eddie at the bank of England are very very cross.

How about a 0% credit card for the 1st 18 months.

 

[Mikey1]

The problem with paying by credit card is the dealers will only accept a certain amount as they pay 5% for the privalige of accepting the banks card.

Its not just caravan dealers ,car dealers are the same.

 

[ThePlotter]

I would have to disagree with Dustydog,negotiate with the dealer for the lowest deal they will do.I have explained this before you are far better to pay a little more via the dealer although in my experience they are are often able to compete with other lenders.

To take the finance from the dealer in these difficult times is even more important.Lets assume you have a problem with the van and the dealer will not help or worse still the dealer or manufacturer have gone bust you have no where to go if the finace was from other than the dealer.However if it was from the dealer then the agreement becomes what is known as connected lending and under the terms of the Consumer Credit Act 1973 the finance must resolve any problems as they are jointly and severely liable with the dealer or solely liable if the dealer no longer exists.

Finally if you insist on sourcing the finance from elsewhere pay at least

 

[Thorpedo]

Mikey

There are ways around this but it entails a bit of planning.

My son has moved home because his debts built up at University, trying to start his own buisness and generally spending far too much had left him in big trouble.

I started three 0% for 18 months credit cards giving us

 

[Mikey1]

I agree yes it can be done,the only problem is when you take out a credit card or mutiple cards then your credit rating starts to tumble.With multiple cards your credit rating starts to suffer.

You must alway cancel an unused card

I have only ever had a dealer accept my deposit of