paying for a caravan

[GRAHAM_374234069]

I was wondering how people pay for their new caravans, whether second hand or new.

I took our van for its service today.

The dealership were offering 10 years with no deposit.

Do people take this root, 10 years is a long time, I realise that it is a massive investment, but 10 years.

Do people take equity out of a house?

Our finance of £ 7500 is over 5 years.

 

[GRAHAM_374234069]

Did not finish what I was writing, when I pressed the wrong button.

Yes our finance is over 5 years, with the remainder of the balance paid up front, partly with a trade in and with cash.

With ever increasing debt problems in the country, I was just intrigued.

Thoughts???

 

[WilliamTups]

I paid for part of caravan on finance - glad I did - since we had a problem on the first service and since it was under a higher purchase agreement I found that I had load more rights - also interesting enough people I have come across people in the legal profession that are also caravaners who also finance their caravans via Higher Purchase agreements since you get more rights.

You have to weigh up the interest costs virus the additional protection offered under a Higher Purchase Agreement

 

[WilliamTups]

I understand that if you cash, in the event of any issues you only have "reasonable time" which is not defined in law but is often quite short under the Sales of Goods Act 1974 and have up to six years from the point of sale to make a claim.

But under a higher purchase agreement you have additional rights under the Sales of Goods Act (Implied Terms) 1973, these rights last the duration of the finance agreement - so if you have a 10 year agreement you would have 10 years worth of protection against the finance company since they become the seller, but bear in mind that after several years use a full refund or replacement may be unreasonable since far wear and tear have to be taken into account.

 

[ThePlotter]

I worked in the finance industry for 30 years and some of this time I was national manager for caravan finance for a part of one of the big banks.The previous statements that all finance is the same and gives the same rights is not true ,equally from the point of view of the original question it matters not whether Hire Purchase or loan.The critical legislation is the consumer credit act 1973 (not sales of goods)under this act provided you purchase and use the finance provided by the supplying dealer then you are covered by the act as it is what is called a linked agreement the result of this is that if you have a problem an the dealer is not forthcoming then the finace company is jointly and severally liable and they must step in to sort it out.Equally the dealer as part of the sale must not give misleading information regarding the merchandise as this is also covered and he would risk losing his licence which would virtually stop him trading.With this act if you pay all or part of the deposit by credit card (so long as at least