HP BALLOON CARAVAN FINANCE
Buying A Caravan On Hire Purchase With A Balloon
A Hire Purchase Balloon agreement is the same product as a hire purchase agreement, but a set amount (up to 20%) of the caravan is offset till the end of the term and paid in a lump sum.
Hire Purchase is one of the most popular ways to finance a caravan purchase, and this new product should see more caravans sold with a balloon payment. The loan is secured against the caravan and you have the option to own it at the end of the agreement by paying the option to purchase fee.
- Perfect for people who want to own their own caravan in the long term.
- Perfect for people who want to defer a payment till the end and have cheaper monthly repayments.
- The lender holds an interest in the caravan during the repayment period, until all payments are made.
- The loan will usually have a regular repayment each month for the same amount.
- Most of the lenders have an admin fee and / or option to purchase fee which you will be told about from the start.
- You can usually take the finance between 12 – 60 months with a payment each month, but that’s dependant on the age of the caravan at the beginning of the agreement.
- You don’t usually need a deposit for a HP agreement, however this depends on the lender we approved you with and what caravan you want to finance.
- Settle early at any time by paying off the finance and all the fees at any point, or at the end of term, pay the balloon and the option to purchase fee and the caravan is yours. You could also be entitled to a rebate of interest for settling early.
- You cannot give the caravan back under this agreement, the balloon has to be paid.
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Who We Can Help
- IVAs (Individual Voluntary Agreements)
- CCJs (County Court Judgements)
- Debt Management Plans
- Self Employed
- No Credit History
- Declined / Refused Elsewhere
- All of our staff are SAF qualified. (Specialist Automotive Finance)
- We are registered with the ICO. (Information Commissioner’s Office)
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Caravan Finance and Loans Specialists
At The Caravan Financer we consider ourselves to be caravan finance and loan specialists. As a broker and not a direct lender, we are able to search a panel of lenders to help you get the most competitive rates. Whether you are looking to buy a new or used caravan, make an application with us to see how we can help you.
We provide finance for ANY caravan, we have financed single axle caravans, twin axel caravans, teardrop trailers, pop top caravans, folding caravans and firth wheelers.
Regardless of your financial situation we will work hard to find a suitable finance deal to suit your individual circumstances. No more endless searching for finance and getting nowhere fast. Let us do all the hard work for you. Apply with us today you could be driving away with your new caravan the very same day.