Adventure Awaits: Finance a Motorhome, Campervan or Caravan Purchase
Whether it’s a spontaneous getaway to the beach or an extended tour along Scotland’s stunning NC500, owning a caravan, campervan or motorhome opens a world of possibilities.
Can you finance a campervan, caravan or motorhome with hire purchase?
Yes, it’s one of your options. And Borderway Finance can help.
From 2-berth caravans to 6-bed motorhomes, your ‘home away from home’ can be a significant investment. If you’re not in position (or would prefer not) to pay for your vehicle purchase upfront, buying with hire purchase can help spread the cost, making the dream a reality.
As a specialist motor finance provider with over 25 years’ experience and a Platinum Trusted Service Award, we’ve helped thousands of people to purchase their new motor vehicle.
What is motorhome / caravan hire purchase and how does it work?
Hire purchase is a method of spreading payments for a vehicle over an agreed period.
Borderway Finance will purchase the vehicle from the dealer, with you entering into an agreement to repay us over a set period of time. Your monthly payments will be spread equally across the payment term, making budgeting simple and giving peace of mind that payments will remain the same.
For vehicles from brand new up to 14 years old, we can look at a hire purchase agreement for between 12 and 60 months. The term may vary depending on the age of the vehicle as it cannot be older than 15 years old at the end of the agreement.
During your loan you will be the registered keeper of the vehicle. Borderway Finance will remain as the legal owner until you've made all the repayments, which include interest, and paid the option to purchase fee.
How to apply for motorhome hire purchase finance
Initially, you should look to:
- Find a caravan you like from a dealership authorised by the Financial Conduct Authority (we can check this for you).
- Work out how much deposit you would like to pay towards your agreement. If you have something to part exchange, this can also be used as deposit. Remember that if you are able to pay more deposit, your monthly payments may be lower, and the total interest you pay may also be less.
- Contact us with the dealer name, make, model and year the caravan was first registered, along with the cash price.
We will then provide a quote based on the figures above.
Should you wish to proceed, we will complete a finance application with you, which includes running an up-to-date credit search in your name. Once accepted we will arrange to complete the paperwork with you at a time which is convenient, before ensuring the funds are sent to the dealer in time for you to collect your new vehicle.
What if I haven’t found my dream vehicle just yet?
Even if you haven’t found your new escape on wheels, we can still help by providing you with a decision in principle. This allows you to continue your search for your new vehicle, with the confidence of knowing your finance is arranged.
Whether you’ve seen your next ‘home from home’ or are eager to learn how much you could borrow, give us a call on 01228 595939 or make use of our online finance calculator.
We look forward to helping with your journey.