Motor home finance

assuming you need cash from another source, then just have a look at the current rates...they should be very low at the moment, base rate cant get much lower.

a couple of years ago Black Horse (who were sponsoring the NEC show) were offering interest free (or extremely low) rates at the show.

if youre flush....just sign the cheque.....no good in your bank 

When we changed our motorhome last year we initially arranged finance through Black Horse.  We then got a quote from our bank which was considerably cheaper so went with them.  

Sainsbury bank loans as low as 3.1% depending on the amount, term etc.  Black Horse was 9.9% but more like HP than a personal loan.

You can get comparative quotes from comparison websites like Compare the Market but beware if you ask a few for a quote you can get problems with them being recorded against your name.

A bank loan will almost certainly be cheaper than a dealers finance deal. With finance the loan company owns the item until the final payment and if the purchase turns out to be a dud you do have rights against them but with a loan you do not get that protection so you should be aware of this.

If you fail to pay the loan back a finance company can snatch it back but with a bank loan the loan company would need a court order. 

If you have debts then on a loan the item would be an asset so could be taken against a debt but on finance it is not yours so it cannot be taken in the same way. Probably not relevant to you but these are the main differences.

Thanks all, in the end we got a deal on the finance through Black Horse because it was a new motorhome so 6.9% was good enough we thought. 

for info...

it is acceptable to 'haggle' over interest rates, some lenders will play ball, might save you a bit...

also, BH are now doing a PCP-type deal on new MH in the same way as they do for cars, again, this might bring the payments down, tho there will be a baloon payment at the end of the deal.

Tesco or Sainsburys rates are very favourable at the moment especially if you are borrowing over £7000 for instance.They are less than half what they were two years ago at just over three percent.Both will do it all over the phone in a matter of minutes you wont find any better.

v9

Tesco or Sainsburys rates are very favourable at the moment especially if you are borrowing over £7000 for instance.They are less than half what they were two years ago at just over three percent.Both will do it all over the phone in a matter of minutes you wont find any better.

v9

I agree re Tesco finance, couldn't be easier

+1 in agrKent re Tesco and you get a lower rate still if you are a Clubcardholder we recently swapped to Tesco on an existing car finance went from 6.2% to 3.2%, result.

Sainsbury bank loans as low as 3.1% depending on the amount, term etc.  Black Horse was 9.9% but more like HP than a personal loan.

Out of interest, why would HP (where the lender has far greater security) cost more than three times as much as an unsecured loan?

Is it because Black Horse are present at caravan shows and so people just go to them without really thinking about it?