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Caravan Finance - Bank Personal Loan Vs. Black Horse


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Yes you are right. The finance co owns the van, if it is not fit for purpose subject to the usual guidelines about repairing, you can work with them to reject it where you will get full money back and compensation if asked.

There is no time limit as long as the finance is still outstanding. I can't see how it will hit your credit rating as all would happen is that it will show as settled.

Does not affect credit rating as you say. They will more likely wade in to get it fixed but if not back it goes!

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I bought a brand new lunar SI in January it developed over 20 faults. Neither the dealer nor lunar interested in helping. One call to blackhorse resulted in an independent report being submitted tha

Unless the car/caravan is brand new and the manufacturer is paying the subsidy for 0%  (that is the difference between 0% and the lowest interest rate the finance company can offer at break even) then

Whilst the credit card company don't own the goods, as in a hire purchase agreement, they are, under Section 75 of the Consumer Credit Act jointly liable for anything purchased or partly purchased usi

Thanks everyone for this thread i am thinking of finance   but see black horse have loans in the region of 8% all new to this   cheers 

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EIGHT percent!!! The bandits. 

 

I financed a car change earlier in the year with a personal loan from Santander.

 

£7500 at, wait for it.........

 

 3% (yes just three percent) over three years

 

 

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Experience is an awful teacher who ends up sending you simply horrifying bills

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You do need to check which is the cheaper. We bought the car when 0% interest was being offered, and this did work out cheaper, but possibly it was the offer that made the difference.

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In the world of caravans, new and used, don't forget, if things go pear shaped, will a bank loan or such as Black Horse give better cover.

Common sense isn't a gift, it's a punishment because you have to deal with everyone who doesn't have it.  :rolleyes:

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3 hours ago, Wildwood said:

You do need to check which is the cheaper. We bought the car when 0% interest was being offered, and this did work out cheaper, but possibly it was the offer that made the difference.

 

The main issue these days is that most 0% finance deals are only available on PCP  contracts. 

Experience is an awful teacher who ends up sending you simply horrifying bills

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3 hours ago, Wildwood said:

You do need to check which is the cheaper. We bought the car when 0% interest was being offered, and this did work out cheaper, but possibly it was the offer that made the difference.

 

Unless the car/caravan is brand new and the manufacturer is paying the subsidy for 0%  (that is the difference between 0% and the lowest interest rate the finance company can offer at break even) then you as the buyer are paying for the 0%, nothing is free. 

The amount you pay either in reduced discount or lower PX usually works out to be the difference in interest from 0% up to the again the lowest base rate that breaks even for the finance company.

 

So to reiterate, unless the manufacturer is offering it, 0% isn't free you are paying for it somewhere within the deal.

 

To prove the point try going for the maximum PX and the biggest discount as a cash deal and then ask about 0% and see where you end up.

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