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Buying A Static Caravan Advice for those about to purchase a static caravan.

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  #1  
Old 20-01-2019, 13:29
craig12 craig12 is offline
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Default buying a static on a loan

can anyone tell me please , is buying a static on a loan such a bad thing , yes I can pull £10000-£13000 out of my isa and im fully aware of how interest rates must be taken into account as a total repayable , but do members on here seek a bit of finance on a used static , or do you say I wont borrow anything to buy my lifestyle, and I must be up front here and say that were only talking about sub £12000 no more , any help would be really helpful , I can manage the repayments , just wondered how finance is seen as a good tool or enemy regards (ps assuming that you can secure the lowest rate apr possible)
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Old 20-01-2019, 13:59
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Gerry1964 Gerry1964 is offline
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I upgraded mine on Finance and put a big deposit on too so my finance was 7.9% which to be honest is a bargain

No point wasting all of your isa, if you can afford to pay half as a deposit then why not have the rest on finance
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Old 20-01-2019, 17:00
DavidE DavidE is offline
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It all depends on how you feel about the risks you would be taking & how realistic are your calculations.
Personally I wouldn’t do it as it has the potential of going so wrong.
Meeting the running costs of ‘van ownership, which is something you have little control over, when added to finance repayments could be an ongoing drain on your resources to the extent of spoiling the pleasure of having a “home from home”
Think it over very carefully & make your decision rather than buying into “the dream” for it to become a financial nightmare.
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Old 20-01-2019, 17:43
Mosquito Mosquito is offline
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If you weigh all costs and future rises in fees and you feel comfortable with that, there is nothing wrong with taking a loan but always make sure that you also check with your bank what its interest rate is. Sometimes it can be cheaper to borrow from your bank. One other point to consider, if you have to sell within a couple of years, you will lose a lot of money. Buying a van is an investment in a lifestyle but not a good financial investment.
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Old 20-01-2019, 17:46
slattster slattster is offline
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If the isa is paying less interest than the loan is charging you , then pay it with the isa and then put the amount the loan would of cost you each month back into the isa. If you get a good deal on a loan there probably wonít be a lot in it so depends if you want to keep some money as a back up . Just checked and Tesco doing £10k for 3% , check different amounts of loans ...itís usually a lower interest rate to borrow more money ... so interest rate at £8k might be quite a bit less than £7k..play about with the figures.
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Old 21-01-2019, 15:08
oscarsmate oscarsmate is offline
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I used my credit card and then did a 0% balance transfer to another card. In effect an 18 month 0% loan.

I have the money in an ISA but as others say let that accrue some interest while the banks want to chuck deals at me.
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Old 21-01-2019, 16:09
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missionblue22 missionblue22 is offline
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Quote:
Originally Posted by oscarsmate View Post
I used my credit card and then did a 0% balance transfer to another card. In effect an 18 month 0% loan.

I have the money in an ISA but as others say let that accrue some interest while the banks want to chuck deals at me.
that's a good move i was going to suggest it, i like interest free credit things, sofa, hearing aids ( boots ) apple iPhone credit card purchases and balance transfers, just watch for cash transfers though usually 3% charge
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