Park Holidays have been very busy negotiating with their finance partners, and the result is new lower APR on the caravan financing deals. This should make caravan purchasing even more attractive to new buyers, as there is also a low deposit requirement.
Caravans and lodges can be purchased with as little as a 10% deposit. Obviously you will need to be credit checked before being accepted for the scheme, but that is par for the course with any financing package.
With the new deal, you can borrow from as little as 11.9% APR. This means that on a £10,000 caravan the figures dependent on term of the loan would be:
- Deposit £1,000
- Amount of finance £9,000
- 84 Months (seven years)
- 84 monthly payments of £155.52
- Total amount payable £14,063.50
- Charge for credit £4063.50
The above is applicable to a 20-year pitch agreement, as the rental is leasehold, not freehold. Pitch fees on some deals are free for 2015. And, siting and connection fees are also waived in the current deal.
Further examples of monthly payments over an 84 month period are:
- £12,000 – £194.40
- £15,000 – £233.28
- £20,000 – £311.04
- £25,000 – £388.79
- £30,000 – £466.55
Park Holidays have two types of accommodation for sale, including caravans and lodges, both new and pre-owned. Prices start at less than £10,000, but they also have high end accommodation for sale at their 24 holidays parks across the south of England.
Purchase of a holiday home can be simply that, a weekend getaway of your own near or on the coast, or it can be an investment opportunity. Park Holidays also run a letting scheme to take the complexities out of letting your property for a commission of 19% per let, although obviously you would need to decide which periods throughout the year you would be relinquishing your getaway.
As ever, with any ‘special offer’, always get your calculator out and your thinking cap on, and always pay a great deal of attention to the small print. Visit Park Holidays website here.
By: Gareth Whieldon
