National loans help borrowers navigate caravan finance
For borrowers, National Loans says the most important things to understand are borrowing capacity, how to compare loan options and navigate eligibility criteria. With each caravan loan product being slightly different, it can be overwhelming, especially for first-timers.
National Loans explains that all lenders look at a similar range of factors when assessing individual applications. These include financial status, employment status, credit history, amount to borrow, amount of deposit, length of loan, whether the loan is secured or unsecured, and age of the caravan.
Although there are not necessarily ‘typical’ caravan loan terms, there are some general rules according to national loans. In general, a better credit rating, shorter loan term, and newer trailer will help a borrower get a lower rate.
Additionally, National Loans reports that secured caravan loans attract lower rates than unsecured caravan loans. If a borrower chooses a fixed rate loan, the interest rate will remain the same for the life of the loan, which means the borrower’s monthly repayments will also remain the same.
On the other hand, variable rates will fluctuate according to the market, which can lead to higher or lower monthly repayments. Variable rate loans also offer additional features such as withdrawal facilities and prepayment options, which can potentially save the borrower money over the life of a loan.
As an expert caravan loan broker, National Loans does all the hard work to ensure borrowers identify a loan that suits their needs, with a great rate guaranteed by their panel of specialist bank and non-bank lenders.
For more information on caravan finance or to obtain other asset finance such as a boat loan, contact National Loans.
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SOURCE National Loans