If you want a new motorhome, a caravan for camping, or just want to go on a great holiday, getting a leisure loan can provide the bridge financing you need. However, doing your homework on the caravan loan interest rate before approaching these lenders can ensure a quick and easy process; this also gets you an assured outcome. Fail to follow these easy tips and you could be refused your loan.
House in Order
One of the biggest things lenders look for is that you have your ‘financial house’ in order. Part of ensuring you are ready for a leisure loan is making sure you are attractive to a lender. One of the first things they will look for is that you are employed in a stable job for a certain amount of time. If you want to be approved, you will need to be employed.
A Good History
Along the same lines as having your financial house in order is also having a good credit history and current means to repay the loan. If you have a great credit score, with some extra savings, there is a much higher chance that you will be approved for a leisure loan. If you want to look the best to a lender, make sure you get a credit report and remove any mistakes that may be on the report.
If you are looking to secure your leisure loan with a personal asset, the lender will be looking for an asset that has residual value worth the amount of the loan. Property ownership show great value but this could also be Shares, Savings, or Business assets.
At Jade we say forget the guess work. Our consultants have years of experience doing these style of loans everyday. They work for you to provide all the necessary facts and information so you feel understand and feel comfortable where your new caravan finance is getting approved.
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