Finance With Venture

Hire Purchase

Hire Purchase is the most frequently chosen method of finance chosen by customers looking to purchase a caravan, motorhome or campervan.

By taking out a hire purchase agreement, you will choose an agreement term and will be provided with a monthly repayment amount. You may also choose to pay an initial deposit, however, this is optional. Choosing to pay an initial deposit will lower your monthly payments.

Hire Purchase allows you to spread the cost of your vehicle. Reasons you may choose Hire Purchase include:

• You want to own the caravan, motorhome or campervan at the end of the finance period
• You want to know exactly how many repayments you will need to make to own the vehicle
• You do not want to have to make a final lump sum payment at the end of the finance agreement

How does Hire Purchase work?

Hire Purchase works by submitting an application to one of our finance partners, once you have found the vehicle you would like to purchase. Upon receiving the application, our finance partner will assess your suitability for finance and will then make a decision whether to approve or decline your application.

If approved for finance, you will then confirm your agreement term and be provided with a monthly repayment amount.

With the Hire Purchase finance agreement in place, our finance partner will then buy the vehicle on your behalf. If you are choosing to make an initial deposit, you will pay this and this amount will be deducted from the price of the vehicle.

It is important to note that the finance provider will own the vehicle for the duration of the finance agreement.

By choosing Hire Purchase, you agree to pay a fixed rate of interest and to make fixed monthly payments for the full term of the agreement.

Once all agreed repayments including interest have been made, the Hire Purchase agreement will be completed and you will become the owner of the vehicle.

How much can you borrow with Hire Purchase?

By taking out a Hire Purchase agreement with Black Horse or Evolution Funding, you will be able to borrow the funds needed to purchase a caravan, motorhome or caravan. You will then be able to choose to repay this by making set repayments over a period of 1 – 10 years.

Depending on your financial circumstances, you may be able to take out a Hire Purchase finance agreement without needing to pay an initial deposit.

The amount you are able to borrow with a Hire Purchase finance agreement will depend on a range of factors. These factors include your financial circumstances, whether you are choosing to pay an initial deposit and whether you are part exchanging another vehicle as part of the purchase of your caravan, motorhome or campervan.

What do I need to provide to apply for a Hire Purchase finance agreement?

To apply for Hire Purchase, you will need to provide the following information to our finance partner:

• Full name
• Date of birth
• Address history
• Current employment details
• Employment history
• Bank account details
• Driving licence details
• Proof of address
• Proof of income

Things to consider when taking out a Hire Purchase finance agreement

Before taking out a Hire Purchase finance agreement, you should consider the following:

• You must be at least 18 years old
• You must be a permanent UK resident
• You must have fully comprehensive insurance for the vehicle
• You will not own the vehicle until the finance agreement has been completed and all repayments including interest have been made
• The vehicle will be at risk of repossession if you do not make the contractual repayments
• The maximum age of the vehicle should be under 20 years at the end of the agreement.
• A purchase fee of £10 will be included within your final repayment

Personal Contract Purchase

Personal Contract Purchase (PCP) is another method of finance we offer to assist you in paying for a NEW caravan or motorhome.

With a PCP finance agreement, you will typically make lower monthly repayments than you would if you chose a Hire Purchase agreement. However, there are a number of differences between PCP and Hire Purchase.

The main difference is that a large proportion of the amount you repay will be deferred into an optional final repayment with a PCP finance agreement. As your balance reduces slower than with a Hire Purchase agreement, you are also more likely to pay more interest on a PCP agreement for the same loan amount, term and APR.

How PCP works

PCP works by submitting an initial application to one of our finance partners. They will then assess your suitability based on a range of factors before making a decision to approve you for finance.

PCP also differs from Hire Purchase in that you will agree an initial deposit and term with the finance partner, and then decide how many miles you will travel in the vehicle each year. The finance partner will then work out the monthly repayment and the optional final repayment based on the anticipated value of the vehicle at the end of the finance agreement.

Once approved, the finance provider will buy the caravan or motorhome on your behalf and will own the vehicle for the duration of the finance agreement.

Upon completion of the finance agreement, you can either choose to part exchange the vehicle for a newer model, return the vehicle (return conditions apply), or make the optional final repayment and own the vehicle outright.

What are my choices at the end of a PCP agreement?

Upon completion of a PCP agreement, you will be presented with three clear choices. These are:

• Part Exchange

If you are looking to upgrade to a newer vehicle at the end of your PCP finance agreement, you will be able to part exchange your current vehicle as part of the purchase. Should you require finance for the new vehicle, this will be subject to the same finance application process as before.

With part exchange, it should be noted that your vehicle may be worth less than the optional final repayment. If this is the case, an additional payment may be needed before you can enter into a new finance agreement.

• Return

If you don’t wish to keep your current vehicle or pay the optional final repayment, you have the option to return your vehicle. To be able to do this without incurring charges, you should ensure the vehicle is in good condition and within the permitted maximum mileage.

• Pay the optional final repayment

Paying the optional final repayment will pay off the remaining finance on your caravan or motorhome and will mean you own the vehicle outright. Choosing this option will be subject to an additional purchase fee of £10.00

How much can you borrow with PCP?

With PCP from either Black Horse or Evolution Funding, you can set repayments over 1 – 5 years.

Depending on your financial circumstances, you may be able to take out a PCP agreement without needing to pay an initial deposit.

The amount you need to borrow will depend on a number of factors including the initial deposit you pay and whether you are part exchanging another vehicle at the time of purchasing the caravan or motorhome.

What do I need to provide to apply for PCP finance?

To be able to apply for PCP finance on a NEW caravan or motorhome, you will need to supply the following information to our finance partner:

• Full name
• Date of birth
• Address history
• Current employment details
• Employment history
• Bank account details
• Driving licence details
• Proof of address
• Proof of income

Things to consider with PCP

There are a number of things to consider with a PCP application, these include:

• You must be at least 18 years old
• You must be a permanent UK resident
• Available on new vehicles only
• You must have fully comprehensive insurance for the vehicle
• You will not own the vehicle until the finance agreement has been completed and the final repayment including interest has been made
• A significant amount of the credit is deferred until the end of the agreement, you should prepare for this if you want to own the vehicle
• The vehicle will be at risk of repossession if you do not make the contractual repayments
• The vehicle should be used for leisure purposes only and cannot be used as your main dwelling
• A purchase fee of £10 will be included within your final repayment

Calculate the monthly and total repayment cost of taking out a finance plan

Use the finance calculator below to understand how much you are likely to pay when taking out a finance plan to assist with paying for your caravan, campervan or motorhome.

Learn more about finance from Evolution Funding