A secured personal loan lowers the interest rate on a loan by using the asset you’re purchasing, or another asset you own, as “security” or “collateral” for the loan. Secured personal loans are generally the best way to purchase a leisure vehicle as the vehicle is used as security for the term of the loan.
This means that if for some reason you cannot make the repayments on the vehicle it can be taken back and used to pay out the balance of the loan, hence making you a better risk for a lender and getting you a better interest rate.
If you have a leisure vehicle like a caravan or a motorhome in mind, contact us to talk about our secured leisure loans.
