Unsecured Loans for Tenants - Buying a New Caravan?

By: Andy Silk

Holidays are exciting times aren't they? They're also the stuff memories are made of when we look back on our lives and are usually some of the happiest times. It doesn't really matter what type of holiday it is either - they all have something in common and that is that they are a break from the daily grindstone.

In terms of relaxation and freedom to go where you want to go, caravanning takes some beating and is the reason why sales of 'homes on wheels' are on the up. With more modern styles and levels of luxury like never before, caravans are becoming much more sophisticated than those of yesteryear. Not cheap though. To buy one that offers all the mod cons is an expensive undertaking, even second hand. A static caravan can also be a good bet but as these are often the largest of all, they can be the most expensive.

If you're a homeowner with a mortgage, the cost of a caravan (anything up to ?20,000 for a mobile home and more for a static) can potentially be covered with a secured loan or a remortgage, using some of the equity that you may have built up in your home over the years.

Unfortunately, if you're a tenant, clearly you won't have this as an option since you will be renting your property and therefore can't use it as security against a loan. You may have the option of unsecured loans for tenants and tenant loans however. These are often ideal for this kind of purchase and unsecured loans can be the preferred choice of many homeowners looking to buy a caravan.

Unsecured loans for tenants and tenant loans may offer a big advantage over a secured type of loan anyway. With these types of loans, you will not be required to get a valuation done on your property. This in itself may save a week or two out of the process together with the associated costs. You may not necessarily require solicitors to get involved either and again this saves considerable time and expense. This means that unsecured loans for tenants and tenant loans can in most cases, be completed in a matter of a few working days as opposed to around 4-6 weeks in the case of a secured loan.

It can often be a fairly simple process to apply for these types of loans too. Many tenants choose to enquire about a loan through a online finance broker since it means that they can often have access to a wide range of lenders and lending products as opposed to a single product range if they were to apply direct to a high street lender. As everybody's financial circumstances are different, it could mean that you could have more chance of success in not only getting a loan but also getting a loan with the right terms for you.

The broker will send out a written credit agreement for you to sign and return together with some supporting documentation that the lender may require to agree your loan and that's pretty much it. Simple! Unsecured loans for tenants and tenant loans are ideal in many cases to purchase a new caravan. That's the reason so many people opt to raise the finance in this way. So what are you waiting for? Happy hunting!

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