38k Camper van finance

[Slyjoe]

Evening all, I have been lucky enough to lease a Mercedes Marco Polo form work, and have the option to buy it at the end of the years lease for 38.5k, this is a one year old camper with a new ticket of 58k , I have to keep it for 2 years, but looking at used prices its easily going to be worth my purchase price after 2 years.
Having never had a car on any kind of finance, or 38k to buy it, I'm asking for advice on what may be the best way to keep this for 2 years servicing the debt, and release it after 2 years.
Any help much appreciated.

[rfoster]

A number of options available to you on this.

1. Bank loan - you'll quite probably get the lowest rate on an unsecured loan from the bank or one of the other lenders (if they'll lend £38k)
2. Hire purchase - borrow the money over 2/3/4/5 years and own the vehicle outright at the end
3. Lease purchase / contract purchase - borrow the money over 2,3 or 4 years, with a final lump sum deferred until the end of the agreement. When the lump sum is due you can just pay the balloon if you want to keep the car / refinance in full or part if needed, and in the case of the contract purchase option, you can just hand the vehicle back to the finance company (subject to mileage / damage charges).

I can help with specific figures as & when you're ready - this is my line of work so feel free to message me. Cheers, Richard

[Slyjoe]

Awesome, thanks Richard - it's not till December, but I want to get some idea of obviously keeping the monthly payments to a minimum. I'll drop you a line.
I was even considering renting it out through one of the various sites, and getting it to pay for itself.