You might hear a lot about “Auto-Sleepers”.
This is the name of a company rather than a motorhome vehicle marque as such. Here we’ll examine what they do and how to go about finding finance to purchase one of their vehicles.
Coachwork and chassis
Auto-Sleepers is a company that has been building great motorhomes on top of prestigious chassis marques for well over half a century.
In that time, their motorhomes have become a byword for quality and innovation. Their motorhomes are sought after and that’s why they’re often at the forefront of demand from new motorhome potential purchasers.
You can, of course, buy an Auto-Sleepers motorhome or campervan new or used.
Some dealerships actually specialise in them. As demand is high, you’ll typically find that they hold their value well when compared to some others.
Whether the vehicle you like is easy or difficult to find though, you’ll need to find a way of paying for it. Surprisingly, using your spare cash reserves, assuming they exist, isn’t necessarily always the best approach. As some accountants will tell you, keeping liquid capital reserves in your bank account can have its advantages.
So, if you’re looking for finance, what will you need and what are the options?
Types of finance
For a quality product, such as an Auto-Sleepers built vehicle, you’re likely to be off to a good start with lenders.
You’ll also probably have a number of lenders to potentially choose from. You might find that their products come into one of three categories:
- a conventional secured direct loan with a repayment schedule. In this case, the motorhome will legally become yours once purchased but the lender will typically have a legal charge over it. What that means is that they could take simplified legal action to seize the vehicle in the hopefully unlikely event of you failing to maintain your loan repayments in line with the agreed schedule.
In some cases, a secured loan might also be provided with security being offered by other property you own such as your house. You should remember that your home might be at risk if you fail to repay a loan secured against it;
- an unsecured personal loan. These are comparatively rare due to the sums involved in the average motorhome purchase, whether Auto-Sleepers or otherwise. You might need to have an exemplary personal financial standing with a lender and an unblemished credit history to obtain such and the lending cost may be higher due to the greater risk taken by the finance provider;
- HP (Hire Purchase). This is the very well-known method of funding purchases. Typically the motorhome will legally become the property of the lender and you will be entitled to use it as the “registered keeper”. Once your final repayment is made, the motorhome becomes legally yours.
Note that the vehicle may be liable to seizure if you fail to maintain payments. You also cannot sell it without the lender’s permission, as that would be a criminal offence;
- This is less common than it is in the domain of cars. It may be possible to find lease-purchase options though. You should contact an experienced provider of motorhomes finance for more information.