Purchasing a lodge or static caravan can be an exciting purchase, even if you have a less-than-perfect credit rating. At Sure Finance, we are finance brokers specialising in secured loans for lodges and static caravans, offering flexible and accessible pathways to ownership, even with a poor or adverse credit history.

Here’s everything you need to know to get started.

How Does Poor Credit Affect Secured Loans?

Having a poor credit rating, including defaults, doesn’t mean you’re excluded from accessing a secured loan. We work with a broad lending panel, including many lenders specialising in bad credit finance take a more holistic view of your financial situation rather than relying solely on your credit score. Here are some of the key factors they consider:

• The Age of the Default: Older defaults are viewed more favourably.
• Whether the Default Has Been Settled: Repaying outstanding defaults improves your chances.
• Your Current Financial Stability: Steady employment and income demonstrate reliability.

While you may face higher interest rates or stricter terms, secured loans remain an accessible option for those with poor credit.

What Is a Default?

A default occurs when you miss payments on a financial agreement for several months. After issuing a default notice, the lender records the default on your credit file. This record:

• Remains on your credit file for six years.
• May limit your borrowing options.
• Indicates a history of missed payments, making you a higher-risk borrower.

However, defaults don’t eliminate your chances of securing a loan. Many lenders specialise in helping borrowers with defaults, particularly if they’ve shown improved financial management since.