Paragon Bank’s Motor Finance division has marked its 5th year in the leisure sector with an enhanced product offering for motorhomes as demand for these vehicles has increased in recent years.
The National Caravan Council reports a consistent year-on-year increase in motorhome registrations, with numbers increasing from 14,655 in 2018 to 16,608 by June 2021. The sector contributes over £9.3bn annually to the UK economy.
Lending terms at Paragon for qualifying vehicles now span from two to 15 years, an increase from the previous cap of 10 years, the lender said in a press release.
Since Paragon Bank launched into the leisure market in 2018, the Motor Finance division has facilitated over £130 million worth of motorhome finance.
Julian Rance, Motor Finance Director at Paragon Bank, said: “We are dedicated to enhancing products and services and take immense pride in bolstering support to our customers. I am thrilled to introduce these new lending terms for motorhomes with immediate effect.
He added: “The motorhome market is a specialist channel that suits our service-driven approach and ability to underwrite high-value specialist assets. This product enhancement demonstrates our ongoing commitment to grow within the leisure channel.”