Love it or loathe it, technology has become an essential part of most aspects of life. With over 25 years experience in the lending sector, we were one of the first companies to embrace technology into our service delivery. Developing and providing systems to assist customers to more conveniently plan and source cheaper credit. Our caravan loan calculator is a key part of our online tech resources and an extremely useful buying tool.
But one of the frequently asked questions that were regularly address is why the offer we present to a customer is different from the result they received when using the online calculator. The answer is simple, the explanation more extensive.
The short answer is that many users do not fully understand and appreciate the purpose and limitations of an online credit estimator. To ensure all customers correctly use and optimise the results from our buying tools, we provide this comprehensive explanation.
Purposes of a Caravan Loan Calculator
Jade Caravan Finance provides a caravan loan calculator to empower buyers to generate finance estimates which should be followed-up with a request for a quote. The key purpose of an online estimator is to carry out the mathematical computations involved in working out the monthly repayments based on the interest rate, total amount and term entered by the user.
Change the values and a different result will be shown. The objective is to give buyers an initial guide of what repayments may be on different RV prices. This can greatly assist and direct buyers to focus on RVs in a price bracket with credit repayments in their budget.
Appreciating Calculator Strengths & Limitations
As with many things, users must appreciate the strengths and limitations of the estimating device. It is generic in that anyone can use it. The device has strong functionality for complex interest rate computations. But it does not have the functionality to discern between users on the basis of the credit profile. Caravan finance rates offered vary for applicants based on their credit profile. The rate a user enters may not be the one that a lender offers them if their credit rating is below the best.
If a buyer is not aware of their current credit score, they can refer to Moneysmart for ways to secure a free copy of their credit report.
Lender fees and charges and loan products can also vary across the lending market. We are accredited with over 80 lenders and until we personally assess a customer’s profile and match them with the lender, it would not be known what fees and charges would be applicable. The estimating device therefore does not have the functionality to allow for this aspect of the credit.
Understand those limitations, and users can receive extremely valuable guidance from the estimates generated by the online device.
Correct Use of a Caravan Loan Calculator
Proper use of any device will deliver the best outcomes. Users of the estimating device should follow the prompts and enter the values as indicated. For the total borrowing amount, take into account the price of the RV, deduct an amount if you intend to pay a deposit, and add an amount if you intend to add accessories and add-on packs.
Most manufacturers will advertise a price for their models. But this may not be spec’d up to the specific requirements of the buyer. They may want additional solar panels, extra awnings, larger water tanks or the upgraded fixtures and finishes pack. By considering the purchase carefully, estimator users can better estimate how much they will need for their funding and enter that amount.
The interest rate we have touched on above. Lenders, including Jade, display their best rates. These are for new RVs for credit applicants with a good score. Where the purchase varies from those criteria, the user may not be offered the best rate. If you feel that may be you, you may like to use a slightly higher rate as a contingency factor.
The term is fairly straight forward. We can arrange 7 year terms, subject to lender approval.
Difference Between Calculator Estimate, Quote and Offer
Users of online estimating devices should also understand the difference between an estimate generated on such a device, a quote and an offer. From the information above, the purpose and significance of an estimate generated on the device should be clear. It is a basic computation from the data entered.
To get a quote or offer, buyers will need to submit a request via our, or other lender’s, online forms or by phone. An application will include information on the financial position, earnings and assets. An assessment will be made of the application and credit profile and from that, lenders will prepare a quote or offer.
An offer is exactly that – an approved offer of funding based on a confirmed interest rate with a confirmed repayment schedule. It is based on the specific RV being purchased by that specific buyer. We can provide quick quotes and approvals in 24 hours. So buyers can have fast access to all the confirmed information they require to make an informed buying decision.
We want buyers to use our buying tools and get the most value from them to make buying an RV with credit a smooth, streamline process. But we also encourage estimator device users to check with us, to request a quote, for a confirmed, approval offer in order to proceed with their purchase with confidence.
For a confirmed quote after using our caravan loan calculate, contact Jade Caravan Finance by phone or online.
DISCLAIMER: THE DETAILS AND INFORMATION IN THIS CONTENT ARE PREPARED AND PRESENTED PURELY FOR INFORMATION AND NOT INTENDED IN ANY WAY AS THE SOLE SOURCE OF FINANCIAL ADVICE FOR CARAVAN PURCHASING. IF ADDITIONAL FINANCIAL ADVICE IS REQUIRED, READERS SHOULD REFER TO A FINANCIAL ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY ERRORS, PRODUCT DESCRIPTION VARIATIONS, OR OTHER MISREPRESENTATIONS OF INFORMATION AS PRESENTED.