Prior to the COVID-19 pandemic, border closures and international travel restrictions, caravan travel and holidays had developed a distinct association with the older, mature generation. The grey nomads as they are affectionately referred to can be seen crisscrossing the country, enjoying their retirement and ticking items off their bucket lists. But with the coming of COVID-19 comes the resurgence of caravanning in the younger generations. The surge in popularity in caravan holidays in the past year has been very much attributed to the coronavirus pandemic. The profile of RV buyers now transverses age brackets and other demographics and manufacturers are actively pursuing younger buyers.
Described as the millennial market, these younger ‘under 30’ buyers are being specifically targeted in both marketing and the design of vans. Leading manufacturer Jayco has appointed several van ambassadors in the under 30 age group to highlight how RVs perfectly suit the lifestyle, holiday and travel preferences of the active and adventurous.
So how does ‘age’ interact, impact or influence the choice of RV and the choice and eligibility for caravan finance? We explore the age-old topic and elaborate on the options for finance for younger buyers.
Age and Choice of Van
Caravans are built for people of all ages but how you plan to use your RV may be influenced by your age and hence may influence your choice of vehicle. Stereotypical and very general descriptions may include:
- Toy hauliers and smaller vans may suit the younger, more active buyers to cater for bikes, surfboards, kayaks and one or two occupants.
- Older buyers may want more luxury inclusions and space for those long months spent travelling on the road.
- Families of all ages can cut across all categories with some opting for more space in a larger van while others prefer a more adventurous off-road style camper trailer.
With caravans built to last many years, astute buyers might be wise to look at ‘the road ahead’. Consider how your travel and holiday preferences may change in the next 5 or even 10 years. At Jade Caravan Finance, we can arrange caravan finance for terms up to 7 years so thinking further ahead may assist in selecting an RV that will adapt as your lifestyle changes. Selecting a slightly bigger or more luxurious model now may better suit your expectations in a few years ahead.
Important buying considerations for all ages are:
- Having a vehicle suitable to tow the caravan or camper trailer of your choice. There are smaller, lightweight models on the market that can be towed with a smaller, mid-sized passenger car. Check the rating of your vehicle’s towing capacity.
- Your capabilities to tow and manoeuvre the caravan. Fortunately, there are lessons to upskill drivers on the skills required to handle a caravan. Courses are available across Australia.
- Sourcing suitable storage facilities when the RV is not in use. Keeping your caravan in top condition will prolong its life and resale value.
- Price and finance commitments. Sourcing a caravan loan at the cheapest interest rates and specifically tailored to suit your requirements to ensure the contract will suit your budget over the term of the loan.
Age and Caravan Finance
Under Australian consumer laws loan, applicants must be over the age of 18 years. Apart from that restriction, age is essentially and of itself, no barrier to achieving a caravan loan. Our consultants handle each application on an individual basis to ensure we source and structure it to suit the individual requirements. Your requirements today and looking ahead over the full term of the loan.
The selection of loans for buyers of all types of caravans and RV including camper trailers, off-road models, hybrids, mobile homes and traditional caravans include:
- Secure Caravan Financing: The most popular loan for private, recreational buyers as it suits all types of new and some used caravans and all-aged buyers. The caravan is the security against the loan, our cheap interest rates are fixed, fixed terms of up to 7 years are available and the repayments are negotiated and fixed to suit individual budgets.
- Unsecured Personal Loan for RVs: Where the RV is not suitable to offer as security or is not accepted by the lender, an unsecured loan can be a workable option.
- Caravan Chattel Mortgage: For businesses acquiring caravans and RVs for use in their business, this is a very popular and versatile commercial caravan finance facility. The caravan is used as security and the repayments are fixed over a fixed finance term. Tax benefits can be realised through the depreciation of the caravan according to ATO rulings. This form of finance is seen as most suitable to take advantage of accelerated asset depreciation schemes such as temporary full expensing and caravan Instant Asset Write-off.
Refer to our Caravan Financing Interest Rate table to work out our possible repayments on the loan that suits you and your caravan.
Age of the Caravan
The age and condition of the caravan will be a consideration when lenders assess a caravan loan application. The interest rates advertised for secured caravan loans apply to new goods. When buying an older caravan or a restoration or conversion project RV, where the vehicle is not suitable security for a secured loan, we offer the option of the Unsecured Personal Caravan Loan.
While the interest rate on an unsecured loan is higher than for a secured loan, we can source cheap rates across all loans and structure attractive terms and conditions and a repayment schedule that works with your budget. View our free Caravan Loan Calculator to receive estimates on your finance options.
With our vast number of accreditations with different banks and lenders, Jade has fast access to lenders for loans to suit all ages of buyers and ages of caravans. You don’t have to wait for an age for a caravan loan quote, just give us a call or apply online for a quick quote.
Call 1300 000 003 to discuss lending with Jade Caravan Finance consultant
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.