The Melbourne event kicked off the 2023 caravan show calendar, and the Sydney Supershow is less than two months away. These events are significant for buyers to see many leading manufacturers in one place. They save time and allow easier comparisons; the models are almost side by side. But for prospective buyers planning RV purchases with caravan finance, the recent rate rises and remarks from Governor Lowe at Government committees may have thrown uncertainty around committing to this type of purchase.
Uncertainty exists around how much the RBA may lift interest rates in the coming months and how that may play out in the caravan lending market. But by taking a smart, sensible and savvy approach to sourcing cheaper finance, buyers can keep plans on course toward RV ownership.
Rate rises in the RV lending sector may vary, and using the available resources and services can assist buyers in accessing the cheapest rates. We share our expertise to help buyers start putting buying plans into action with more affordable finance.
Use A Caravan Finance Broker
With rates varying on loans for caravans, buyers can face the time-consuming task of finding precisely which bank or finance company may offer the cheapest interest rates and most suitable finance when they intend to apply.
This task can be simplified by making the smart move to engage with a finance broker to do the hard work. With RBA lifting rates, specialist broker Jade Caravan Finance assists RV buyers in keeping buying plans on track by sourcing the cheapest interest rate loans. Sourcing the most affordable rates available at any particular time across many lenders is what we do and do very well.
We have access to the lenders, can handle the task quickly, and deliver buyers the cheapest loan offer. The interest rate is integral to the cost of the caravan finance, and we ensure that the box is ticked.
Determine Caravan Finance Goals
Removing uncertainty and feeling confident to proceed with the purchase can also come from knowing what you want in your loan—specifically, having a clear idea of the repayment amount that will work with your budget and structuring all other aspects of the purchase and the finances to meet that target.
Be smart, and before even looking at RVs, please look at our van finance calculator. Most buyers will have at least a rough idea of the price range of the vehicles they are considering. That’s the starting point. Enter that amount in the total loan amount.
While being mindful that rates could go up before your application is processed and that you could be offered a different rate, to calculate estimates, use the interest rate we are currently displaying. Rates displayed by lenders will be the best rate for customers with a credit rating in the excellent band. These rates will be for new caravans.
Our advertised rates are for our Secured Caravan Loan, which should suit all types of new RVs -traditional models: hybrids, camper trailers, motor homes, toy hauliers and others. Second-hand models may attract different rates, and if the vehicle is not accepted as security by the lender, an Unsecured Personal Loan may be required.
The final value to enter into the calculator is the loan term. We can source terms of up to 7 years, while some lenders may only offer 4 or 5. Enter whatever time you like at this stage. With all fields entered, the calculator will display the repayment amount for those values.
That would be great if the amount is in the range of your expectations. As a guide, the results reveal how much a caravan at that price may cost regarding caravan finance repayments. That may be an essential progression in acquiring confidence around the affordability of the vehicle you want to purchase.
Achieving Workable Repayments and Terms
If the repayments calculated on the calculator exceed a buyer's target, they can consider a few options to achieve the desired monthly outgoing.
When using the calculator, you may have entered the total purchase price of the caravan. That is fine as we offer no deposit finance, subject to lender approval of individual applicants. By making a deposit, the finance amount can be reduced. That then calculates through to lower repayments.
The term finance is also critical. That is where your Jade consultant can help you out. We can negotiate with our lenders to work towards the relevant term by letting us know your repayment preferences.
Preparing to Buy at Caravan Shows
With two more rate decisions scheduled before the Supershow in Sydney in mid-April, it can be understandable that buyers planning to order at that show may have some uncertainty. We provide services with pre-approved loans to assist buyers in making advanced purchase plans.
Pre-approved caravan finance can be applied for and processed to the approved stage before the event. Could you speak with us about how far out from the show is ideal, as these loans will expire?
Buyers can also consider submitting their application for pre-approved finance to get an indication of loan conditions and repayments based on current rates.
We assist buyers in keeping their plans on track with a comprehensive broker-style lending service. So speak with us about your plans and how we may help you realise them.
You can contact Jade Caravan Finance for cheaper interest rates on caravan finance.
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. I'D LIKE TO LET YOU KNOW THAT LIABILITY IS ACCEPTED FOR ANY ERRORS, PRODUCT DESCRIPTION VARIATIONS, OR OTHER MISREPRESENTATIONS OF INFORMATION AS PRESENTED.