Most Australians, regardless of where they live, need little reminding that it’s been a very wet winter. In fact, make that a very wet…as far back as we care to remember! La Nina has certainly made herself very familiar with the Australian landscape and has now returned for a third visit. With more rain events and flooding forecast, when buying a new caravan, the caravan finance can play a part in ensuring it is protected in a number of ways.
The Bureau of Meteorology (BoM) has forecast La Nina to continue through spring before easing to a more neutral climate driver in 2023. La Nina is defined by above average rainfall and with much of eastern Australia already sodden from earlier rain events, the threat of flooding is very real.
When buying a new caravan, buyers will want to be assured that they have their bases covered in protecting their new vehicle in the event of a severe weather event. That protection may be come in a number of forms and may involve the caravan finance. We explain further in this article with information on how we assist caravan buyers in this regard.
Caravan Insurance
Insurance is a key aspect of protecting goods and assets from a range of occurrences. With our Secured Caravan Loan lenders require borrowers to take out insurance for the vehicle being finance. With this type of loan the lender accepts the RV as their security against the finance being extended.
In the event that the RV is written-off or stolen, the insurance is intended to cover monies owed in finance repayments to the lender. Where a vehicle is damaged and repairable, coverage will depend on the inclusions in the specific insurance policy.
Buyers are advised to read the detail of policies to ensure they fully understand what events and occurrences, such as storms, floods etc are included in that policy. Caravan insurance is available through numerous insurers and your Jade Caravan Finance consultant may assist you with further information if required.
Insurance covers against theft and damage but not product faults. Consumer laws are in place to provide buyers of goods with protection against faulty products. Buyers interested in knowing what they are covered for are advised to refer to the Australian Competition and Consumer Commission (ACCC) for details.
Financing Extra Protections
In addition to insurance, there may be a range of optional extras and upgrades that buyers can consider to provide additional protection for their new RV.
These may include:-
- Additional chequerboard to protect against stone chips and other damage.
- UV protective surfaces.
- Tinted windows to prevent damage to interiors from sunlight.
- Security door, windows, alarms and quality locks to protect against theft of contents.
- Awnings and other canopies to protect people when outside.
- Upgrade packs to allow for off-road capabilities and other features.
- Protective covers for the vehicle when parked-up and not in use.
- Alert and warning systems to notify of potential risks and threats.
- Racks and other equipment to secure bikes and other gear on the exterior of the van.
- Other systems and equipment as offered by manufacturers.
These are the types of protections that Jade Caravan Finance may be able to assist buyers in facilitating. In many instances, the cost of these additional items may be encompassed into the finance for the vehicle. In order for this to be possible, the items must be purchased in conjunction with the vehicle and at the same time.
This option would apply to finance for all types of new RVs such as camper trailers, hybrid caravans, toy haulers, traditional vans, mobile homes and others.
With the cheaper interest rates that we can achieve, including these extras in the caravan finance can present a very attractive option for buyers. Buyers should be aware that by including extras in the loan amount, the total loan amount would increase and subsequently increase the monthly finance repayments.
To arrive at a decision as to whether or not this is a workable and feasible option, buyers can use our Finance Caravan Calculator. First calculate the estimated repayments on the purchase price of the caravan and note the amount displayed. Then calculate the repayments with the purchase price plus an allowance for any extras. Note the difference and decide if this will work for you. Your Jade consultant may negotiate a longer finance term with our lender which would result in lower monthly repayments.
Weather events can present risks to all types of goods including caravans. Attending to issues around protection from risks and threats at the time of purchase and arranging finance may provide owners with greater peace of mind while providing increased protection for your investment.
Contact Jade Caravan Finance on 1300 000 003 to discuss how we can assist buyers better protect their new caravan with finance options.
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.
