The flood and rain event which affected many areas of Australia’s east coast have left thousands in need of assistance. The outpouring of support from Australians has been significant with millions raised in a recent telethon and donations to support organisations. One way that RV owners are being asked to assist flood victims is by providing accommodation with their vans on a temporary, emergency basis. RV owners looking to provide temporary housing for flood victims where the RV is under finance, owners should address any possible impact on their caravan loan.
The NSW Government is supplying around 120 mobile homes for flood victims and Camplify has put out a call-out to RV owners to assist with their caravans. The call-out is to provide accommodation to residents and for relief workers in the areas seriously impacted by the floods.
Is this something you could do? We provide the information for your consideration and what implications may exist for caravans under finance. For those considering supporting this initiative with the purchase of an RV which can used by the owners after assisting flood victims, be also provide details on the accessing new caravan finance.
Camplify Call-out for Flood Relief
Camplify is a business that connects RV owners with people looking to hire or rent caravans. Matching owners and renters to effectively share the van. The arrangement can assist owners offset expenses and create an income stream. Details on participating including fees can be found at Camplify.
The business is now reaching out to RV owners to assist in the provision of their RVs as emergency housing for those left homeless due to the floods. Their team is matching vans to the requirements of those in need through their platform. The arrangement includes free insurance.
Those interested can find out more details and contact Camplify directly.
Impacts for Caravan Finance and Insurance
For those with caravans under finance, it would be astute to consider if there are any implications or issues arising from entering a share van arrangement of this type. Lending a caravan on say a ‘no fee or benefit received’ may pose a different situation in regard to a caravan loan to lending an RV when a fee, rental or financial compensation is received.
Letting family and friends use your caravan when you are not using it may be viewed entirely differently to that of a rental arrangement.
A Secured Caravan Loan is provided for goods to be used primarily for personal purposes not for commercial use. Caravans to be used for commercial purposes may be purchased using a range of business loan products such as Caravan Chattel Mortgage.
In the case of a Secured Caravan Loan, the caravan becomes the security against the loan. If the use of the caravan changes, this may be an issue. Lenders may take individual views on the subject. Those considering such a venture should contact their lender to discuss the situation and ensure that their loan will not be impacted in any way.
When purchasing a caravan with finance, lenders require the RV to be fully covered by insurance. By entering a share-van arrangement that insurance may be impacted, Contact your insurer to discuss your particular situation.
Camplify is offering information and contacts in regard to rental insurance which may or may not be a solution for your individual circumstances.
Purchasing any goods with finance comes with obligations as it involves entering a loan agreement with the lender. When circumstances present that may involve a change to the goods or the terms agreed to, the lender should be contacted to discuss any possible implications.
Purchasing a New Caravan to Assist
For those with a goodwill streak or community spirit wanting to assist in the efforts to loan caravans to flood-affected people, please reach out to us to discuss the finance options on new caravans. Buying a new caravan to initially loan out for the relief efforts and then use for your own holiday or travel plans. As broker-style lenders, we provide both personal caravan loans and business RV finance.
We are accredited with many banks and lenders so we can match our customer requirements with the lender that will best suit and offer the most affordable and cheapest caravan loan.
For those purchasing a caravan for private use, our Secured Caravan Loan is widely used, suits all types of caravans and RVs and has a secured loan format.
For those acquiring caravans for commercial purposes, we offer a portfolio of business finance products including the versatile and popular Chattel Mortgage.
For those who have lost their caravan due to the flood, please refer to our article on what to do in these circumstances. For those affected by the floods and seeking assistance with loan repayments, please refer to our post on sourcing loan relief.
Contact Jade Caravan Finance on 1300 000 003 for a caravan loan quote.
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.
