With the recent COVID outbreaks across several states, the appeal of a caravan lifestyle for touring and holidays continues to increase. Being able to quickly change plans with the turn of your steering wheel rather than having travel plans completely dashed with border closures and flight cancellations sounds far less stressful and far more appealing. If the appeal of caravanning is drawing you closer and closer to a caravan purchase, it could be time to consider the options available in regard to loans for RVs.
As a specialist in the leisure vehicle lending market, we’re ideally positioned to provide both the information that buyers require in regard to loan availability and purchase a reality at the cheapest caravan finance interest rates.
Lender Scene
Despite the economic impacts of coronavirus over the past 18 months, the economy is recovering ahead of forecasts and the RBA has stated it is now transitioning to an expansion phase. This is a positive outlook for both customers and lenders.
Caravan purchases have surged since the pandemic hit and the demand for finance has also been high. Loans are available through both banks and non-bank lenders (finance companies) though the loan specifications and details will vary from lender to lender.
To provide an easy reference point, we have compiled a Caravan Finance Lender Comparison Calculator for private caravan buyers. In this chart, we have included our own current Secured Caravan Loan specs and interest rate as well as loan details from several other lenders.
Unlike specialist lenders such as Jade Caravan Finance, not all banks and lenders offer a specific ‘caravan loan’. The option for borrowers will be a more generic secured personal caravan loan. This type of loan would typically be offered by a lender to cover a range of consumer goods purchases such as caravans, boats, motorbikes and possibly even cars. The generic nature of such a loan may not take into account the ‘positives’ associated with some purchases. As such the interest rate offered and loan conditions are more general and may include a higher interest rate than a specific caravan loan.
The lending market for consumer goods is quite strong and competition in the consumer finance sector is always robust as lenders compete for business.
Finance is also available through caravan manufacturers and dealers. These are usually third party arrangements with a finance company. If considering this option, look into the deal closely to avoid excessive or hidden costs or possible commissions to the seller which may inflate the cost of the overall loan.
Sourcing the Cheapest Caravan Loan
Borrowers can approach sourcing their caravan loan in essentially two different ways: either going it alone to contact multiple lenders to get the best offer or allowing our Jade consultants to do the work in sourcing and securing the cheapest caravan loan for you.
Going it alone involves applying for loan quotes from several banks and/or non-bank lenders or simply opting for the finance deal from the seller. Those choosing the multiple-quote approach should be aware that making multiple applications for the same loan can reflect poorly on a credit profile. Lenders report loan applications to credit agencies and multiple applications may be seen as desperate rather than astute.
Having multiple options to choose from may seem like a smart idea but it can create confusion. Loans need to be compared not only based on the comparison interest rate but on the specific conditions as included in the contract. This may require intensive analysis. To compare interest rates, feel free to view our caravan loan interest rates table.
The solo option is to simply engage Jade Caravan Finance as your source of finance. We are accredited with multiple banks and lenders and when we canvass the options on behalf of our customers, the applications are not reported on a credit profile.
Our service is also much faster and you receive the expertise of finance professionals to assess and explain the loan conditions and terms in detail. You also have your own consultant to handle those tricky negotiations in regard to getting the cheapest interest rates and achieving the desired repayments.
Caravan Loan Types Available
As we mentioned above, the exact details of caravan loans will vary across the lending market. The primary variations include secured or unsecured loans and fixed or variable interest rates. Different loans may also be dependent on the age and type of RV being acquired. Used caravan buyers may be directed to an unsecured personal loan where the lender does not accept the caravan as acceptable security against the loan.
At Jade Caravan Finance, for new purchases of all types of RVs including traditional caravans, hybrids, off-roaders, toy hauliers, mobile homes and camper trailers, our most popular loan is our Secured Caravan Loan.
This loan suits many buyers and many caravans and includes:-
- Fixed interest rate secured at our cheap interest rate.
- Interest rate fixed over the entire term of the loan.
- Fixed loan terms up to 7 years.
- Fixed loan repayments.
- Caravan used as the security against the loan.
- No deposit caravan loans are available so the full purchase price can be included in the loan.
We source and tailor loans to meet individual customer requirements. To see what your loan could look like in terms of repayments for our finance and the offerings from other lenders, simply use our Lender Calculator.
Applying for a Caravan Loan
In lockdown or free to roam, whatever your situation, applying for a caravan loan is straightforward and easy with our services. You can do so over the phone or via our online application form. Our consultants will handle the process and explain all the details on the way.
So if you prefer to change travel plans with your steering wheel rather than spend hours online to airline and accommodation booking systems, consider buying a caravan with our cheap loan offerings.
Contact 1300 000 003 for a quote on lending for your choice of caravan
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.
