When buying a caravan or other goods such as cars and boats, you are highly likely come across the term 'no deposit finance'. This is usually advertised by dealers and can be very effective in attracting buyers who want to buy without having to use their cash as a deposit. But there is somewhat of a different meaning or interpretation between no deposit being requested from a seller and no deposit finance as provided by lenders such as Jade Caravan Finance. To clearly set out our no deposit finance option for your caravan loan we’re covering a number of aspects, explaining how you can source this option in your caravan loan.
Seller Deposit v No Deposit Finance
Caravans are usually custom or built to order so it would be expected for the dealer or manufacturer to request some form of upfront payment so they have the purchase confirmation to proceed with building your caravan. So that’s a deposit requested by the seller which is different from a deposit or no deposit finance.
No deposit finance is defined as including 100% of the purchase price in your caravan loan. That is a very common process and a request that our consultants are dealing with all the time, you could say most of the time and it is quite achievable for most caravan finance applicants.
So if the dealer asks for a deposit but you want 100% purchase price finance, what are your options?
The options depend on a number of factors but we’ll outline some possibilities:-
- Depending on the timeframe between when you order your caravan and when it will be ready for delivery, you could organise pre-approved finance and pay the full amount at time of ordering rather than a deposit on order and the balance on delivery.
- Advise the dealer that you are organising 100% purchase price finance and request they treat your deposit as a ‘holding deposit’ and refund/return it to you when the lender finalises the caravan purchase invoice with your loan funds.
There may be some scenarios where an individual lender doesn’t accept a certain application for a 100% purchase price loan. The reasons for this can vary and may involve the purchase of an older caravan or in regard to issues around the credit profile of the applicant or the application not meeting the lender’s requirements. In these instances the lender may approve the borrower for a lesser loan amount which would effectively require a deposit to be paid.
But for many customers, our Jade consultants can achieve the full purchase price, no deposit loan option.
Our No Deposit Caravan Loan
Our no deposit caravan finance is available on our Secured Caravan Loan, the most popular type of loan for buyers of all types of caravans and recreational vehicles.
- The loan amount includes the full purchase price of the caravan and the caravan is used as security against the loan.
- Jade negotiates individual loan deals to ensure our cheap caravan finance interest rates which are fixed for the term of the loan.
- The loan term and the loan repayments are also fixed.
- The repayments are in equal monthly instalments due on a set date each month. A direct debit is arranged when the loan is established so if you’re travelling in your van, you won’t miss making a payment.
- This type of loan allows the borrower to make additional payments if desired and if the loan is finalised early only minimal break fees are charged by lenders.
This is a standard consumer finance loan structure with the added benefit of having your Jade consultant handle all the sourcing quotes, negotiating with lenders, liaising between lender and seller for settlement and handling the paperwork.
What caravans is a no deposit loan available for?
Our no deposit caravan finance is highly versatile and suitable for the purchase of all types of caravans and other variants within the caravan category: camper trailers, toy haulers, hybrids, off-road vehicles, RVs, motorhomes and all variations of slide-on and pop-up and pop-out models.
Jade is a major lender in the leisure market and we offer finance for vehicles from all major Australian manufacturers for both new and used models.
No Deposit Finance Inclusions
No deposit caravan loans cover 100% of the purchase price but don’t forget those accessories. Many caravan manufacturers offer optional packs, upgrades and a selection of accessories so buyers can set-up their vehicle to suit their travel style.
When ordered at the same time as your caravan, these accessories can included in the purchase order and in your no deposit finance.
Caravans require registration and if this is handled by the dealer on your behalf and included in the sales invoice with the purchase cost of the caravan, then it should be able to also be included in your loan.
When arranging your no deposit caravan loan don’t forget to mention these and any other extras for inclusion in the total loan amount.
To discuss no deposit finance for your caravan purchase, call 1300 000 003 and speak with one of our Jade Caravan Finance consultants.
DISCLAIMER: THIS INFORMATION HAS BEEN PREPARED FOR THE PURPOSE OF GENERAL INFORMATION AND IS NOT INTENDED AS FINANCIAL ADVICE OR THE ONLY SOURCE FOR THE PURPOSE OF MAKING INDIVIDUAL FINANCIAL DECISIONS. IF A READER CONSIDERS THAT THEY REQUIRE ADVICE ON THEIR FINANCIAL SITUATION, PROFESSIONAL ASSISTANCE AND ADVICE SHOULD BE SOUGHT FROM A FINANCIAL ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISINTERPRETATIONS OR ERRORS IN DATA, CONTENT AND INFORMATION AS SOURCED FROM OTHER PARTIES. THE INFORMATION PRESENTED IS FOR GENERAL INFORMATIVE PURPOSES AND READERS ARE ADVISED TO FOLLOW UP INDEPENDENTLY.