From your position on the couch with snacks and remote at hand, does watching the achievements of our athletes in Tokyo create pangs of guilt or moments of motivation? Possibly thoughts of what you can be best at in your own space. One thing is certain, not all, if many, of us mere mortals have the determination, ability and skill to reach the heady heights of the athletes we watch on the world stage. But we do have the capacity and access to the resources to assist us in achieving PBs (that’s a personal best) in many areas of our lives including when securing finance.
Achieving PBs can require a training regime, setting goals and most importantly surrounding oneself with the right team to advise and guide. These strategies can be adopted by those seeking to score a personal best with their caravan loan, but without the pain on route to a major gain.
As specialists in leisure market lending, Jade Caravan Finance has assisted many of our customers to achieve the best caravan loan available and we share our insights into how you to may reach a personal best caravan loan
Team-up with Proven Performers
It is very common for retired champions to take on coaching and mentoring roles with up and comers. Who doesn’t want the benefit of the experience of those who know how to be a winner. The team at Jade Caravan Finance is available to guide and direct by teaming up with our customers to organise their loans.
We provide not only the expertise and resources but we do a lot of the hard work that is required to secure the cheapest caravan loans. Your consultant will work with you to secure the loan that suits your requirements from our vast choice of banks and lenders.
If you choose undertake the loan sourcing process yourself, then you need to know the market. Not all banks and non-bank lenders such as finance companies actually offer a specifically named caravan loan. Their loan products may be of a more general and wide-spread nature. A loan for a caravan may come under their general Secured Personal Loan umbrella.
As specialists in this market, we do offer specific Secured Caravan Loans. These loans are developed to suit leisure vehicle purchases and the specific requirements of caravan and RV buyers. This means the loans are specifically risk-assessed to suit the market and the cheapest interest rates apply.
Sourcing PB Interest Rates
In order to achieve the best interest rate on your loan you should have an understanding of how interest rates are set by lenders and on what basis individual loan offers are made. Each lender will carry out their own risk assessment of both a lending market and of individual loan applicants.
So there are two parts to the interest rate story. First, selecting a lender that has assessed the caravan market as a good risk proposition and is prepared to offer lower interest rates for loans in this area. We’ve prepared a Lender Comparison Calculator which sets out the data for you to easily see what a range of banks and other lenders are currently offering for caravan loans.
Secondly, applicants need to have a good credit profile to secure the cheapest interest rate loan offers. All advertised interest rates by lenders will be applicable to loan applicants with a good credit score. Lenders review each applicant’s credit profile as a normal part of the loan application process. Applicants with a poor credit score are seen as higher risk and as such may be offered a higher interest rate or have special conditions included in any loan that is offered.
Protecting your credit score is very important. Missed and slow payments, defaults and even multiple applications for loans are reported to credit reporting agencies and have an impact on an individual’s credit score. Stay on top of payments consistently and before applying for a caravan loan, it can be a good idea to review your credit profile and fix any errors which it may include.
The Personal Best Caravan Loan
A PB for some may be achieving the cheapest interest rate loan or it may be achieving a repayment level that works with their budget. Both are actually linked because the interest rate in tandem with the loan term determines the repayment level. Use our calculator and change the term to see how this all works by changing the repayment level.
To stay on track with loan repayments, it is a good strategy to select a loan term that results in an amount that works for you. A longer term will deliver lower caravan loan repayments but it will be a longer time before you own the van outright and more interest is payable in total.
A shorter term will mean higher monthly loan repayments but you pay less overall in interest and you own the caravan sooner. Some of these decisions will need to be considered in context with overall financial goals and obligations and that may require input from a financial advisor. Financial advisors as distinct from lenders such as Jade, are also an important member of an expert team.
When you have set your goals in regard to repayments, your Jade consultant will be negotiating with our lenders to achieve you both the cheapest interest rate and the repayment level that you prefer.
Stay on Track
One attribute which seems to define high achieving athletes is their ability to focus on their goals and avoid being distracted. That can also apply to sourcing a caravan loan. Many manufacturers and caravan dealers now offer the opportunity for buyers to sign up for finance when buying. This can seem like a very convenient way to secure finance. But it may also signal an abandonment of your quest for a PB.
Dealer finance can be priced higher than we can achieve and that would mean you not achieving a PB. Before signing up to loan offers purely based on convenience or in response to what appear OMG deals, please ask us for a quote to compare. Alternatively, use our calculator on your mobile while in the showroom to get a rough estimate on repayments that we may achieve for you.
Achieving a PB caravan loan is a very real and attainable goal if you follow a proven plan and especially engage with the experts at Jade Caravan Finance.
Call 1300 000 003 to discuss a caravan loan with a Jade Caravan Finance consultant
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.