COVID-19 has wreaked havoc across just about every aspect of people lives and for many businesses. Travel, touring and holiday plans have been especially disrupted with border closures and travel restrictions. For some, the disruption went beyond a change of plan, route or departure date, but having to abandon touring in their own caravan, RV or motorhome altogether because they were unable to secure finance during the coronavirus.
If you applied to a bank or finance company during the height of the COVID-19 crisis, ie March to May 2020 for a caravan loan and were unsuccessful we’re reaching out to invite you to contact Jade and discuss a ‘second chance loan.
We’ve been prompted to post this call-out after reading a story in the mainstream media where some new car dealers had lost sales during the pandemic because their buyers had their car loan applications rejected. Buyers that the dealers felt were solid credit applicants and should have been successful.
Due to the issues faced by the lending sector at the height of the COVID-19 crisis, we guess that similar scenarios may have been happening at caravan, RV, motorhome and camper trailer showrooms also. But conditions have eased and if you were turned down for a caravan loan earlier this year, we encourage you to contact us to see what solutions we can offer.
Focus on Lending During COVID-19
We’ll give you a quick overview of what, how and why some of the issues played out in the lending sector due to coronavirus with the intention of explaining why now may be the time for you to move forward with your caravan purchase and touring plans.
- While we have the utmost respect for car, boat and caravan dealers, they are not qualified to make assessments as to the suitability of an individual for a loan. Lenders such as banks, finance companies and finance brokers must be qualified and licensed through ASIC and strictly adhere to the guidelines for responsible lending as set out by ASIC and as per the National Consumer Credit Protection Act 2009. We recently posted an article explaining all the details around this topic and we refer you to that article for further information.
- As we have related on a number of occasions in our articles, when the reality and extent of the economic impact of COVID-19 hit Australia, the banking sector was hit hard. The major banks were inundated with requests for loan payment deferrals and to provide support for both individuals and businesses.
- It all happened quickly and understandably, the lenders tightened their lending practices while they assessed the situation. Simply, they made it much more difficult to achieve consumer loans.
- As the restrictions imposed by Governments were lifted, businesses began reopening and the economy started to return to something as close to new normal as possible, the lenders also eased some of their restrictions. We are finding it much easier to source loans for customers in mid-year than in the March-May period.
So if you were caught up in all that, you had plans to buy a caravan with a caravan loan and your application declined, now might be a better time for our Jade Caravan Finance team to source you a great loan offer.
How can Jade Caravan Finance find you a solution?
- With the lending situation eased since you made your application, you may now be have your caravan loan application approved. However, if you approach the lender yourself, by making multiple applications you risk having a negative effect on your credit profile.
- When a finance broker sources your loan, even contacting multiple lenders, this does not impact your credit profile.
- As experienced finance brokers, we are accredited with multiple lenders including the major Australian banks. We can source your loan from a greater number of lenders, providing greater choice and greater chances. We’ll even approach your bank, if you want, on your behalf.
- Our consultants are skilled negotiators and backed with our strong bargaining power, we are well-placed to deal with lenders and negotiate the best deal for you.
- Our service is comprehensive and streamlined. We provide fast approvals, handle initial enquiries to source you an offer, on acceptance of that offer we finalise the loan and assist with the paperwork.
- Our Caravan Finance services are available to both businesses and individuals.
- We provide loans for all types of recreational vehicles: traditional caravans, motorhomes, RVs, camper trailers, toy haulers and pop-tops both new and used.
With interest rates at historic low levels, this may be a good time to secure caravan finance at our best interest rates. The timing may have played into your hands on a different front also. Mid-year coincides with EOFY special offers and clearance sales being offered by some caravan manufacturers.
Caravanning will be a popular way to travel and holiday as international travel is off the cards for the time being. Jade Caravan Finance is ready to make that a reality for you.
To discuss a second chance caravan loan contact Jade Caravan Finance at 1300 000 003
DISCLAIMER: THIS INFORMATION HAS BEEN PROVIDED AS GENERAL MATERIAL FOR YOUR CONSIDERATION. INFORMATION IN REGARD TO GOVERNMENT POLICIES IS SOURCED FROM OFFICIAL AUSTRALIAN GOVERNMENT SOURCES. NO LIABILITY IS ACCEPTED FOR ERRORS IN PRESENTATION OR IN THE INTERPRETATION OF FACTS OR THE COMMENTARY AND ANALYSIS OF INFORMATION THAT IS AVAILABLE IN THE PUBLIC DOMAIN. INDIVIDUALS ARE ADVISED TO CONSULT WITH THEIR FINANCIAL ADVISOR OR ACCOUNTANT FOR SPECIFIC ADVICE REGARDING THEIR INDIVIDUAL SITUATION.