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Tips and Hints for First-time Caravan Loan Applicants

The surge of interest in caravans due to the restrictions enforced on travel by the coronavirus pandemic has been well-documented and widely reported. While it’s great to see so many people getting into this fantastic way to holiday and travel, being a first-timer to the caravan finance scene can be a challenge. Let’s face it, it’s not every week or every year that most people have the need to apply for a loan, especially for recreational purposes. Even existing caravan owners don’t face the need to upgrade too often as caravans are generally held for a considerable time.

Where to find the best caravan loan deals? Are there differences in loans depending on the type of caravan? Do you just hit the internet and/or start making calls and requesting loan quotes from as many finance companies as possible to get the cheapest deal?

For those approaching the caravan loan process for the first-time, be assured that Jade Caravan Finance has the information, resources and the people to assist you at every stage to source you the cheapest RV loan available. Here’s a quick overview of the caravan loan market which we hope will give you confidence to move forward with your purchase.

Popular Loan Types

The most popular type of loan to purchase all types of caravans, camper trailers, motorhomes and RVs is our Jade Secured Caravan Loan. If you are doing intensive research, you will find a range of banks and lenders that do extend finance to purchase caravans, but not all will specify a caravan loan. We do because we are specialists in recreational vehicle finance. Many lenders only offer a generic Secured Personal Loan which is offered to cover a whole range of purchases.

The Jade Secured Caravan Loan has an easily understood format. The caravan is the security for the loan. We arrange these loans at our cheap interest rates which are fixed for the entire time of the loan. There is no necessity to review your loan when you hear the RBA has changed the official interest rates.

We also fix the loan term so in conjunction with the fixed interest rate that gives you a fixed repayment amount. Repayments are scheduled monthly over the loan term. When the loan is fully paid, the lender releases the security over the caravan.

Lender Market

Jade is a specialist caravan finance lender and we provide customers with access to many banks and finance companies through our services. The Big 4 and other banks as well as a multitude of finance companies comprise what is known as our lending panel. You’ll see these displayed on our website. We have accreditation with these companies which gives our licensed and highly-trained finance consultants the authorisation to approach these lenders to source caravan loans for our customers.

But unlike when you might undertake the time-consuming task of requesting loan quotes from multiple lenders yourself, we have fast and direct access through our industry channels with these lenders and our resources. We are always across the market so we know at any particular time, which particular bank or non-bank lender is offering the best caravan loans and which offers the most terms and conditions to suit our individual customers. We save you time and give you the benefit of a wide choice, with the time-consuming work done for you.

Many caravan manufacturers and dealers also offer their buyers a finance option. Yes this may be convenient but you need to ask yourself “am I 100% convinced it’s the cheapest or best loan I could have sourced?” The dealer finance will be from their choice of lender. Jade offers finance sourced from many lenders.

Caravan Loan Interest Rates

The key to any loan is getting the cheapest interest rate. That is the major determining factor in establishing the repayments. To make it easy for people to see what’s available, we’ve compiled a Caravan Lender Comparison Chart. This displays the interest rate and loan summary of what a selection of banks and lenders is currently offering including what Jade may achieve for you.

Interest rates vary from lender to lender based on a range of factors. You’ll see an advertised rate and a comparison interest rate. The comparison rate is derived on the advertised rate plus certain fees and charges for a specific caravan purchase. The details are always described next to the displayed rate. You can read more about caravan loan interest rates on our web pages.

Calculating Your Own Loan Estimates

The tricky part for many caravan buyers is knowing how the price of a make or model they’re interested in might convert to caravan loan repayments. We’ve made that easy for you with our caravan loan calculator. Just enter the price of the caravan (we provide no deposit finance) and the number of years you’d like to repay the loan and you’ll see a rough repayment estimate displayed.

Use this resource free of charge to work out estimates on all the caravans and campers you’re considering. For a confirmed quote, just give us a call.

Extra stuff you should be aware of…..

  • When you contact many banks and lenders to ask for a caravan loan quote, those multiple requests can be entered by the lender on your credit record and negatively affect your credit profile. When your Jade consultant does that for you, the process does not affect your profile.
  • You will need a suitable vehicle to tow your caravan.
  • You will need to take out caravan insurance and register your van.
  • To access consumer credit you must be over 18.
  • No deposit caravan loans are available and extras and accessories can be incorporated into the loan.
  • Pre-approved secured caravan finance is available.
  • When engaging Jade to handle your caravan finance you are assigned a consultant to handle the entire loan process for you.

Armed with this information and the services of Jade Caravan Finance, any first-time nerves should hopefully now be allayed so you can move on with that loan application and your caravan purchase.

First-timer caravan buyers are always welcome. Call 1300 000 003 to discuss your requirements 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.

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