When you’ve decided to buy a caravan it’s time to study the market. The selection of different types of RVs, camper trailers, traditional caravans and mobile homes is quite extensive with Australia home to a robust and highly regarded caravan manufacturing sector. Most manufacturers provide informative websites, detailing the specs and features of their models and often the price guide. But if you require finance to purchase a caravan, having the RV price is only one part of the information you require. What you really need to put each caravan make and model into perspective is the loan repayments on each purchase price.
We have provided a simple to use caravan loan tool which allows you to do just that. Convert caravan prices into finance repayment estimates with our handy caravan finance repayment calculator.
How Caravan Loan Repayments Are Calculated
Loan repayments are calculated based on a number of factors:
- Interest rate: The interest rate is a key determinant but rates vary across different types of loans and can be fixed or variable.
- Loan amount: The amount being borrowed is clearly going to affect how much your monthly repayments will be.
- Loan term: Terms available on caravan finance can vary from lender to lender.
- Fees and charges: Lenders charge varying fees and charges on all types of loans. These are factored into the overall loan amount in calculating repayments.
Working our Your Caravan Loan Repayments
Before heading to use the calculator to work repayments on the caravan you have in mind, you will need to decide on the key elements of your loan and how you would prefer the finance to be structured to suit your budget.
While our consultants negotiate hard on behalf of our customers to achieve the finance terms and conditions that they want, some aspects will be subject to individual lender guidelines and an assessment of individual loan applications.
Set Your Caravan Loan Amount
The first aspect to determine is how much you are going to apply to borrow. We offer no deposit caravan finance so you can choose to include the full purchase price of the RV in your loan. This ‘no deposit’ reference is to the lender not requesting a deposit be paid and is different from a down payment that the manufacturer or dealer may ask you to pay to confirm your order.
In addition to the purchase price, we can include additional items in your caravan loan. They may include optional accessories and extras – that extra water tank, an external awning, off-road upgrade pack and others. So keep that in mind when deciding on your loan amount.
Choose your Caravan Loan Type
There are a number of loans available for the purchase of caravans.
Private purchasers, those buying a caravan purely for their own travel and holiday enjoyment can select from:
- Secured Finance For Caravans: by far the most popular and suited to new caravans and many used models.
- Unsecured Personal Loan: suited where the caravan is not available to offer as security or not accepted by the lender.
Referring to our Lender Comparison Chart, you can see the loans offered by different lenders for caravans. Not all offer a specific caravan loan but a more generic personal loan format.
Those purchasing vans for use in a business there is a range of finance facilities available with Chattel Mortgage for Caravans the most widely used.
Review the Caravan Finance Interest Rates
If using our Caravan Finance Calculator, you will need to enter the correct interest rate for the loan you have selected. Interest rates vary across loan types. We clearly display our current rates throughout our website. These rates are based on good credit applicants and for new caravans.
We also make it easy to review interest rates across a range of loans from different lenders with our Lender Comparison Calculator. This chart lists a selection of banks and lenders with their loan types and the interest rates on those loans.
You will note that some offer fixed interest rate loans and some are variable interest rates. At Jade, we ensure fixed interest rates on our secured loans to provide a fixed repayment over the full term of the loan.
Decide on Caravan Loan Terms
How long or short a time period you take to repay your loan will impact both the total interest payable on the finance and the repayments. A longer timeframe results in more interest but lower repayments while a shorter timeframe results in less interest overall but higher monthly repayments.
Loan terms of up to 7 years are available on caravan finance.
Use the Caravan Finance Calculator
With all your data prepared you can use our finance calculator to work out your repayment estimates and play with the figures to arrive at a repayment amount that will work with your budget.
There are two calculators available:
- Caravan Finance Interest Rates Comparison Tool – you just enter your loan amount and term and the repayment estimates are shown alongside the loan offerings from the banks and finance companies listed.
- With Caravan Finance Calculator you can enter the data around your purchase/loan including our cheap interest rate to see the outcomes. Simply change the amounts such as the loan term and the loan amount, to see how those changes alter the repayment amount.
When you arrive at a combination that delivers a repayment amount in your ballpark, you simply contact us for a firm quote.
The calculator is the essential loan tool for comparing different caravan makes and models, deciding on whether or not to make a down payment to reduce your total loan amount and establishing an idea of how you would like your loan to look in terms of loan type and terms.
Repayments on caravan loans will vary according to a range of factors but you have access to a resource to find out for yourself what repayments may be on any particular model.
Call 1300 000 003 to discuss a quote with a 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.
