Taking on any form of loan or finance is considered by most people as extremely significant. When that loan is for leisure rather than essential goods, the decisions to be made around the loan can become even more poignant. Of primary concern is ensuring the loan repayments on say the caravan finance will work with the household budget over the number of years of the loan. When embarking on the process of buying a caravan with finance, many buyers will understandably be seeking assistance, help and caravan finance advice before making the commitment. Assistance which can instill confidence that they are making a good decision, provide clarity around the technicalities of the finance contract and help navigating the leisure market lending scene.
RV buyers seeking caravan finance advice can refer to both financial advisors and finance brokers for advice and assistance when sourcing their loan. In seeking advice, buyers can view the caravan finance process from two perspectives – the caravan finance deal itself and their individual personal finance position in regard to the loan suiting their circumstances.
In our role as a caravan finance broker style lender we are expertly placed to provide assistance with the loan while other finance professionals are better placed to provide advice around personal finances. Government bodies also provide easily-accessible information on consumer finance to assist those seeking loans. To assist buyers find the advice, information and assistance which is available we have prepared this handy explainer around the differing roles of finance professionals and links to resources and loan tools.
Sourcing General Consumer Loan Information
For those that have not applied for a consumer loan for say a caravan for some time or possibly ever, acquiring a good general knowledge around what to expect can be helpful. Knowledge provides confidence and that can be very important when making financial decisions.
The area of consumer finance is overseen by ASIC which is a government body. This body is the official regulator of the consumer lending laws in Australia. ASIC approves lenders as Licensed Credit Providers and sets the Responsible Lender Guidelines that lenders such as Jade Caravan Finance must adhere to.
Referring to their resources provides insights into what buyers can expect when applying for caravan finance.
Another very useful resource is MoneySmart. This is an easy-to-navigate website which clearly and succinctly explains many of the topics around consumer loans and credit. Note the information on credit reports and credit scores. Having a good credit score is important to achieving the best interest rate and loan conditions.
While not directly related the subject of finance, consumer law can be important to caravan buyers. Consumer law covers the rights of buyers including warranties and guarantees. Some consumer laws are Australia-wide and others may be state-based. Refer to the relevant department in your state government website and the state where the caravan manufacturer is located for information on your rights.
Consumer Finance Advice Specialists
There are numerous experts and professionals offering services in the finance sector. Understanding the different roles and responsibilities of each can greatly assist in quickly sourcing the right people to assist.
In regard to the caravan loan, Jade Caravan Finance is a specialist in this field. Our role as a finance broker is to address the interests of our customers specifically. That means sourcing the best loan from across our vast lender panel that best meets the requirements of our customer. Our consultants negotiate with our lenders to achieve the cheapest interest rate, process the loan application and assist with settlement.
Jade Caravan Finance is a Licensed Credit Provider under the ASIC regulations and abides by their Responsible Lending Guidelines. When seeking loans, always ensure the lender is licensed.
The other important perspective to cover off is the individual personal finance position. Essentially the capacity of the individual to take on loans. For advice on this, individuals are recommended to refer to their financial advisor.
The role of a financial advisor is to advise individuals on personal finance decisions. That may be in regard to their superannuation, budgeting or investments. Some people have a dedicated financial advisor while others may utilise the services of their accountant for this purpose.
It is not our role as a lender to provide personal finance advice to customers. You will note that in many instances in our information, we include the disclaimer that if individuals require this type of advice they should refer to their financial advisor.
When applying for caravan finance with Jade we will provide you with written information about consumer finance as is a requirement under the Responsible Lender Guidelines. It is also our responsible not to offer a consumer loan which is deemed unsuitable for an individual.
We hope this has clarified any queries you may have had around applying for consumer finance who to approach for help with making financial decisions. For more information on how we can assist you with cheap caravan finance, please reach out to speak with one of our consultants.
Contact Jade Caravan Finance on 1300 000 003 to discuss how we assist caravan buyers with finance.
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.