Caravan dealer finance provided when purchasing a RV, may be convenient but may not always be the most affordable or suitable loan for that buyer. With significant amounts involved in the purchase and financing of new RVs, buyers are strongly encouraged to consider their loan options, especially the opportunities available through a specialist finance broker.
It may have been some time since you applied for a loan for a recreational vehicle or this could be the first time. You may not be fully aware of the options and opportunities in the loan market. You may feel an obligation to go with the loan offered by the dealer because they’ve possibly done you a great deal on the RV price or they are just nice people. Nice people, seemingly good deal - regardless, ensuring your secure your best possible RV loan should be your priority, and it doesn’t need to be difficult or time consuming.
Loan features, interest rates, borrowing limits, terms, collateral and approval criteria can all vary with the lender. Being provided with only the one lender option through a dealer may be limiting your potential to achieve your best loan. We provide this explainer to assist buyers to better understand their loan options and how to secure their best RV loan.
Understanding Caravan Dealer Finance
Providing loans to buyers of a wide range of goods at the point of purchase is not a new concept. It has been available in various forms for many goods for decades. In the RV market, the loan may be offered via the manufacturer’s finance arrangement or through the dealer’s partnership with a licensed credit provider. Buyers will often see a loan deal advertised with RVs, sometimes without a price, just a weekly or monthly repayment figure. With terms and conditions of course applicable.
These types of loans are generally provided by one specific lender. Buyers do not get a choice or options to consider, unless the finance partnership is with a broker – more on that below. They may be asked to complete a loan application on the spot or referred to the credit provider representative.
Caravan Dealer Finance Loan Types
To be your best loan, the loan must first be the right type of loan. Most new RV buyers will be requiring a Secured Caravan Loan where the RV is accepted as collateral by the lender. Secured loans can have a similar format from different lenders but can also have variations.
Ensure the limit available for this type of loan suits your requirements. If the maximum is less than you require, you may need to buy a cheaper van or make a larger downpayment. The borrowing limit for individuals is determined by lenders on an individual basis. If the criteria for determining borrowing capacity from that lender does not meet buyer expectations, it may not be their best possible loan. Another lender may approve their application for the preferred amount which may also allow for accessories and other inclusions and for some applications, no deposit finance.
The terms available can also vary with secured loans from different lenders. The term impacts the monthly repayments. If the preferred term is not available, buyers may consider applying to another lender or simply engaging with a broker. As specialist RV finance brokers, we have access to many lenders representing many loan products. Enabling our brokers the ability to match buyer with lender and ensure the most suitable loan offer is achieved.
All providers of credit to consumer, whether through a dealer or a broker, must adhere to ASIC’s Responsible Lender Guidelines and be Licensed Credit Providers.
Compare Caravan Dealer Finance Rates
Interest rates vary with lenders. This results in opportunities for buyers to find better rates by covering off on more lenders. Dealers only provide you with the one lender option. Jade provides you with 80+ lenders and an experienced broker to do the work of finding your best possible interest rate.
In addition to variations in rates, lenders also vary in offering a variable or a fixed rate loan. Our Secured Caravan Loans are secured with a fixed rate which does not change over the complete term. Variable rates offered on some loans are subject to changes, often when the RBA announces cash rate changes.
Comparing interest rates can be done using our Finance Calculator. Enter our latest best rates as a guide and note the repayments to compare with any other offer you have received. Noting that calculator results do not include lender fees and charges. Requesting a quote can provide you with a repayment amount for more accurate comparisons.
Your Best Loan, Your Best Interests
To ensure you have achieved your best RV loan, engage with one of our brokers. We work in your best interests to achieve the most affordable loans for all types of new and second-hand RVs.
Ensure you achieve your best loan by requesting a quote from Jade Caravan Finance 1300 000 003 to compare with caravan dealer 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.
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