FAQ

Yes. When buying an RV or any other caravan with a secured loan, the lender will apply the condition that a comprehensive insurance policy be purchased on the RV. This is a general condition that is applied across the lender sector for both consumer and business loans. The lender would require the insurance so if the RV was to be stolen or written off, they would have the security of the insurance policy to recover any monies owed. RV insurance policies can be obtained through many insurers and most can be purchased online. You will need to advise the lender of the details of the insurance policy.

Yes. Pre-approved loans for the purchase of RVs and other types of caravans are available. A pre-approved loan is arranged and approved prior to the borrower securing the RV purchase. The loan application process follows the same steps and is subject to the same protocols as a post-purchase loan except it is based on a loan amount rather than the purchase of a particular vehicle. It is beneficial to have an RV in mind to indicate to the lender. If purchasing a new RV, a secured loan can be sourced and if purchasing a used vehicle, the loan offer will be subject to the age of the vehicle. Pre-approved loans can be highly beneficial as they allow the borrower to know the purchase price they can work towards when selecting accessories and other add-on packs for the RV.

Yes, subject to lender guidelines. Caravan loans are available for all types of caravans including RVs, that are purchased through a manufacturer, from an authorised dealer or privately. The loan application process is the same for privately purchased RVs and the same considerations apply around the age of the vehicle. Buying from a private seller would signal that the RV is a used vehicle and as such would be subject to conditions around the age of vehicles for a Secured Caravan Loan by our lenders. Where a privately purchased RV does not meet the criteria for a secured loan, you may be able to source an unsecured loan.

RVs, recreational vehicles, are included under the broad caravan finance category. The most common type of loan for new and most second-hand RVs is the Secured Caravan Loan. This loan has a relatively simple loan format with the RV used as security against the loan and the borrower repaying the loan in monthly payments. For most lenders, this type of loan is at a fixed interest rate and over a fixed loan term with fixed repayments. If the age of the RV or for other reasons, the application is not accepted for a secured loan, you can apply for an Unsecured Personal Loan.