Addtional Caravan loan and Caravan finance information
The articles below are included to help you find out more about car loan and car finance options. If you have any questions, please contact us.
Affordable holidays forever! The secrets to getting a caravan loan...
Ask most caravan owners what they love about their caravan and they will be sure to mention the words “cheap holidays”. Once you own a caravan, the cheap holiday options are endless – whether you want the beach or the outback, the choice is yours.
The only downside is that you have to part with a fair bit of cash upfront to purchase your dream caravan. Most caravan owners fund their purchase with a caravan loan, but getting a suitable caravan loan isn’t always as straightforward as a car loan or mortgage. A caravan loan is the first step to holiday freedom.
You could ask at a dealership. Some larger dealerships offer caravan loans, but this does limit you to a particular dealer at best and can be costly with inflated fees and interest rates at worst. Beware that purchasing using a caravan loan from a dealer may not be the best caravan loan for your circumstances.
Another temptation to avoid is using your credit card to purchase a caravan instead of a caravan loan. Ideally a caravan loan is secured against the caravan that you purchase which generally makes your interest rate much cheaper than unsecured credit (like a credit card or personal loan).
A better option is to go through a caravan loan broker that offers a specialist caravan loan service. A broker can source the best caravan loan for your circumstances. Caravan loan options include drawing equity from your home, personal loan or a loan secured against the caravan itself. The key is getting a caravan loan to match your financial situation, so you can enjoy your caravan without worrying about your caravan loan!
Like any loan, peace of mind comes from knowing that you can easily meet the repayments on your caravan loan and that you are dealing with a reputable organisation. Ask your broker to calculate a few scenarios (called what-if analysis) to ensure your caravan loan repayments suit your lifestyle.
For example, by taking a caravan loan over a shorter period, your repayments will be higher. This might suit you if you are retiring in a couple of years and you don’t want to have to pay repayments on the caravan loan once you retire. On the other hand, perhaps you are already retired so you can only afford small, regular repayments to co-incide with pension payments. Extending the term of the caravan loan and paying weekly might suit you better.
If you are unsure about how much you can spend on a caravan, why not apply for pre-approval on your caravan loan. Your broker will help you get pre-approval on a caravan loan before you go shopping so you are well-informed and armed with real negotiating power. A pre-approved caravan loan can be obtained within 24 hours in most cases.
A caravan, motorhome or recreational vehicle offers fabulous holiday opportunities. Start holidaying sooner by contacting 360 Financial Services regarding a caravan loan to suit your budget.
Funding the great Australian retirement dream: Caravan finance 101
In a land as vast as Australia, caravanning just makes sense. The freedom of the open road, the total flexibility and the picturesque stops along the way can make for the trip of a lifetime. This is why the caravan lifestyle is one that appeals to many Australians and is particularly popular with retirees.
So when my friend Roger, came looking for advice on how to find caravan finance, I was only too happy to help.
Roger and his wife Carol are retired, but both are on a pension, and although they own their own home and had some savings, they were concerned that their bank would not give them the caravan finance due to their age and stage of life.
Roger and Carol had been told a number of “facts” about caravan finance by their friends, which I quickly pointed out as myths. They were a little disheartened thinking that caravan finance and therefore, their trip of lifetime, would elude them. In particular, they were under the impression that:
- Caravan finance is hard to source
- Caravan finance is only available through the bigger caravan dealers
- You can only finance a new caravan
- Caravan finance is expensive
- As retirees, there is no way they could get caravan finance
Most of these “facts” about caravan finance are a stretch of the truth. The real facts are:
- A caravan loan is easy to source through a broker as they know who provides specialist caravan finance
- You can get caravan finance outside of a caravan dealership, so you can shop around for the best deal at any dealership
- There are finance options available for used caravans
- Whilst caravan finance will have a higher interest rate than a home mortgage, there are caravan finance products available at a fair interest rate, like that of a car loan.
- It is possible for retirees and pensioners to get approved caravan finance.
Once I explained the real facts about caravan finance, Roger and Carol put in a caravan finance application that day.
Roger and Carol were able to use their savings as a deposit and fund the repayments on the caravan finance using their pension income. This would still leave enough income and savings to fund their trip. They set off next month on their caravan adventure, starting in their home town of Melbourne with plans to travel all the way to
the Daintree with stops in Sydney, Brisbane and all the little towns along the way.
Wether you are working, retired, young or not-so-young, there are caravan finance products available through a caravan finance broker. Regardless of your circumstances, a caravan finance broker can find a product to suit. Plus a good caravan finance broker can guide you through the application process to ensure you get approval first time on your caravan finance.
For more information about caravan finance, contact 360 Financial Services. Their helpful consultants understand caravan finance so they can help you embark on the trip of a lifetime sooner.