With so many caravan loans out there, finding the perfect one can be a tough task. You need to do hours upon hours of research, call multiple lenders, and crunch the numbers to figure out who provides the best caravan finance. It can get overwhelming having to sift through dozens of caravan finance rates and contact different lenders to find the right one.
Plus, if you’re new to the world of caravan financing, you must acquaint yourself with the jargon and loan processes to ensure you make an informed decision. After all that, you’ll have to go through the loan application which is another can of worms entirely.
This sounds like a lot of work because it is! The great news is there’s a way to get the best caravan finance without breaking a sweat. You can skip all the steps by applying for a loan with Aussie Leisure Loans.
Easily compare caravan loans with Aussie Leisure Loans
Aussie Leisure Loans can help you find the best caravan finance available. When you apply for caravan finance with us, we’ll analyse your loan preferences and find a deal that best suits your financial situation. We work with some of the country’s leading lenders making it easy for us to get you the perfect loan.
If you want a more personal touch, you can contact us and discuss your needs. Whether you’re buying your very first RV or need an upgraded camper trailer, we can help you find the best finance rates available. Once we get your information, we’ll get back to you as soon as possible.
As a loan broker, we’re here to do all the heavy lifting so you can get the best caravan finance rates possible, as simple as possible. We can connect you with a broad range of trusted lenders offering Australia's most competitive rates. Once you choose aloan, we’ll handle and settle the application process on your behalf. All you have to do is get a quick quote online, and we’ll take care of the rest.
Key factors to consider when comparing caravan finance
When you’ve got your shortlist of possible loans, it’s time to do a detailed comparison. Every lender offers different loan features, interest rates, loan terms, and the like. It’s up to the discretion of the borrower to see which loan is the best for them.
Here are a few factors you must keep in mind when comparing loans:
- Loan term – The loan term dictates how long you’ll be paying off your loan. Most caravan loan terms vary from one-year terms to up to 10 years depending on the lender.
- Repayment frequency – This is how often you make repayments on your loan. Some lenders offer a choice between weekly, fortnightly, or monthly loan repayments.
- Interest rates – This varies depending on the lender, the type of loan you want, amongst other factors. For example, if you’re applying for a secured loan, you’re likely to get a lower rate compared to an unsecured loan. You are also likely to see rates differ when comparing fixed and variable loans.
- Ongoing and hidden fees – These include admin fees, late fees, annual fees, and other costs on top of the principal loan amount and interest rate.
- Comparison rates – These rates include all fees included in a loan. Using the comparison rates, you’ll be able to more accurately compare loans.
It’s important to look at the factors above when choosing a caravan loan. Aside from loan caravan finance rates, you want a loan that lines up with the rest of your financial needs and goals.
Tips on getting the best caravan finance
If you want to find the cheapest rates, you need to do some due diligence. With the help of Aussie Leisure Loans, a leading loan broker, your search for the perfect caravan loan can be streamlined so you don’t have to waste precious time and get your caravan sooner.
Here are some useful tips to help you narrow down your options even further:
Research different lenders
Once you’ve got your shortlist, it’s time to do a bit more digging on the lenders. The ideal lender would be one with stellar customer service and high client satisfaction. Your borrowing experience can be significantly improved when your lender has great client support. Also, look into how their whole operation works. See if they have facilities available online for your convenience.
Evaluate loan terms and conditions
It always pays to analyse the loan terms and conditions carefully. You want to ensureyou’re aware of any hidden fees andcharges that may come up. Some loans may sound too good to be true because important clauses are hidden in the fine print. Don’t hesitate to ask questions if you’re uncertain about anything in the loan.
Use an online caravan loan calculator
A great and very practical way to compare loans is by using an online loan calculator. You can see just how much your potential repayments will add up. Go through your loan options and see which repayment frequency fits your needs better. You can also adjust the loan terms to find out how it affects your repayments.
Improve your credit score
A higher credit score usually means better chances of getting a caravan loan with low-interest rates. Those with good credit are seen by lenders as more likely to pay back the loans. Because of this, lenders may offer better interest rates for these borrowers.
You can improve your credit score by paying your bills on time, checking your credit report for any errors, and overall keeping your finances in good standing.
What is the typical loan term for caravan finance?
The typical loan term for caravan finance is from a year to seven years. Some loans may be shorter or longer depending on the lender and how much you’ve borrowed.
What is the difference between secured and unsecured caravan loans?
When you take out a secured loan, you’ll be putting the caravan you buy with the loan as collateral. In case you default on the loan, the lender has the right to repossess the caravan. An unsecured loan, on the other hand, requires no assets to be put as collateral.
Can I pay off my caravan loan early without penalties?
Yes, it’s possible but it depends on the loan you take out. Choosing a caravan loan without early repayment fees means you can pay off your caravan loan early without suffering penalties. You could also discuss increasing your regular loan repayments with your lender so you can pay off your loan faster.
Are there any hidden fees or charges associated with caravan finance?
It depends on the lender. There are lenders who charge hidden fees in addition to the interest rates. Other lenders charge very little associated fees while some don’t charge any at all. It’s best to check the comparison rates of each loan to see which one has the lowest overall cost.
Can I refinance my existing caravan loan for better terms?
You can refinance your caravan loan for better terms if your lender allows it. Keep in mind your lender may charge early termination fees or discharge fees if you do look to refinance. Weigh the costs of refinancing with the benefits of refinancing (i.e., better interest rate or loan features with your new lender) to see if it’s the right option for you.
How long does it take to get approved for caravan finance?
You can get approved for caravan finance on the same day or a few days after your application.