Where To Get A Great Caravan Loan In Australia
If you love your caravan and camping like we do, you probably know exactly what you want in a caravan. You probably have a list of non-negotiables and you would probably consider features versus price?
When it comes to financing your caravan, there are so many options it can be confusing.
So, what are the different ways to finance a caravan? Which way is better and why? How can I see all the Banks deals – not just the loans they advertise on their site.
Let’s go exploring!
What Are My Options?
Many Banks just don’t offer great options for caravans. They will try to get to add it to your mortgage if you have one. This way it extends your mortgage out over a longer term. As ex Bankers, we know the Banks make more money from you when you do this. Even though the interest rate is always less, the loan term is almost always longer and the more you pay overall for your caravan.
Other Banks offer unsecured personal loans instead of specific Caravan Loans. Because the loan is unsecured, normally the interest rates can be a lot higher.
As finance brokers, we have access to some of the best Caravan Loans on the market.
How Does A Caravan Loan Work?
A Caravan Loan can be either secured or unsecured. What this means is if you don’t pay your loan back, the Bank can take your caravan if it is a secured loan. If it is an unsecured loan, they can not. A secured Caravan Loan is normally better however because the interest rates are lower.
How Much Can I Borrow?
Normally you can borrow the full amount of the caravan. This also depends on your affordability and the Bank’s lending criteria.
What Would My Loan Repayments Be?
Call one of our Lending Specialists on 1300 11 70 30 to discuss the caravan you would like to purchase. We will find the best Caravan Loan for you and let you know what your repayments would be either weekly, fortnightly or monthly.
Am I Eligible For A Caravan Loan?
You are eligible for a Caravan Loan if you are 18 years of age or older, are an Australian Citizen or permanent resident and you have a reliable, regular income.
What Is The Application Process?
When you call us on 1300 11 70 30 you will speak to one of our experienced Lending Specialists. They deal with Caravan Loans every day and will be able to talk to about who currently have the best deals. They will ask a few questions to get to know you and calculate your borrowing capacity and affordability. If you are ready to submit an application you can then choose which Caravan Loan option you prefer the most. Our Lending Specialist will then tailor the application to suit the Bank’s needs. This guarantees a quick approval and easy process for you.
Why Would I Go Through LoanBay?
We are specialist lenders. We deal with Caravan Loans every day and know who has the best deals at any given time. We deal directly with the right department at the Bank and will shop your application to them before submitting it. We won’t submit it to multiple lenders and hope for the best. We will be careful we limit the inquiries to your credit report.
We’ve already done the hard work in establishing our network. Tap into it and let us help you find the best Caravan Loan, fast. Call us on 1300 11 70 30 to discuss what we can do for you.