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FAQs
Frequently Asked Questions
Am I eligible for a caravan loan?
Eligibility for a caravan loan is usually straightforward. If you’re over 18, live in Australia, and have a steady income, you’re off to a good start! Lenders also like to see that you can comfortably manage repayments, so having a decent credit score and not being overwhelmed with other debts will be helpful in securing caravan finance.
Are there benefits to financing a caravan instead of buying outright?
Yes, there can be benefits to financing vs buying a caravan outright. First, financing allows you to keep your savings intact in case you need that money for emergencies or other investments. Financing also means you can afford a better model without needing to pay the full amount up front. Consistently making caravan payments can also be a great way to build your credit history.
Are loans different for new and used caravans?
Loans for new caravans often come with lower interest rates and more flexible terms because they’re considered lower risk. Used caravans may have slightly higher rates, but they’re still accessible with tailored loan products.
What do I need to apply for a caravan?
For a caravan loan application, you will generally need:
- Proof of identity (driver’s license or passport)
- Proof of income (recent payslips or tax returns if self-employed)
- Bank statements showing your financial stability
- Details of the caravan you intend to purchase
- Information on any existing debts or financial commitments
How do I make repayments on my carvan loan?
Caravan repayments are usually made through direct debit from your bank account. You can choose weekly, fortnightly, or monthly schedules, depending on what works best for your budget.
What fees can I expect to pay with my caravan finance loan?
Common fees associated with caravan loans can include:
- Application or establishment fees
- Ongoing account-keeping fees
- Early repayment fees (if applicable)
- Late payment penalties
How does caravan finance work?
Caravan finance works similarly to other vehicle loans. A lender provides the funds to purchase your caravan, and you agree to repay the loan in instalments over a set term with interest. Depending on the loan type, the caravan may serve as collateral.
What kinds of loans do you offer for caravan finance?
We offer several types of loans for new and used caravans, including:
- Secured loans: Lower interest rates as the caravan is used as collateral
- Unsecured loans: No collateral required, but higher interest rates
- Personal loans: Flexible funding for caravans and accessories
- Chattel mortgages: Ideal for business owners financing a caravan for work purposes
- Commercial hire purchase: Perfect for businesses, where you hire the caravan and take ownership once all payments are made
- No deposit caravan loans: Lets you finance the full cost of the caravan without needing an upfront deposit
- Low doc caravan loans: A great option if you’re self-employed or don’t have standard financial documents like payslips
How can I get the best rate on a caravan loan?
Getting a great rate is all about showing lenders you’re a good borrower and doing a bit of homework. Here’s what you can do:
- Know your credit score: Lenders love a good credit score—it shows you’re reliable. If yours needs a little boost, try paying off small debts or tidying up any missed payments.
- Shop around: Not all lenders offer the same rates, so take the time to compare options. Even a small difference in interest can save you a lot over time.
- Keep it short: Choosing a shorter loan term might mean slightly higher repayments
How long will caravan loan approval take?
Approval times vary by lender but can range from a few hours to a few days. Pre-approval is often faster and gives you more bargaining power when shopping for a caravan.
Can I make additional payments?
Yes, many lenders let you make extra payments, which is a great way to pay off your loan faster and save on interest. Just double-check with your lender first. Some loans are flexible, but others might charge a fee for early repayments. Knowing the details upfront can help you plan and make the most of your extra payments!
Where can I get a good deal on a caravan?
There are plenty of places to snag a great deal!
- Online platforms: Sites for new and used caravans can offer competitive prices, and you can compare options without leaving your couch! Check out the great deals on caravans for sale at Only Vans.
- Caravan expos or dealerships: These often have special promotions or discounts, especially at big events.
- End-of-season sales: Dealers sometimes discount older models to make room for new stock, so it’s a great time to find a bargain.
Why should I get pre-approval for a caravan loan?
Getting pre-approval before your caravan loan can give you a clearer understanding of your budget and borrowing power before you start shopping. It simplifies the buying process and can make negotiations easier, as you’re already one step ahead with financing in place.
How long does caravan loan pre-approval take?
Pre-approval is usually a quick process that can often be completed the same day! Once we have the necessary information, our finance consultants work to give you an answer as soon as possible.
Does a pre-approval guarantee I'll get a caravan loan?
Pre-approval is an initial assessment and not a guarantee of the final loan. However, it gives you a strong indication of how much you can borrow. Our team will guide you through any additional steps needed for final approval to make your caravan purchase stress-free. You can also try our caravan loan calculator to get a sense of how much you can borrow.
Will applying for caravan pre-approval affect my credit score?
In most cases, a pre-approval involves a soft credit check, which doesn’t impact your credit score. If a full credit check is needed later for the loan application, we’ll discuss this with you beforehand.
How long is a caravan loan pre-approval valid?
Pre-approvals are generally valid for 30 to 60 days, depending on the lender. This gives you time to explore your options and make a confident decision without rushing.
What information do I need to provide for pre-approval?
To get pre-approval, you’ll just need to provide some basic details, like your desired loan amount, income, and a few aspects of your financial history. Our team will walk you through exactly what’s needed. If you want to get a sense of the monthly repayments beforehand, take a look at our caravan loan calendar.
Can I get pre-approved before finding the exact caravan I want?
Absolutely! Getting pre-approval before you find a specific caravan can help you shop with a clear budget in mind. Once you’re ready to buy, we’ll finalize the loan details based on your chosen caravan. You can get pre approved caravan finance for new or used caravans.
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