Lending options for your RV refers to all kind of lending products available to acquire a caravan.
Are you an adventurer or new to the outdoor life and you are looking for the right caravan? Before considering the type or make of a caravan, it is important to think about how to get one. This involves various methods like paying cash or securing loans.
Our team of brokers at RC Sailplane can connect you with the right caravan finance that matches your financial situation. We guide and work with you to understand your needs, take care of the entire process on your behalf and get you the best financial deals possible.
Don’t give up on your dreams of owning a caravan due to lack of finance. Know the right finance options for you and avoid bank debt.
How does caravan finance work?
When you make an enquiry from us at RC Sailplane, we connect you with the best brokers who have connections with banks and lenders all over Australia. They will gather your details, listen to your queries and be in charge of the finance process, on your behalf
Tell us your needs
We want to understand you. This helps to connect you to the best loan product. Knowing exactly what you need allows us make a case with the best lenders in giving you the best options, based on your financial position.
Get your caravan
We connect you with the best caravan finance package available. We take care of the application process on your behalf, and help you get the finance approved quickly so you can get your caravan.
Benefits of Finance
Caravan finance is a great choice if you want to spread the cost of your buying your desired caravan. You can enjoy your holiday without breaking the bank.
- There is no hidden cost when you apply for financing. The payments and agreements are fixed. You can even calculate the terms with the finance calculator
- Sometimes, there are no initial deposits required such as no deposit caravan loans. However, some loans require very small deposit.
- Also, the payment term is spread over a long period of time which allows easy means of payment.
- Using a caravan loan calculator can assist you with comparing repayment options prior to taking up finance.
Types of Finance
The type of caravan you get is a direct implication of your budget. What you have is what you get.
To acquire a caravan of your choice, no matter the budget, there’s a type of caravan finance option for you.
Choosing a hire purchase finance option means buying your dream caravan while spreading the cost.
You agree an initial or no deposit, followed by regular monthly payments. The size of your initial deposit affects how much you pay subsequently.
You can claim ownership of the caravan as soon as you complete all payments, including the interest rate.
Advantage of Hire Purchase
With hire purchase, the choice is yours. You determine the type of caravan you want, how long you will repay the loan and at what rate.
There is no excess mile restriction on the caravan, and as long as you make the monthly payment, the car is in your custody.
Also, the monthly payment amount is always fixed.
Disadvantage of Hire Purchase
Your monthly repayment amount is always higher compared to other finance options.
Even though the caravan is in your custody through the length of the loan term, it can be repossessed. This can happen when you default in payment.
Financing a caravan can be simple and straightforward. However, understanding the details and types of loans available is important.
There are two types of loans.
Unsecured Caravan Loan
An unsecured caravan loan is a type of personal loan. You do not need a security to obtain this loan.
You borrow any amount of money from a lender, over a fixed period of time, and then use the loan to buy a caravan.
This type of loan has high interest rates due to the risk involved.
Advantage of Unsecured caravan loan
The payment of this loan is fixed over a long of time. The monthly rate is also fixed and it is easy to pay.
Since the loan is unsecured against the caravan, when you default in payment, the caravan remains yours.
Disadvantage of Unsecured caravan loan
If you have a bad credit history, you won’t be qualified for this type of loan. The interest rate is a factor of your credit score. Your interest rate may be high if your credit score is low.
Secured Caravan Loan
A secured caravan loan, just like the name implies, is secured. It is a kind of caravan loan that uses the caravan as security for the loan.
The lender keeps part ownership of your caravan until you complete payment of the loan. If you don’t, the lender is obligated to sell your caravan to recoup the remaining part of the loan.
Advantage of Secured Loan
A major advantage of this type of loan is the low interest rate compared to an unsecured loan.
The monthly payment amount is also fixed and you can build your credit history in the process.
Disadvantage of Secured Loan
Because there is security for the loan, when you default in payment, the lender can sell off the security.
Benefits of Caravan Finance
The main purpose of financing is to provide a convenient means of owning or buying a caravan, whether for personal or commercial use. Other benefits include:
Flexible Payment Plan
The payment plan for getting a caravan loan is flexible and easy. The interest rate is paid between a 10 year periods. It is relatively low compared to other type of loans.
Choosing the right financial option also determine how flexible the loan term could be for you, depending on your need
100% Upfront Payment
In financing, you can get a zero per cent balance to purchase your caravan.
We handle the process and paper works on your behalf so you don’t have to worry.
Great Tax Rates
Unlike bank loans, Finance options have great tax benefits. Some of these finance options are tax-deductible.
Some loan options require no collateral or security. This is due to the small amount involved to purchase the caravan.
Depending on whether the loan is secured or unsecured, the interest rate is low. There are different means of securing loans, and the varying options have further interest charges. You can also choose the rate that best aligns with your needs since there are many options to choose from, especially when dealing with a broker.
Caravan Repayment Calculator
All financing options have considerable interest rates charged for a period of time, usually monthly. This means when you obtain a loan at a particular interest for a specific length of time, there is the minimum amount you must pay within such specific timeframe.
A finance calculator can help you to calculate these terms and cost to pay each month. Other things involved in the calculation are the deposit amount, loan term, and interest rate.