Caravan Finance

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Caravan finance Australia

We love our leisure vehicles in Australia. And with endless roads, beaches, and horizons to explore, it’s no wonder. So whether you’re looking to finance your new or used caravan, motorhome, campervan, or recreational vehicle (RV), you can get help from the experts at Oceania Finance.

Caravan finance broker

The last thing you want to deal with when you’re planning your retirement or getaway adventures is the stress of finding that perfect finance. Wading through the endless caravan loan options, reviewing eligibility criteria and terms and conditions—it all takes away from the joy of the purchase. Not to mention having to negotiate your way through the technical jargon. Instead, you can rely on a finance broker.

Loan brokers are finance experts with specialist knowledge in brokering deals to suit their client’s individual circumstances. They review an array of lenders to find the finance solution that will fit your financial situation and needs. They can then negotiate to get terms, conditions, rates, and fees that are tailored to you.

Unlike dealer finance, a caravan finance broker works for you. So you know they are working in your best interest, not the interest of the company. Not only is this their role, but it is also a requirement under the National Consumer Credit Protection Act 2009.

How does caravan finance work?

When you get a caravan or motorhome loan, you receive a lump sum of money. You then pay the loan off over time in manageable installments. As well as repaying the initial sum, you also have to pay other rates and fees included in your loan agreement.

Caravan finance rates and fees

The interest rate and fees you pay will depend on the lender you choose to go with. This includes interest, an establishment fee, late or missed payment fees, and any other fees outlined in your loan agreement.

Caravan finance with balloon payment

Some lenders will have the option or requirement to make a balloon payment at the end of your loan term. With a balloon payment, you pay a lower scheduled amount for the duration of your loan repayments. And at the end of your loan term, you pay off the remaining amount in a lump sum.

How to get caravan finance

Everyone’s finance journey will be different. For example, you could apply through the caravan dealership or a direct lender like a bank or personal lender.

Here is what the caravan finance process generally involves:

• Choose a caravan
• Check your credit rating
• Review caravan loan lenders and options
• Decide on a lender
• Submit your loan application

*you can find when to get a free credit history report here.

It’s important to thoroughly consider your needs and circumstances to research the right type of loan for you. Alternatively, you can seek help from a caravan finance broker. An expert broker can review your situation quickly to evaluate, negotiate, and apply for the best loan for you.

Eligibility

The following are the basic eligibility requirements to qualify for loans for campervans:

• Be 18 years old or over
• Have a regular income
• Have not filed for bankruptcy
• Be a permanent Australian resident or relevant visa holder

Documents required for vehicle finance

The exact document requirements will depend on what lender you get a loan from and what vehicle you are getting. Here are the basic document requirements for applying for a caravan loan in Australia:

• Certified copy of your passport or identity document
• Proof of income and employment details
• Proof of address
• Assets and liabilities
• Registration details of the caravan

Camper financing interest rates

The interest rate will depend on the lender. Common factors that can influence your interest rate include:

• Whether your loan is secured or unsecured
• The amount you are borrowing
• The age of the caravan
• The repayment term
• Your income
• Your credit score

Caravan finance options

There are a number of caravan finance options available in Australia. We’ve listed the most common ones below:

• Secured personal loan: a secured personal loan uses an asset, usually the caravan you are going to purchase, as collateral for the loan.
• Unsecured personal loan: an unsecured personal loan for a caravan means that neither the caravan nor any other asset is used as security for the loan.
• Low doc business loan for a caravan: if you’re self-employed, you could find a low doc loan to suit your situation.

Loans for every type of vehicle

Need a personal loan for another expense? Learn more about how these personal loans can help you:

• Car finance
• Motorbike finance
• Vehicle finance
• Boat finance