If you like caravans and are about to buy one, then you may need to find out more about caravan loans and financing. We have a video interview with Steve Sell talking specifically about caravan loans.
Free Credit Report provide Free Credit History for you and there’s no obligation there, but after that often people ask, how can I get a loan for a caravan.
I’m here with Steve Sell from Free Credit Report and one of the things we’re going to be asking Steve about today is Caravan loans and a lot of people retiring, the great nomads are floating around the country in fact they’re almost in plague proportions with the way the age of demographics are. We see many throughout the countryside.
So, Caravan loans
What is the maximum loan amount for a caravan?
Okay we’ve done caravans up three or four hundred-thousand-dollar range SO there’s no real maximum. Once again it comes down to the client’s ability to repay, what they’re using it for and the quality of the van.
How do finance companies and banks secure the loan on the caravan?
In most instances the caravan itself is used as the security.
What’s the maximum loan term for a caravan loan?
Seven (7) years.
What’s the minimum loan term for a caravan loan?
Twelve (12) months.
Okay all right. So, assume I am retired and I’m ready to rock and roll. I have my map of of Australia and three years planning.
What’s the amount of deposit I’d need for a caravan loan?
Okay that comes back to the person borrowing the money. Often no deposit and depending on where the vans going and the type of van and age of it the deposits, they vary to suit the customer.
Okay so I’m assuming from that that if it’s a brand-new one then the deposit might be lesser than if it’s a secondhand one?
Absolutely, a new van depending on your circumstances you may not need any deposit but if you look at an older van for example then they may ask for 20% deposit to reduce the risk.
Okay, all right, fair enough.
Can I use my mortgage or can you help if I need to restructure my mortgage to get the caravan financed?
Yes we can. That’s an option and obviously that is going to have lower interest rate and lower repayments doing it that way, but there’s pluses and minuses on either side.
Can you help us buy caravan or is it only cars?
We can help find that caravan. We deal with licensed caravan dealers and we would recommend one of those depending on what type of van you wish for.
So, if anyone’s interested getting a caravan loan what do they need to do?
Well you can start by looking at your credit file and getting that from Freecreditreport.com.au or give us a call on 1-800-100-100.
A lot of people who are retiring and travelling around Australia, then they will find that really useful information.