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What is a caravan loan?
Whether you’re shopping for your first car, looking to upgrade or need a replacement vehicle as soon as possible, a car loan can make the process simple and more affordable.
A caravan loan can either be an unsecured or secured loan where you use your new caravan as security. There are pros and cons to both kinds of loans — for example, a secured loan offers a lower interest rate whereas an unsecured loan offers more flexibility.
Here is a quick guide to the different types of caravan loans available:
- Secured personal loan — Here, you can use your caravan as security and receive a lower interest rate. You will need to keep in mind that your caravan is at risk if you default on the loan.
- Unsecured personal loan —An unsecured loan gives you more flexibility to purchase accessories and insurance for your caravan. The interest rate is higher as the lender is taking on more of a risk by lending you money.
- Caravan financing from a specialist lender — There are several specialist lenders in this space but we recommend checking the reputation of these lenders before applying for a loan.
With a caravan loan in Newcastle, you can purchase a full caravan, a pop-top/pop-out caravan, wind-up/wind-out caravans, a teardrop trailer, a five-wheeler, RV or a motorhome. You get to choose how you want to travel!
When it comes to choosing a motorhome loan, it’s important to compare interest rates and lenders to ensure you get the most bang for your buck. At Watson Mortgages, we specialise in car and caravan financing in Newcastle — we’ll compare hundreds of products across more than 20 Australian lenders to find a loan that suits your needs.
Contact the team at Watson Mortgages. Our services are complimentary, convenient and flexible to suit your schedule.
Why choose Watson Mortgages for caravan financing in Newcastle?
At Watson Mortgages, we’re committed to finding you a competitive caravan loan in Newcastle, Lake Macquarie, the Central Coast or the Hunter Valley. Interest rates and repayment terms tend to vary from lender to lender — we understand how stressful it can be to compare quotes and make the right choice for your future.
With this in mind, our brokers will help make choosing a caravan loan less complex. We have close ties with more than 20 lenders including Australia’s big banks — our brokers will compare hundreds of different loan options and find an interest rate that suits your budget and your lifestyle.
The benefits of choosing Watson Mortgages don’t end there.
- We’ll do the hard work for you. We’ll compare products, communicate with the lenders, submit the documents and secure the loan for you. All you need to do is focus on finding the perfect caravan for your travels.
- Our services are complimentary and convenient. Our brokers can meet at your home or we can have a more formal meeting in our office.
- We’ll find a competitive interest rate for your caravan. There will be less pressure on you when it comes to monthly interest payments.
- We have experience and expertise. Our brokers can provide debt consolidation advice so you feel supported and on top of things from day one.
Use Watson Mortgage for your caravan financing. Contact us to book an appointment and discuss your options today.
Contact Watson Mortgages for an obligation-free consultation
Frequently asked questions
Can I get a caravan loan if I’m retired?
Yes! Caravan loans are available to people in various financial situations including pensioners. It is, however, important to note that most lenders have different eligibility criteria and most lenders have minimum income requirements and/or standards when it comes to the form of income. Some lenders may consider the age pension, superannuation payments or rental payments as income — we will help find a lender that suits your circumstances.
What documents will I need for my caravan loan?
In most cases, you will need to provide a copy of your driver’s licence, rates notices or rental details, bank statements and payslips. It’s important to provide as much documentation and detail as possible to increase your chances of getting approved. Our brokers will provide a list of documentation in our initial consultation.
How much can I borrow for my caravan?
It depends on the lender and your borrowing power i.e. how much you have in savings, any outstanding loans, your employment status, your income etc. Based on the information you provide us with, we will find a caravan loan with a desirable interest rate so you can manage repayments more effectively.
Do I need to pay stamp duty on a caravan?
No, caravans and camper trailers are exempt from stamp duty. All you’ll need to worry about is registration fees, caravan insurance and of course, your ongoing repayments.
Can I get pre-approval on a caravan loan?
Yes! Caravan loan pre-approval means that you can browse the market with confidence and secure your caravan sooner. To pre-approve a loan, your finance lender will need to evaluate your financial situation and determine how much you can borrow as well as the expected interest rates and repayments.
You won’t be locked into a loan but you will have a decent idea of how much you can borrow to purchase a caravan.
How long does it take for a caravan loan to be approved?
It depends on the lender — some lenders can approve a loan within 24 hours. Once you have been approved and the finance documents have been signed, you can expect to receive your loan within 24 hours, also. Our brokers will do the hard work and research to ensure you choose a reputable lender and a loan you can comfortably repay.
Can I get campervan finance if I have a bad credit rating?
Again, it depends on the lender. Some lenders will allow you to apply for a loan with a bad credit rating. Everyone’s bad credit score is different — for example, you may have been made redundant unexpectedly, missed a payment on a previous loan, or even fallen ill and unable to work. The lender will review your circumstances and financial situation, ultimately giving you a second chance.
How long do I have to pay off my caravan loan?
The timeframe tends to vary based on the lender and the type of loan. However, you can usually choose between one and 10 years — if you choose a shorter loan, you will have a higher monthly repayment but you will pay less interest, so we recommend opting for a shorter loan if financially viable.