Getting a caravan loan is probably one of the biggest financial decisions that you will ever make. In fact, the majority of people that are considering buying a caravan today, whether they’re after a brand new caravan from a dealership, or a second hand caravan from a private seller, are likely to want to get a caravan loan pre-approval in place before committing to purchasing.
We have put together a quick 5 step guide to obtaining caravan and camper trailer finance at the best rates. So before you apply for your loan, please consider the following points before submitting an application.
Technology has made it so easy to apply for a caravan loan online without even leaving your home or office. Sometimes people don’t even realise they are actually applying for a loan rather than just enquiring about a loan online. Applying for a caravan loan with too many financiers can greatly affect your chances of being approved by any lender. Credit reporting agencies can now make note every time a financial institution checks your credit history. If you’ve applied for multiple loans recently, financiers are likely to consider you to be a high risk and decline your application.
You can obtain a copy of your credit report to see what information it holds about you and also to see what the financiers can see. In the meantime, only make an application for a loan once you are happy that your chosen financier is going to offer a competitive caravan finance rate. We can’t stress this enough, the worst thing you can do is to make multiple applications at one time. Read more about knowing your credit file intimately and why it’s important to your financial future.
If you’re looking to head out to buy your caravan from a dealer or at one of the many caravan and camping shows around Australia, it’s wise to apply for your loan pre-approval before you venture out. Having your money pre-approved ready to go can increase your bargaining power at the sales desk. Also, this way you can look at more options than just the one option that the dealership, or at the show, will generally have to offer you. We all know that if you only have one option to choose from it is very difficult to know if you are getting the very best loan deal.
It’s true, new caravan loans can sometimes be easier to get that approval that you are looking for over a loan for a used purchase. If the repayments for a new caravan fit within your budget then it may work in your favour to get a better overall caravan loan deal and walk away with manufacturer warranty for years to come. Finance companies see older purchases as harder to sell if things go bad and as such mark them as a higher risk.
IMPORTANT: Don’t let us put you off buying a used caravan, we can still help with a fantastic loan approval for used caravans also.
You can certainly have an influence on the turnaround time for your caravan loan approval and help your chances of getting your loan settled fast. There are some items that you can get together and have ready for when you make your application that will speed up the process for you. Having your pay slips, ID and knowing your last 3 years employment and residential history will be a great head start. If you can show you have regular employment and have the capacity to save money you will be highly regarded by most financiers.
If you’d like to know how you’d score and what loan options might be available to you, enquire now or speak with one of our Lending Specialists for an obligation free quote.
Call 1300 665 906 for your obligation free caravan finance quote.
This one is a no brainer, but it surprises us how many times we speak with clients that don’t know a lot about their current loans. We get swept up in the emotion of driving away with our new purchase that the fine print gets overlooked.
Not all financiers are the same, and as such this also means that not all banks are the same. This is why it’s very important to speak with someone that can help you compare your caravan loan options to ensure you are getting the very best deal on the market today. Financier’s appetites for deals change every month, so it is important that you speak with someone that has their finger on the pulse. It’s never wise to rush into any long term financial commitments without taking the time to speak with someone that can give you obligation free advice about all of the possible caravan loan options. If you are patient and do your homework, you could secure yourself a better caravan loan that you originally thought possible.
Fox Finance Group is one of Australia’s leading caravan finance experts. We have spent many years getting things right so that you can rest assured that you are getting the very best caravan finance advice available on the market today. We work for you, not the banks, plus we can have a caravan loan pre-approved ready to go the same day!
If you are keen to learn more or you are ready to act now, you can contact us on 1300 665 906 or you can get started here.
Nathan joined Fox Finance Group in 2018 to help drive the strategic growth of the business and also help build on the solid foundations that have held strong in the business since 2006.