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Compare caravan personal loans
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Find and compare caravan personal loans
What is a caravan loan?
Whether you’re dreaming about travelling around Australia by motorhome, or looking for a new caravan for the family, this can be an expensive purchase. Caravans can cost you anywhere from $10,000 to $600,000 and even higher depending on the size of the caravan, its make and its features. So, it’s no surprise that many Australians may be looking for financing to help fund the purchase of a caravan.
A caravan loan is a type of personal loan that allows you to finance the purchase of a caravan, as well as other travel/adventure vehicles. You will be provided with a lump sum for the purchase by the lender, or the vehicle dealership or seller may be paid directly by the lender, and you will be charged interest on your debt repayments over a set period of time.
Which caravan types can you finance with a personal loan?
Depending on the lender, you may be able to finance a range of new or used caravans so you can live out your vagabond goals, including:
- Classic or conventional caravans
- Motorhomes and recreational vehicles (RVs)
- Camper trailers and teardrop trailers
- Pop top or pop-out caravans
- Fifth-wheelers
Do you need a home loan or a car loan for a motorhome?
Comparing caravan personal loans
Caravan loans are not totally dissimilar to car loans, in that there are a range of product rates, features and fees you’ll need to carefully consider and compare before choosing the caravan finance option that’s right for you.
What to consider | About |
Caravan loan interest rate | The interest rate on a loan is one of the most significant factors impacting the overall cost of the loan. The higher the interest rate, the higher your regular repayments, generally speaking. However, some higher-rate loans may come with helpful features (as mentioned below), so it’s worthwhile comparing all facets of the loan - not just the interest rate. |
Caravan loan type | Fixed rate caravan loans allow you to lock in an interest rate for a set loan term (often 3 to 5 years), which can mean more simplicity in your budgeting and avoiding rate fluctuations. Variable rate caravan loans allow you to take advantage of drops in lender interest rates, however you’ll need to be financially prepared for fluctuations to interest rates. |
Caravan loan features | Some lenders offer a range of competitive features designed to help you reduce your interest charges or pay off the loan early, including redraw facilities and the ability to make extra repayments without penalty. |
Secured or unsecured caravan loan | Secured loans allow you to use the caravan as collateral, often meaning you’ll pay a lower interest rate, or be approved to borrow a higher amount, as you’re considered to be a lower financial risk. Unsecured caravan loans may incur higher interest rates, but if you default on the loan the lender can’t claim the caravan as security. |
Fees and other costs | It’s important you factor in the additional costs to financing your caravan, such as fees (late payment fees, administrative fees etc.), caravan registration and insurance. |
Are there caravan personal loans for pensioners?
What you need to know before applying for a caravan loan
To help increase your chance of caravan loan approval and ensure you’re choosing a caravan loan that suits your financial needs and budget, there are a few key steps to follow.
1. Work out how much you want to borrow
When searching for and comparing caravan personal loans in Australia, one of the first steps is researching how much you want to spend, and therefore borrow, from a caravan loan provider. Have a look around caravan sale websites to get a feel for the price range you’re comfortable borrowing to finance the caravan you want.
2. Research caravan loan types and features
Before applying for a caravan loan, you’ll want to decide on the type of loan and/or features that would best suit your financial needs and budget. Whether you choose a fixed or variable interest rate, secured or unsecured loan or a caravan loan that allows for extra repayments, all of these factors will influence which loan you apply for and your overall caravan loan cost.
3. Utilise caravan personal loan comparison tools
Much like with any loan, you should compare your loan options with comparison tools to help you make an informed choice that best suits your financial needs. The caravan loan comparison table on this page showcases a range of caravan loans that you can filter through to find the most competitive rates available for you.
RateCity’s Personal Loan Calculator also helps you to work out your estimated weekly, fortnightly or monthly repayments based on your required loan amount, preferred loan term, interest rate and your credit score. This can help you to choose a loan that suits your budget, and helps to prevent your application from being rejected for a loan you cannot afford.
Consider also reaching out to a finance broker or financial advisor for information specific to your personal circumstances.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
