Australia is renowned for having some of the most beautiful road trips in the world, from the Great Ocean Road in Victoria to the Red Centre Way in the Northern Territory.
If you’ve been daydreaming about hitting the open road and seeing the best our country has to offer, you may have also wondered what’s the best way to finance a caravan. When it comes to buying the caravan of your dreams, one competitive option to consider is taking out a personal loan.
Harmoney Unsecured Personal Loan
Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties.
Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000)
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What caravan types can you finance with a personal loan?
Depending on the lender, you’ll be able to finance a range of caravan types 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
What should I consider before choosing a caravan loan?
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 personal loan that’s right for you.
What to consider
Caravan loan interest rate
It is crucial you utilise caravan person loan comparison tools (such as comparison tables and personal loan calculators) to ensure you’re not paying a higher interest rate on your caravan loan that you need to.
Caravan loan type
Fixed rate caravan loans allow you to lock in an interest rate for a set loan term (often 3-5 years), meaning 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 able to finance for fluctuations in the interest rate cycle.
Caravan loan features
Some personal loans allow borrowers a range of features, such as the ability to make extra repayments. Check what features (if any) a lender can offer in their caravan loan product to make it more competitive.
Secured or unsecured caravan loan
Secured caravan loans allow you to use the caravan as security, often meaning you’ll pay a lower interest rate or even borrower a higher amount as you’re seen as a lower financial risk.
Unsecured caravan loans may incur higher interest rates, however if you default on the loan the lender won’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?
If you’re thinking about investing in a caravan for your retirement years, or are already a pensioner, you might be wondering what caravan finance for pensioners options are available.
Lenders won’t necessarily discriminate against you based on being a pensioner looking for a caravan loan. However, each lender’s eligibility criteria differs, with some requiring a minimum income, which can include age pension, and some lenders not allowing age pension to be considered income.
To ensure that you can still live out your retirement dreams, utilise RateCity.com.au’s comparison tools, such as comparison tables and product reviews, to help break down the lenders criteria.
What do I 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.
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. 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. 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.
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.
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. RateCity.com.au’s caravan loan comparison table showcases a range of caravan loans that you can filter through to find the most competitive loan for you. There you’ll also be able to read caravan loan reviews to help you make an informed decision.
RateCity.com.au’s personal loan caravan finance calculator also helps you to work out your estimated monthly repayments so you don’t choose a loan that is out of your price range, helping to prevent your application from being rejected.
Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for three years. She is passionate on topics such as gender pay and superannuation gap, and committed to helping young Aussies manage their finances better. Before RateCity, Alex spent time as an editor for magazines and has seen her work published in numerous print and online outlets.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can I get guaranteed approval for a bad credit personal loan?
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.