Caravan Loans
Explore the great outdoors with a low-rate caravan loan. Apply with us today.
Get a low rate caravan loan with RoadLoans
Caravans are a great way to explore the beauty of Australia and present a useful alternative to forking out for accommodation for you and your family while travelling. RoadLoans can help make your caravan ownership dreams a reality, with flexible loans and fast settlements so you can hit the road sooner.
We’re partnered with a variety of lenders who specialise in financing leisure vehicles like caravans and, with the assistance of our dedicated team of finance experts, we can help you find the most affordable deal available to you. You can start the application process with us today to get the wheels in motion on your caravan purchase.
Online process from start to finish
It’s fast and convenient to apply with us, as you won’t have to visit any offices or send through physical documents.
Rapid approvals and funding
Your application can take as few as 48 hours to be formally approved and settled from the moment you apply.
Help from the experts
You won’t have to go it alone, either; your dedicated consultant will be there to guide you through every step of the process.
Caravan loan features and benefits
Wide range of caravan types available
We can help you get approved for a range of different types of caravans, including regular models, pop-tops, slide-outs, camper trailers and motorhomes.
Enjoy competitive interest rates
With a variety of financiers on our panel specialising in this type of finance offering highly affordable rates, you’ll have plenty of options to compare to find the lowest.
Borrow up to 100% of your vehicle’s value
There’s no obligation for you to put down a substantial lump sum deposit from your savings to make your purchase; we can help you get approved for 100% of your caravan’s value.
Choose your preferred loan term
You can also choose the period over which you repay your loan, with terms as short as one year and as long as seven available to help you choose a length which suits your needs.
Buy new or used
You aren’t just limited to brand-new models from a dealership when it comes to your finance options, as you can also get a loan to purchase a used model from a private sale.
Set your preferred repayment schedule
On top of selecting your preferred loan term, you can also decide whether to make your repayments on a weekly, fortnightly or monthly basis across your agreement.
Your RoadLoans caravan loan application, step-by-step
Complete your quick quote and initial application
Tell us a bit about yourself, as well as the caravan and loan you’re looking for, with a quote. Once you submit your initial application, we can get to work.
Speak with your RoadLoans consultant
Your consultant will compare offers from our lender panel and get in touch with you to discuss the best options available to confirm with you before proceeding.
Have your application submitted for approval
From there, your formal application will be prepared by your consultant and submitted to your lender. In most cases, you can receive approval in one business day.
Sign off on your deal
You’ll be sent a contract to sign and return confirming your agreement, from which point the funds can be sent to you or your seller and you can own your caravan.
More about caravan loans
How much can I borrow on a caravan loan?
The amount you can be approved for when purchasing a caravan comes down to a variety of individual factors. It isn’t as simple as applying and getting approved; the main variables which will come into play when your consultant and lender assess your affordability include:
Your income and expenses
Of course, the more you earn, the more you’re likely to be able to take on each week, fortnight or month as a caravan loan repayment. Someone earning $3,000 per fortnight won’t be approved for a loan which comes with weekly repayments of $1,500, as that wouldn’t leave any room for disposable income and could leave the borrower at risk of stress.
However, expenses are just as important here, as income forms only one part of this assessment. You could be earning $20,000 a month, but if your various other ongoing expenses added up to $15,000, you wouldn’t be approved for a loan with $5,000 monthly repayments. Lenders want to be certain that you’ll be able to manage your repayments comfortably, so they’ll want to leave room in your budget for further spending.
Your employment
The stability of your employment is also a factor. Lenders are more likely to approve an applicant who has been working full-time in the same position for four years for a larger sum compared to someone who became self-employed 12 months ago. If you can show that your income will remain consistent across your term, you’ll boost your chances of being entrusted with a larger sum.
Your savings
Having savings in your account displays a level of financial discipline which lenders like. This shows you’re capable of putting away funds over time, rather than spending all of your money, and have a backup to support your repayments in the unlikely event your income stream runs dry for a period. Using some of those savings as a deposit can also potentially enable you to purchase more expensive models of caravan.
Your credit score
The better your credit score, the more you can be approved for and the lower your interest rate is likely to be. Lenders will always assess your credit file as part of the application process to determine your suitability for the finance agreement, so displaying a positive record will increase their trust and confidence in your ability to repay your loan.
The value of your caravan
Of course, your loan sum must be reflective of the value of your caravan, as you can’t be approved for more than its purchase price (unless you include other on-road costs in your loan such as registration and insurance). For instance, you won’t be approved for a $20,000 loan to buy a $10,000 caravan.
How can I save money on my caravan loan?
There are several ways you can go about reducing the overall cost of your caravan loan. It’s important to bear some of these factors in mind when applying for your loan, as you could end up saving hundreds, if not thousands, throughout your agreement. Some key ways to cut down on interest and fees on your loan include:
- Repaying your loan over a shorter term: the shorter your loan term, the less interest and monthly fees you’ll pay. A $40,000 loan at 5% p.a. and $10 monthly fees would cost over $1,000 less in interest and $120 less in fees if you opted for a four-year term instead of five.
- Paying a deposit: putting down a deposit at the start of your agreement reduces the size of your loan, therefore cutting down on interest. A $50,000, five-year loan at 5.5% p.a. would cost more than $700 less if you made a $5,000 deposit.
- Improve your credit score: the better your score, the less interest you’re likely to be charged. Borrowers with good or excellent credit records are seen as a safer prospect to lend to than someone whose score is more middling.
- Be asset-backed: if you’re a property owner, your lender will likely be more open to approving your application at a lower interest rate. While your property and its equity remain separate from the loan agreement, having assets such as these to your name improves your borrowing profile.
- Apply with RoadLoans: by submitting your application with us, your consultant will compare a wide range of options from our reputable panel to find the cheapest and best loan for you. You won’t have to leave it up to chance: our experts can help you save on your deal.