You’ve got holiday and travel plans in mind, but you’ve been busy and have a plan and suddenly it’s holiday time and you still haven’t got around to upgrading or purchasing your first RV to put the plan into action. If the plan also includes securing a loan to make the purchase, you may be concerned about the timeframe and the options available to you for affordable but fast RV finance.
For buyers requiring fast RV finance, the experts at Jade Caravan Finance provide tips for securing an affordable loan at competitive rates in a tight timeframe. Allaying concerns about being charged a premium or a higher interest rate, and informing buyers of the steps involved and what they can do to ensure an efficient, timely loan application and approval process.
Loan Options for Fast RV Finance
Having a short timeframe to secure a loan does not impact the type of credit products available. Both secured and unsecured loans are available and can suit all the many variations of types and models in the caravan and recreational vehicle market. These include traditional caravans, hybrids, camper trailers, campervans, mobile homes, toy haulers, off road models and others.
Expert tip – time may be saved in the overall process of acquiring a new caravan with financing by ensuring the vehicle selected is within budget. Prices can be changed into estimates of loan repayments using a Caravan Finance Calculator. Quickly see estimates on caravan prices while browsing vehicles online and immediately discount those that are outside the preferred budget for repayments. Save time on inspections and dealership visits!
Buyers of new models and second-hand models in good condition most commonly choose a Secured Caravan Loan. This type of credit allows for the vehicle to be used as collateral and with that security, lenders offer lower rates than on unsecured credit products. Not all banks and lenders will be offering a specific ‘caravan loan’ but a secured format loan which can be used for a range of recreational goods including RVs.
Unsecured Personal Loans are an option for buyers of second-hand models where not accepted as security by lender or where the buyer opts not to provide the vehicle as security. This type of loan may suit buyers that are purchasing with a share arrangement on a vehicle with family or friends.
Expert tips – if requiring a loan quickly, don’t wait until you’ve finalised your purchase. Loan applications can be made prior to purchase for pre-approval based on an estimated loan amount. Secured loans will require that the vehicle is insured. Having your choice of insurer and policy sorted while your application is being processed may speed up settlement and have you on the road for your caravanning holiday sooner.
Fast RV Finance Interest Rates
There may be a mistaken belief with some buyers that requiring a loan quickly attracts a higher interest rate – some type of premium. That is not the case. Interest rates are based on the credit score and financials of the buyer, not how quickly they require their loan.
Interest rates will vary with different lenders. We provide a prompt service to deliver the most competitive rates from across our 80+ lender market for all customers.
Process for Securing RV Finance
Whether or not a buyer needs their caravan loan quickly, lenders will follow the same process in assessing the application and providing quotes. All lenders that provide consumer credit are required to follow the Responsible Lender Guidelines as established by ASIC. But the time to get approval can vary with individual lenders and depending on the complexity of an individual application. As we provide a personal approach, with one of our brokers handling each application, we can deliver loan approval to many customers within 24 hours.
Expert tip - Having all the financials and other details ready to include on the application, and ensuring the application is fully and correctly completed, may prevent any time wasting. Have tax returns, payslips, bank statements and other financial records at hand and ready to upload or brief our brokers over the phone on the first contact.
Buyers of second-hand caravans will have additional steps in the application processing procedure. The caravan will need to be assessed as acceptable collateral by the lender if applying for a secured format loan. Checks may also be required with the PPSR to ensure that money is not owed on an existing loan for the goods.
After the application is approved, settlement cannot proceed without insurance policy details being provided. As mentioned above, lining up the right cover note and policy ahead of time may contribute to faster settlement.
How Using a Broker Can Assist with Getting RV Finance Quickly
Using expert caravan loan brokers may contribute to getting the loan faster and to securing the best rates. We handle the entire process from initial enquiry through to settlement. Selecting the most suitable loan from our vast lender market, negotiating on rates and processing the application for quick approval and prompt settlement.
If you’ve left the purchase of your caravan to the last minute these holidays, contact Jade Caravan Finance to secure you fast RV finance.
DISCLAIMER: THE DETAILS AND INFORMATION IN THIS CONTENT ARE PREPARED AND PRESENTED PURELY FOR INFORMATION AND NOT INTENDED IN ANY WAY AS THE SOLE SOURCE OF FINANCIAL ADVICE FOR CARAVAN PURCHASING. IF ADDITIONAL FINANCIAL ADVICE IS REQUIRED, READERS SHOULD REFER TO A FINANCIAL ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY ERRORS, PRODUCT DESCRIPTION VARIATIONS, OR OTHER MISREPRESENTATIONS OF INFORMATION AS PRESENTED.
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