Crunch the numbers
with our loan repayment calculator
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
How do caravan loans work?
A loan to buy a caravan works in much the same way as a car loan. Here are the key points:
- Choose between a new or used model (make sure it meets your lender’s criteria)
- Borrow up to 100% of your caravan’s purchase price (subject to your borrowing power)
- You’ll have the ability to pay a cash deposit, while some lenders may offer residual payments as an option
- Take between one and seven years to repay your loan
- Choose between weekly, fortnightly or monthly repayments
- Have your loan secured by the caravan (asset collateral)
- Repay your loan with interest and fees (some lenders may not charge some or all fees) until its completion
- Early repayments may be available, but many lenders will charge a fee for breaking your agreement ahead of schedule
How much can I borrow?
As mentioned, you can borrow from as little as $5,001 up to as much as 100% of your caravan’s purchase price. Many lenders don’t have a maximum amount for these loans; instead, they’ll assess applications on a case-by-case basis and determine what they’re willing to lend.
In some cases, you may even be able to borrow more than 100% of your caravan’s value, such as if you wanted to include costs like insurance or stamp or vehicle duty.
However, the following factors will determine your borrowing power:
- Your income and expenses
- Your job stability
- Your credit score
- Your record repaying similar loans in the past
- Your assets, including savings
- Your liabilities (other outstanding loans)
- Your dependants
What type of RV or caravan is best?
This question is best answered with a question: what type of leisure vehicle do you or your family need? Here's a short sample of what's available:
- Full-size caravans – the traditional mobile home, coming in various sizes and with a wide range of features.
- Recreational vehicles (RVs) – perfect for people who want to combine their vehicle with their living space. It has many modern conveniences, though it's extremely hard to park.
- Pop-top/pop-out or wind-out caravans – caravans that drive compact but extend outwards. Good for saving fuel, but you sacrifice storage space.
- Fifth-wheeler caravans – the “big boss” caravans that offer ample space and creature comforts. Think Big Hollywood star or rock n' roll style caravans!
- Off-roaders – looking for something that can take you off the beaten track? Some caravan models are specially designed to tackle tough terrain.
Why apply for a leisure loan with Savvy?
WHAT OUR CUSTOMERS SAY ABOUT THEIR FINANCE EXPERIENCE
Savvy is rated 4.9 for customer satisfaction by 6323 customers.
How to maximise your caravan finance approval chances
-
Show a verifiable borrowing history
Because a caravan or similar model is likely to set you back a considerable amount of money, lenders will look to borrowers who can point to a history of repaying similar loans. Those in this position come with a lower level of risk, as they’ve proven themselves disciplined enough to repay a sizeable loan debt in the past.
-
Work on your credit score
In addition, your credit record will play a major role in determining whether you’ll be approved. Even if your credit is already fair or good, continuing to pay outstanding debts and bills on time and lowering credit limits on your cards are ways to improve your score and your chances of approval as a result.
-
Show a strong savings account
Backing your application up with evidence of savings also shows your lender that you’re able to exercise financial discipline, which can boost your approval chances. Owning property with or without a mortgage has a similar effect on your application, with lenders leaning more towards those who are asset-backed.
-
Maintain job and income stability
Lenders want to be sure that the loan they’re granting will be repaid in full, so they aim to work with borrowers whose employment is safe and consistent. People with permanency and/or long-term consistency in their work hours are always preferred, as their income is less likely to fluctuate or stop than others.
-
Borrow within your means
You can boost the speed at which your application is processed by ensuring you only ask for an amount you can comfortably afford to repay. Fortunately, you won’t have to worry too much about working this out yourself when you apply with Savvy: your expert consultant will run a calculation and let you know the maximum you’re likely to be approved for.
How to apply for your caravan loan with Savvy
-
Fill out our simple online application form
Start by telling us about what caravan you’re after and some information about yourself, like your employment, income, credit score and more.
-
Supply any required documents
In some cases, if we need more information to verify parts of your application (such as your income), we may ask for a few more documents. You can submit these through our portal.
-
Speak about your finance options with us
From there, your consultant will compare the best offers available for your profile. We’ll give you a call and, if you’re happy with the top choice, we can take the next step.
-
Have your formal application prepared and receive approval
Your consultant will put together your application to meet your lender’s specifications and submit it to them. Approval can come as soon as one business day after.
-
Signed, sealed and your caravan delivered
After approval, we’ll send you all the forms to sign, which you can do electronically via our portal. We’ll handle the settlement of the caravan and, once that’s done, it’s all yours!
Caravan loan eligibility and documentation
Eligibility
-
Age
You must be at least 18 years of age
-
Residency
You must be an Australian citizen or permanent resident (or, in some cases, an eligible visa holder)
-
Income
You must be earning a stable income which is enough to comfortably support your repayments (this can start from as little as $20,000 to $26,000 per year)
-
Employment
You must be employed and earning a consistent income from your job
-
Credit score
You must meet your lender’s requirements related to your credit score
-
Caravan
Your caravan must meet your lender’s requirements related to type, age and condition
Documents
-
Driver's licence
Front and back (or another form of government-issued ID)
-
Payslips
Your last two consecutive payslips (or your last tax return if you're self-employed)
-
Savvy forms
Your Savvy application, consent form and credit guide (supplied by your consultant)
-
Caravan details
Information about your caravan, such as its model and age, is handy to have
-
Bank statements
90 days of bank statements may be requested, but not always
