Caravan Finance for Bad Credit explained
Accessing a loan for a caravan when you’ve got a poor credit history can seem out of reach, but not with Finance One. At Finance One, we offer loans for caravans, motorhomes, campervans and camping trailers with bad credit, by looking past your credit history and into your ability to make repayments. Here’s how we make caravan finance with bad credit work for many Australians:
Eligibility
To be eligible to apply for caravan finance with bad credit, you need to, as a minimum:
- Be a permanent resident of Australia;
- Have regular income (even if this includes receiving benefits from Centrelink);
- Be looking to borrow between $5,000 and $75,000*; and
- Be at least 18 years old.
Loan Terms
In fact, we pride ourselves on making loans adaptable for everyone, meaning that you have the flexibility to make extra payments onto your loan for a caravan any time your budget allows. You can also set higher regular monthly repayments that are within your price range.Apply for a Caravan Loan
Your credit score
Most loan applications include looking at your credit report via a credit check. However, we prefer to personalise our application process with a compassionate approach. Non-bank lenders like us have the benefit of working under an Australian Credit Licence without being bound by all the extra strict lending criteria that the major banks do.
Applying to multiple lenders and being rejected may only worsen your credit score.
Help protect your credit rating by choosing the right lender from the get go, who will work with you to get your loan for a caravan approved sooner.
We can give you the tick of approval in as little as 48 hours**!
Talk to our TeamImproving your chances of getting a Loan for a Caravan
It might surprise you to learn that there are a few things you can do to help improve your chances of being approved for a Loan for a Caravan with Bad Credit.With so many Australians buying caravans last year thanks to social distancing restrictions, you could score yourself a better deal by looking at buying a used caravan, privately. Many people often sell their vans once they’ve completed a big trip, so be sure to shop around.
Caravan finance for bad credit questions often asked
We know you’ll probably have questions, so let’s see if we can tick some off your list:
Can I get a loan for a caravan whilst receiving age pension benefits from Centrelink?
You may be able to apply for a loan for a caravan through Finance One if you receive Centrelink benefits, including the Age Pension.
Can I get a motorhome with caravan finance?
Your recreational vehicle options aren’t limited to purely caravans, with loans from Finance One. Many of our clients have accessed loans for caravans with bad credit to fund purchases of a camper trailer, pop top van, off-road van or campervan.
What is the interest rate on caravan finance for bad credit?
Interest rates vary from lender to lender. Using comparison sites can give you a rough idea of what your interest rate could be for caravan finance. However, interest rates are determined by lenders throughout the loan application, and the interest rate that you are set for your approved loan, may not necessarily be the comparison rate that’s advertised. Be sure you fully understand the terms of your loan agreement before signing.
Can I use a fixed interest rate?
Just like other loans, interest rates can be variable or fixed — we are happy to work with you to find the best solution for your individual needs.
