Caravanning, camping and road-tripping is an Aussie way of life, with more and more Australians keen to explore our island continent thanks to disrupted international travel. 

Before you get finance to head into the great unknown, here are the five things you should know about loans for caravans and campers.

1. Loans for Caravans are accessible, even if you have bad credit

At Finance One, the eligibility criteria for loan applicants are geared towards those with less than desirable credit histories. We take a compassionate approach when it comes to our lending criteria, and therefore we can offer finance to those who are receiving Centrelink benefits, have been discharged from bankruptcy or who have a poor credit score.

2. Interest rates vary

3. Your caravan finance term options

When it comes to loan amounts, Finance One offer loans for caravans and camper trailers between $5,000 – $75,000*. The loan terms range between three to seven years, and of course, your minimum repayment is set based on the loan term and loan amount.

As with most loan types, including a personal loan, you often have the choice between a variable interest rate or fixed rate when you apply for caravan finance.

4. Understand your monthly repayments

Early repayment fees can set you back in the future, particularly if you’re wanting to pay down the loan sooner than anticipated. This is why at Finance One, we offer flexible repayment options to help you get into your own caravan, and own it sooner.

Flexible repayments aren’t offered with every loan, so our best advice is to consider whether you can live without the flexibility of extra loan repayments. 

5. Remain mindful of extras and options

Before you sign your loan offer, make sure that your loan amount covers everything that you need to get you into your van. New caravans are often sold at a bare basic level and you need to add options which can include bedding, kitchen items like ovens and sinks, bathroom, furniture and more. Setting up your caravan can add up, so make sure you’ve applied for enough funds to satisfy your caravan purchase.

If you’re looking at a used caravan, then determining what modifications (if any) are required to make sure that it meets your and your family’s needs, can be important.

Caravan purchases should not be taken lightly – there are big decisions to be made in order for big adventures to be had. New and used vehicles such as campervans, camper trailers, caravans and motorhomes make for brilliant memories.