Buying a caravan can be a big expense, so it helps to know what the finance could cost before you apply for a loan.
Our caravan loan calculator can help you estimate your weekly, fortnightly or monthly repayments based on how much you want to borrow, the interest rate and your loan term, as well as how much interest you could pay over the life of the loan.
Caravan loan calculator
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
These figures are estimates only, based on the details you enter, and don’t represent a formal quote or loan offer. Lender fees and other charges aren’t included.
How to use the caravan loan calculator
To get an idea of your caravan loan repayments, simply enter how much you plan to borrow, then choose your loan term and an interest rate. The calculator will show what your repayments could look like each week, fortnight or month, along with the total interest payable.
You can adjust the figures to see what might work best for your budget. Change the loan amount, term or interest rate to see how each affects your repayments and the total cost of the loan.
When you’re happy with the estimated repayments and ready to take the next step, you can apply for a caravan loan with Savvy.
What affects the cost of your caravan loan?
Two people can borrow the same amount for the same caravan and still end up paying very different amounts. That’s because the amount you borrow to buy your RV is only one part of what determines the final cost. Other factors include:
Your interest rate
The rate you qualify for makes a big difference. For example, on a $40,000 caravan loan over five years, here’s how the repayments and total interest compare at 7% p.a. and 10% p.a.:
| Interest rate | Monthly repayment | Total interest |
|---|---|---|
| 7% p.a. | $792 | $7,523 |
| 10% p.a. | $850 | $10,993 |
Moving from 7% p.a. to 10% p.a. adds around $58 to the monthly repayment and almost $3,500 to the total interest paid over five years.
The rate you’re offered will depend partly on your financial profile, including your credit score, income, existing debts and employment. Generally, a stronger application can help you qualify for a more competitive rate.
Your loan term
Stretching the loan over a longer period can bring your repayments down, but you’ll usually pay more interest overall.
On a $40,000 loan at 8% p.a., extending the term from five to seven years would reduce the monthly repayment from around $811 to $623. However, total interest would rise from about $8,663 to $12,370.
That’s around $188 less per month, but $3,700 more in interest over the life of the loan.
Fees
Fees can also add to the cost, including establishment and ongoing charges. These aren’t included in the calculator, so check the lender’s fees and comparison rate when weighing up your options.
Examples are illustrative only and assume principal and interest repayments with no fees or other charges.
Tips to reduce the cost of your caravan loan
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Strengthen your profile before you apply
Paying down existing debts, keeping repayments up to date and reducing unused credit limits can put you in a stronger borrowing position and may help you access a more competitive deal.
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Put down a deposit
A deposit isn’t generally required when buying a caravan, but contributing some of your own money upfront means you’ll need to finance less and can reduce the interest you pay overall.
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Be selective with extras
It can be tempting to add extras or upgrade appliances and accessories, but the costs can quickly add up. Think about what you’ll actually need and use before adding accessories or upgrades to the amount you finance.
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Make extra repayments when you can
Putting extra money towards the loan can bring the balance down faster and save on interest. Just check whether your lender allows additional repayments without fees or restrictions.
How to apply for a caravan loan with Savvy
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Tell us about yourself and your caravan
Complete a short online form with some details about yourself, your finances and the caravan or RV you’re looking to buy.
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Provide your documents
Upload any documents we need to verify your application, such as proof of income or identification, through our secure online portal.
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Explore your finance options
We’ll compare suitable caravan loan options from our lender panel and talk you through the options available to you.
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Submit your application
Once you’re happy with an option, your Savvy consultant will prepare and submit your application to the lender.
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Sign and settle
If approved, you can sign your loan documents electronically and we’ll help finalise settlement so you can collect your caravan.
