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Bad Credit Caravan Loans
Don’t let past financial problems get in the way of buying your caravan. Find out your options with Savvy.
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Savvy Editorial TeamFact checked
Bad credit caravan loans – how they works
There’s nothing many Aussies like more than heading off the beaten track for a holiday, and nothing says freedom quite like a caravan. For borrowers with past credit problems, achieving their dreams on the open highways of Australia can seem a long shot, but that doesn’t have to be the case. Bad credit caravan loans are a secured form of finance with fixed interest rates, and they’re probably a lot more accessible than you think.Â
How Savvy helps find caravan finance
Savvy has helped many Australians with below-optimal credit scores find leisure finance solutions because our partners look beyond solely your history. We work with a broad panel of Australian loan providers so you can maximise your chances of finding a lender who can work with your situation. You can find out which lenders suit your financial situation and aims, calculate your repayments and even apply online with us today. Â
Why so many Australian caravan enthusiasts choose Savvy
Specialist lenders
We're partnered with a wide panel of lenders, including specialist financiers who can work with borrowers with bad credit.
Buy new or used
Whether you're looking for a new caravan from your local dealership or a used one in a private sale in another state, we can help.
More convenient
Faster, simpler online applications. We find the most suitable lender for your needs and handle the heavy lifting for you.
How to qualify and apply for a bad credit caravan loan
Who can apply?
Residents and citizens of Australia can apply for bad credit caravan loans. You must be 18 or over and lenders will want to see some form of ongoing, regular income.
How do I apply?
Applying for a bad credit caravan loan is straightforward with Savvy. Simply fill out our fast online form and we can get to work considering whether there are any suitable options for you situation among our panel.
How do I qualify for a bad credit caravan loan?
When you apply for a bad credit caravan loan, the lender will ask you for some basic documents. Then, they’ll base their decision and how much interest they charge on your circumstances. Lenders primarily want to see you’ve not got too much existing debt or ongoing borrowing. They also check to make sure you’re not borrowing more than you can comfortably afford to repay.Â
What documents will I need?
You’ll need ID, in the form of a driving licence or passport, for instance. Proof of address, which can be a utility bill or a tax statement, for example. Lenders will also want to see your last three months of bank statements to check your spending and income. If you’re on an age pension or receive Centrelink payments, you’ll also need a Centrelink Income Statement.Â
How do I submit documentation?
Applications for bad credit caravan loans are carried out entirely online, which is a very quick process. You can upload all your documents and even grant read-only access to bank statements via the web from a phone, tablet, or computer.Â
The pros and cons of a bad credit caravan loan
PROS
Buy where you likeÂ
Use a caravan dealership, scour the second-hand classifieds and even browse online for caravans that tick all your wish list boxes and fit your budget too.Â
Provides a cheaper option than rentingÂ
Even though a bad credit loan comes with higher rates, it'll still end up cheaper than renting a caravan every time you decide to head out, this will especially be the case if you are a regular caravaner. Â
Secured caravan financeÂ
Secured loans pose less risk for a lender because they register a claim on your vehicle in case you default on the loan. That gets reflected in the interest rate, so even though its higher than a prime loan, it will still be cheaper than an unsecured leisure finance option. Â
CONS
Higher interest ratesÂ
Lenders always calculate interest rates based on risk, and you’ll indeed pay a slightly higher annual percentage rate for bad credit caravan finance.Â
More informationÂ
Some lenders will want to see more from you than if your credit report was in good shape. That could range from more financial documents to information about the property you own.Â
Finding the right lender can be hit and missÂ
Bad credit lending is highly specialised, so it’s essential to source a loan provider through a broker like Savvy. All our partners are reputable and experienced, national lenders with the capacity to offer excellent after sales service – and financial products designed to assist borrowers who’ve had past credit problems. Â
All your frequently asked bad credit caravan loans questions
Yes, you can. You don’t need to buy a brand-new caravan. Savvy partners with lenders that consider applications for loans for second-hand caravans too.Â
You don’t. Often, buying from a dealer is more expensive than finding a used caravan from a private seller, so there are bargains to be had, and we can connect you with a lender who offers used caravan finance.Â
Not always. Lenders are all different. Some bad credit caravan loan providers will ask you to provide a deposit, but others take whether or not you own a home into account – even when it’s mortgaged. However, if neither of those two things is the case, you can still apply.Â
Bad credit caravan loans are secured against the vehicle you’re buying, so they have to have fully comprehensive insurance policies. It’s a great idea to insurance against fire, accident, and theft for any significant purchase – or you could end up out of pocket. Â
You can. It’s an excellent idea to get pre-approval for your caravan finance before you go looking for a vehicle to buy – and that goes whether you’re buying new or second-hand. Not only will you know your precise spending power, but you’ll be in a far greater bargaining position too.Â
As soon as you’ve been discharged, Savvy can help you connect with a bad credit caravan lender who may be able to consider your application.Â
Absolutely! You can still hit the road and see the best of Australia’s countryside without worrying about hotels if you work for yourself. Some lenders might ask for additional documentation and information, but most loan decisions depend on whether or not you can afford repayments.Â
You can. Bad credit caravan loans are a form of leisure finance, so you can buy motorhomes and RVs, and even trailer tents or boats with bad credit leisure finance.Â