Flexible Bad Credit Caravan Loans
Bad Credit Caravan Loans – how it works
There’s nothing many Aussies like more than heading off the beaten track for a holiday, and absolutely 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.
How Savvy Helps Find Caravan Finance
Savvy has helped thousands of Australians with below-optimal credit scores find affordable leisure finance solutions because we look at your here and now, not your history. We work with a broad panel of Australian loan providers so you can discover more solutions, find more choice, and pay better interest rates. You can compare lenders that suit your financial situation and aims, calculate your repayments, and even apply online in minutes.
Why so Many Australian Caravan Enthusiasts Choose Savvy
How to Apply and Qualify for a Bad Credit Caravan Loan
Residents and citizens of Australia can apply for bad credit caravan loans. You must be eighteen or over, and lenders will want to see some form of ongoing, regular income.
The Pros and Cons of a Bad Credit Caravan Loan
Buy where you like
Use a caravan dealership, scour the second-hand classifieds, and even browse eBay for caravans that tick all your wish list boxes and fit your budget too.
Provides a cheaper option than renting
Even though a bad credit loan comes with higher rates, its will 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.
Secured caravan finance
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.
Higher interest rates
Lenders always calculate interest rates based on risk, and you’ll indeed pay a slightly higher annual percentage rate for bad credit caravan finance.
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.
Finding the right lender can be hit and miss
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.