Caravan finance for pensioners
Accessible caravan finance for pensioners
Hardly anything you can buy provides the freedom to roam and explore that a caravan does. There’s a lot of open road in Australia, and many, many places to visit. Making memories is all about having new experiences and being able to get up and go at the drop of a hat, so finding caravan finance for pensioners shouldn’t need to be an ordeal. The fact is, it can be difficult getting access to loans when you’re retired. Many lenders and banks insist you use property as security, and there can be a whole bunch of prying, questioning, and hoops to jump through – but there are more manageable, accessible options out there.
Hitting the road has never been easier
Here at Savvy, we believe that finding affordable, convenient solutions for caravan finance shouldn’t be reserved for people in full-time employment. After all, what better time to take off and explore than when you’re retired? If you want to find more products and options for caravan finance for pensioners then you came to the right place. We partner with more than twenty-five specialist and niche loan providers so we can offer you finance on your own terms. If you’re looking to hit the road any time soon, and want to set off at a moment’s notice, discover a range of flexible, cost-effective loans via Savvy.
How does caravan finance for pensioners work?
Many people are used to how banks tend to assess applications for finance, and a lot of pensioners think they’ll find it hard to qualify for a caravan loan when retired – but that’s not the case if you look in the right places. Caravanning is popular with pensioners. It’s a no-brainer once you’re free of your career. That’s why Savvy sources a range of leisure finance products for retired Australians.
Specialist caravan finance works much the same as with a car loan. You use your caravan or motorhome as security during the term, and that keeps interest rates reasonable. When the finance ends, the lender removes their claim, and the caravan is yours, just the same as when you get car finance. The difference with caravan finance for pensioners is that Savvy partners with niche lenders who consider forms of income like age pension and even rental income from investment properties. It’s versatile, accessible finance, and you won’t get penalised just because you’ve worked for forty years and retired. You make affordable monthly repayments, usually over anything between two and five years, and everything is fixed – meaning the amount doesn’t change over time.
What are my different options for caravan finance?
When you’re working out how to finance a caravan purchase, much of what makes your mind up will come down to exactly what you intend to buy. Basically, if you’re looking at a new caravan or motorhome, the best option for you is a secured caravan loan. That’s because one of the qualification requirements lenders have is that caravans don’t exceed a certain age range. Because your purchase is going to fit in with that, you can access lower interest rates by using the caravan as security against your borrowing.
If you’re considering renovating an older caravan or motorhome as a project before you take off and explore the country, then there are probably more suitable options available. You could look at a personal loan, which gives you the flexibility to buy what you like and take your time getting it back on the road – but you’ll pay a slightly higher interest rate than with a secured loan. If the caravan you’re looking at costs less than $5,000, you can even consider cash loans for pensioners – which feature fixed, capped fees and flexible repayments. At the end of the day, however, a specialist caravan loan is going to be the cheapest way to finance your purchase because secured loans come with lower interest rates.
Here’s why retired Aussies trust Savvy to source finance
We look at more lenders and products, then make the application quick and simple – so keep on moving with Savvy
Your caravan finance for pensioners guide
You can easily find a caravan, apply for finance, and take delivery of your purchase in record time via Savvy
Savvy offers a range of lenders, so whether you buy brand-new, used, or even a classic older van for renovation, one of our expert consultants will be able to find a cost-effective caravan finance solution. Buy new or second-hand from a dealership or a private seller.
Buying a caravan with finance is the same as if you walked in and purchased it with cash. That means you can trade-in your existing van if you’re in the process of upgrading to a better or newer model, put some savings towards the purchase to keep your repayments a bit lower or reduce the term, and even borrow the entire purchase price.
Applications for caravan finance are simple and straightforward. Tell us a bit about yourself and what you intend to buy. One of our friendly, knowledgeable leisure finance consultants will identify the best options from our extensive panel of lenders and then guide you through the process. You can upload everything you need via our website from a phone, tablet, or laptop.
You’ll need to fill out a quick form and send us your ID. We’ll ask for copies of your recent bank statements, or you can grant secure read-only access online. If you’re applying for a secured caravan loan, the lender will need details of the one you’re purchasing. Once your loan gets approved, they’ll send you an agreement to read and sign – and you’re ready to hit the road!
Once your agreement has been signed and returned (a Savvy consultant can help you arrange to do this digitally), lenders tend to release your funds almost immediately, and some loans will get settled as early as the next day. Those funds get paid directly to the caravan seller, whether that’s a dealer or a private buyer, so you won’t need to run around getting cash, cheques, or arranging a bank transfer.