Caravan finance for pensioners

Get back on the road and explore when you’re retired. Find flexible caravan finance for pensioners via Savvy

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

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.

Use a Deposit, Trade-in, or Get 100% Caravan Finance

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.

Pensioners Apply for Caravan Finance Online or by Phone

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.

How Applications Work

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!

Taking Delivery of your New Caravan

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.

Your caravan finance for pensioners questions answered

Find out everything you’ve always wanted to know about caravan finance for pensioners in the Savvy FAQs section

With caravan finance for pensioners, can I upgrade during the term?

You can, but because your borrowing is secured against the existing caravan, you’ll need to sell it and pay off your current loan. Once that’s completed you can buy and finance a new caravan. The purchase of your new caravan can all take place at the same time as you dispose of your old one, this means you will have access to a caravan at all times. 

When will I own my caravan with a loan?

With secured caravan loans, you own it as soon as you sign the agreement. The lender registers an interest in the van with the appropriate authority, so they have a claim if you fail to repay the loan – but the caravan is yours from the start. You’ll need to take out the appropriate insurance for a caravan when you use secured leisure finance.

Can I repay caravan finance early?

You can. However, secured finance comes with some early repayment fees that apply when you settle the loan before the end of the term. Personal loans will work slightly differently – and it’s a good idea to ask our consultant about specific rules for each product. Some may come with fewer early repayment fees than others. For smaller cash loans up to $5,000, there are never any charges for making extra repayments or paying off the finance ahead of time.

How does my interest rate get worked out?

With all loan types, interest rates depend on a couple of different factors. First, the age of the caravan you’re buying affects how much you pay – if the caravan is older, your rate gets higher and vice-versa. That’s because older vans pose more risks for lenders. Your credit report also influences the interest rate – however, don’t worry too much if you’ve experienced past problems, and you can talk to a Savvy consultant about bad credit caravan finance.

Do I need to use property as security for a caravan loan?

You don’t. Savvy partners with leisure finance lenders who’ll take all your income into account when assessing your application, and you can provide extra collateral against your borrowing by using a secured caravan loan.

 

Why use a caravan finance broker like Savvy?

We’ll examine more lenders and products to find you the best rates on caravan finance out there. You can talk to a real person who knows the lending marketplace inside-out, and we’ll also help you navigate the application process.