In the 1950s and 60s caravans were highly popular with families looking forward each year to their annual caravan and camping holiday. With the emergence of cheap air travel, both interstate and internationally, caravans waned in popularity as people looked to destinations further afield. However, in recent times, we’ve seen a massive resurgence in caravans, RVs, camper trailers and mobile homes. Retirees are heading to the roads to travel around Australia, new generations of young families are discovering the joys of the more simple and affordable caravan holiday life and a revived interest in the natural environment has droves of people taking to these vehicles to explore and engage with nature.
There are many big differences between mid-century and contemporary caravan life. The vehicles are far more luxurious, self-sufficient and packed with a load of creature comforts. The ranges offered are far more extensive so there is a model for every purpose, every family and every escape. And the way we buy our caravans has changed.
No longer are people saving for years to buy their caravans. These days, people are seeking loans to finance their lifestyle and recreational pursuits.
Types of Loans
Loans are available to individuals and businesses for the purchase of caravans, RVs, mobile homes and camper trailers.
For individuals purchasing a vehicle purely for recreational, personal use, a Secured Caravan Loan is the most popular form of loan. It is set over a fixed loan term, with a fixed monthly repayment and based on a fixed interest rate.
For businesses, such as holiday park operators expanding their on-site vans or mining and construction companies purchasing mobile homes for remote workers, a range of commercial loan types are available: Chattel Mortgage, Leasing and CHP.
Securing a Cheap Caravan Finance Deal
While most banks and lenders offer ‘lifestyle’ loans for individuals and commercial finance for businesses, there is another extremely viable and easily accessible option for people seeking a cheap caravan loan – use a finance broker.
The services of a finance broker are available to both individuals and businesses and include sourcing caravan finance from the large number of lenders that they are accredited with. This vast sourcing provides greater opportunities to secure cheaper interest rates, more flexible loan terms and overall better caravan loans. So if you’re looking for a caravan loan, seek out a finance broker that specialises in lifestyle finance.
We know people that operate as finance brokers with specific lifestyle finance expertise. If you would like their contact details, please get in touch with us.