CARAVAN SALES AND FINANCE RESOURCES: LOAN INTEREST RATES
Loan Interest Rates
Interest rates are one of the most talked about, publicised and advertised aspects of the finance sector. Even when you are touring, no doubt it is a hot topic of after dinner conversation in the park recreational room.
Interest rates on caravan loans can vary, depending on a number of factors, especially where you source your loan quotes.
Caravan loans can be sourced through finance brokers and some banks and finance companies. Not all banks and finance companies offer specific loans for caravans and as such you may be offered a substitute at a higher rate.
Rates can vary from lender to lender so in order to get the best quote on rates from one source, a finance broker is a sensible choice.
Brokers have access to caravan loan products from a large number of lenders. Lenders who are all competing for business so your broker can canvass the options and get the cheapest interest rate loan for you.
Interest Rate Variants
Every loan application is different with its own unique specifications and interest rates can vary across caravan loans, depending on:
- the van you are purchasing
- your loan amount
- the number of years you want to repay the loan
- your personal loan application profile.
You can spend a lot of time shopping around yourself for the best rates but by dealing with a finance broker, you can save a lot of that time.
Compare the Loan Not the Interest Rates
While interest rates dominate conversation, they shouldn’t dominate your comparison of loan quotes.
The interest rate is only one component of a caravan loan, albeit an important one, it should not be compared in isolation.
When requesting a quote for a caravan loan, ensure you ask for an all-inclusive package.
There are often fees and charges attached to loans and these are not reflected in the interest rate.
A very low interest rate loan may have very high loan establishment fees.
A higher rated loan may have more generous terms and conditions and lower if any ongoing fees.
So get the entire package quote to ensure you are making fair comparisons.
A loan specifically designed for caravans is more likely to attract a lower interest rate than a general all-purpose loan.
Follow these links for more information on interest rates for caravan loans
Your broker will offer you the best rate available for your application