If you’re yearning for a camper trailer upgrade but can’t stump up with the cash, here’s a few Camper Trailer Finance options:
Mortgage Redraw
On paper, this appears to be the cheapest option, accessing finance at home loan rates. And while the interest rate and payments may be lower, the total interest paid will be higher over the longer loan term (up to 30 years).
Broker Finance
A finance broker deals with a broad range of lenders to find you the best finance product suited to your needs. Loan terms are generally 5-7 years which increase the principal repayment and in turn reduces the amount of interest paid over the term. These are secured loans.
Bridging Finance
Broker Finance can be used to bridge the gap between purchasing a camper and selling other assets or the timing of other cash inflows, such as an inheritance. Simply pay the loan out early and any early termination costs. Speak to your broker about products with low early payout fees.
Personal Loans
These are generally unsecured loans with the risk offset by higher interest rates. Loan periods are similar to broker finance.
The Finance Application
When applying for finance, the bank looks at your income, expenses and credit history to assesses your ability to repay the loan. They will ask about your employment history and seek copies of payslips and information about other existing loans and credit cards.
Most loan applications can be assessed within 24-48 hours. Once approved, loan documents will be prepared for signing, so the time from application, signing and payment is just a few days.
CreditOne Camper Trailer Finance
CreditOne is a specialist Finance broker, with access to a wide range of lenders in the RV industry for varying products. This includes camper trailers, hybrids, caravans, tray back campers, trailers and more. For further information on finance options to suit your needs click here.
