There are many luxurious and practical uses of a caravan. Some of them include travelling with ease and comfort, taking comfortable camping and road trips, and being used as a storage space. Finances are a significant reason a lot of people do not have a home on wheels. If your reason for not owning a caravan is purely financial, then you have come to the right place. Everlasting Concepts is not licensed to provide caravan financing services. However, we have financial relationships with credible brokers who do.
Caravan finance services are carried out by caravan lending brokers. They are licensed institutions that give out loans to people who need caravan financing. All you need to for caravan financing is an application sent to any of the caravan financial brokers we have recommended. The application can be carried out online for some caravan financial brokers. Some prefer you to come down to their office.
Caravan financing most times comes in the form of a loan that you take to buy your choice caravan. Some requirements for qualifying for caravan financing include information about yourself, your source of income, place of origin, residential address, credit score, and a complete list of your assets and liabilities. You also have to undergo a credit check that helps your caravan financing broker determine if you qualify for a loan or not. A bad credit score does not necessarily mean you won’t be eligible for caravan financing. It might just be a bit harder for you.
After successfully going through these processes, you can then proceed to the real deal. You and your caravan financial broker come to an agreement. The loan terms are discussed, ranging from the loan amount itself to the interest and the loan period. When you are taking a caravan financing loan, you have to be very mindful of the interest rate. Some brokers charge high-interest rates, and at the end of the day, buying the caravan would seem more like a liability. An excellent way to prevent this is to use a caravan finance calculator. This helps you determine the total amount of money you would be paying, plus interest. It enables you to determine if that is the best financial option for you.
After selecting the most suitable interest rate for you, then you proceed to the loan terms. You can choose to pay the loan in yearly or monthly instalments. You can also decide to pay it off fortnightly. Taking longer to pay your loan, however, means more interest. A lot of people opt for balloon payments. This is a method of repaying a loan where you and your financial broker agree that you pay a large and fixed amount at a particular time. This helps reduce the amount you pay interest-wise.
You can choose to buy a brand new caravan or a second-hand one. Contact us today to provide you with the best caravans that would make your caravan financing decision worth it.