Caravan Loans

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A caravan loan is a finance option you can apply for in New Zealand if you want to purchase a caravan, motorhome, or recreational vehicle (RV). Caravan loans can be secured or unsecured depending on how you plan to spend the money and what you need to finance.

What is a caravan loan?

A caravan loan is a secured or unsecured personal loan that allows you to buy a caravan or other mobile home. You’ll borrow an amount of money to finance the purchase of the vehicle then repay the loan amount - plus interest - over a fixed term.

You can usually borrow up to the full amount required to purchase your caravan, so if you’re unable to purchase the vehicle outright, a secured or unsecured vehicle loan can often be used to fund the entirety of your purchase.

Just like most personal loans, a lender will approve you for a certain amount, which you can then use to purchase your caravan. You can apply for a caravan loan with your bank, specialist lenders, or by using a broker.

You can qualify for a caravan loan in New Zealand if you are:

18 years or over
A permanent NZ resident or hold a work permit or visa allowing you to reside in New Zealand
Currently employed with a sufficiently stable income to repay the loan amount

If you meet the standard qualifying criteria for a personal loan, you can calculate how much you can borrow to purchase your caravan and compare lenders to find the best loan offers available in New Zealand before applying for a loan.

Banks

Are a popular option for financing caravan purchases. However, most banks don’t have loans designed specifically for caravan purchases, only secured or unsecured loans.

Non-bank lenders

Offer very fast approval, specialised loan products, and easy, online applications. Some may offer loans designed for purchasing caravans for personal use or as part of your business, while others offer unsecured loans that can be used to finance the remainder of the purchase.

Brokers

Are independent finance specialists who will assist you in finding a suitable loan. Most brokers are paid by lenders upon successful completion of an application, so try and avoid brokers that charge up-front fees to help find you a caravan loan.

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How to choose a caravan loan

Secured loans for caravans, motorhomes and RVs usually have maximum loan amounts of up to $75,000 and minimums of $2,000. Unsecured loans usually have slightly lower limits of around $50,000.

Secured caravan loans

Are lower risk, so they usually have better rates and terms, which means you can borrow more money and it’ll cost you less overall. The downside is that if you stop making payments on your loan (and you wouldn’t) then the lender could repossess the caravan, and some lenders will only allow new or near-new caravans as security.

Unsecured caravan loans

Have lower limits and higher interest rates and fees, but you can use the money for more than just purchasing the caravan. Unsecured loans allow you to finance your vehicle and buy equipment such as camping gear or roof racks for storage

Caravan loan costs and options

Once you’ve decided on the type of loan you want, you’ll take the time to compare all your options and make sure you can comfortably afford the repayments over the lifetime of the loan. Here are some of the major things to look out for.

Interest rates and fees are the biggest cost of any loan. If you can take the time to compare your options before deciding on a caravan loan, try to look out for the lowest rates and smallest number of fees possible.

The term of your loan will determine your regular and total repayments. Most lenders offer caravan loans with terms from two to seven years, though some lenders may offer terms of up to 10 years. Try to choose a loan term that balances repayment affordability with interest and fee savings.

Different caravan loan features may offer flexibility, or make your loan easier to repay. Some allow fee-free early repayments to pay your caravan loan off quickly and save on interest.

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