Just Browsing Caravan Loan Very Very Important Step

[Allan Wood]

Anyone recommend any good finance brokers that offer good interest rates with low set up fees. Pretty important step when it comes to buying a van. Please advise if you where happy with your lender may save some readers and me a lot of time and money.

+ just thought I would share my recent adventures even acquiring on a finance quote and still trying to get actual rates. Lenders are very very quick to advise your loan pre-approval amount but exact rates and fees not given until you have paid a deposit on the actual van. I believe this to be a great sales technique as you fall in love with the van you want only to find out that pretty high interest rate (Nowhere near the approx interest rate quoted over the phone or indications on there website ) this then leaves you pressured to purchase the van.

Everyone please be sure you are aware in writing on all of the below before you pay any deposit on your dream van.

Set up fees
Any early loan termination fees
Term of the loan
Interest rate percentage
Total interest paid over the loan
Your exact repayment figure
Any fees for paying extra payments along the way

Hope this helps people be aware of exact repayments so they can enjoy there camper longer instead of a quick sale due not keeping up with repayments safe travels everyone be safe.

 

[Drover]

Actually if the terms of the loan are not clearly advised then they are in breach of the various state laws governing this type of financial transaction. I would never get finance from a dealer anyway .

 

[Soaring]

Good advice @Allan Wood ,
Can't help you with finance. I paid for mine my my mortgage offset.

 

[achjimmy]

Some good points @Allan Wood but having financed many Cars the one thing I don't ever bother inquiring about is the interest rate. I compare monthly repayments, setup and exit fees. They generally all have some BS monthly charges etc so what I pay per month is all Iam interested in plus what I cop to exit early. Simplifies it down for me.

As for vans same as @Soaring use mortgage offset. Can't get a better deal than mortgage rates and there's no setup or exit costs.

 

[S&k]

We used 360 finance. They were great finance brokers and really low rates

 

[jeff]

We paid cash for ours, but if they won't give you the info you want I wouldn't borrow from them

 

[DiDExceed]

Before we sold out last expanda I applied for finance with 360 before we sold to make sure we could get what we wanted, after jumping through all the hoops (self employed) they gave us approval but couldn't say what the repayments, interest rates and fees etc. would be until we bought a van as they didn't know what lender they'd be using, after all the hassles getting the pre-approval that don't be rude me off and we ended up paying cash for the current Destiny after we sold the panda.

 

[Allan Wood]

Yes found the same with 360 finance Can't tell you much until deposit is paid. I have found Bendigo bank offer secured personal loan rates at 7,79% very reasonable set up fees also. Nice to have cash to pay up front but my plantation is not ready for sale yet will have to borrow.