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Money.com.au (Money) is on a mission to enable Australian consumers to enjoy an online shopping experience for financial products, starting with personal loans.
We believe that by providing you with fair & transparent choice, we will achieve our mission, and help more Australians get better deals (more for your money).
Putting you first means:
We only show you loans you qualify for, ranked by the lowest repayment
We show you “apples with apples” loan comparisons (by simplifying & standardising information)
We do not accept paid endorsements or promote lenders based on commission.
In the table below, the repayments are based on a $30,000 loan repaid over 5 years for an individual with excellent credit. To get your personalised rate for different amounts and terms, click 'Get your rate'.
Representative example 1: Based on a loan with Now Finance for an amount of $30,000 over 5 years a borrower with an excellent credit history can expect to repay a total of $33,800. This represents a comparison rate of 4.95% p.a. and includes all interest and fees (there are no fees with Now Finance for a borrower with excellent credit) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.
Representative example 2: Based on a loan with a poor credit history with Wisr for a loan amount of $30,000 over 5 years a borrower can expect to repay a total of $49,435. This represents a comparison rate of 20.89% p.a. and includes all interest and fees (Fee breakdown - upfront fees of $525 and no ongoing fees) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.
Warning: For Personal Loans, the comparison rate is based on a $30,000 unsecured loan over 5 years; This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Borrow from $5,000 to $500,000
Fixed or variable interest rates
Repayments to suit your budget
Terms from 1 month to 5 years
Secured & unsecured options
Own a business and have an ABN
Business is GST-registered
Permanent Citizenship or Residency
Minimum business-operating time of six months
Can provide business bank statements
Asset finance is a category of business loan products used to buy new assets, or replace and upgrade existing assets for a business. Asset loans are generally secured by the purchased asset, with terms relative to both the type of asset loan and the lifespan of the product.
In Australia, there are many types of asset finance products, offered by just as many individual lenders. While the rates, terms, and fees may vary between lenders, most asset finance loans work in a similar way. The maximum amount you can borrow is up to $2,000,000.
There are several options available for asset finance in Australia. When enquiring about asset finance, you can quickly match the needs of your business to the most appropriate form of asset finance from various lenders. Generally, asset finance will involve:
Calculating how much you need to borrow to finance the assets you require for your business
Applying to a lender for asset finance
Meeting the approval criteria for the lender
Receiving finance to purchase the asset, or receiving the asset directly from the lender
Making regular repayments to the lender until the finance amount and any interest or fee charges are repaid in full
Considerations you will need to take into account when comparing asset finance options are:
If it is more suitable to purchase the asset or rent the asset for a set period
Any benefits your business may receive from certain types of asset ownership
Any tax deductions available through certain types of asset finance
Any early repayment penalties
If ownership is immediate, transferred at the end of the term, or optional at the end of the term
Asset finance interest rates vary between lenders and begin from 4.00% to 9.90% depending on the strength of the application and the risk level presented by the borrower.
Asset finance may also include fees. This commonly includes an application fee, and some types of asset finance may also include ongoing monthly fees.
If you plan to repay your loan amount early, be sure you won’t be liable for any early repayment or break fees, as this could negate any interest savings you might make on the early repayment.
Make sure you understand any fees before signing an agreement with a lender.
Asset finance is popular with SMEs that have limited access to cash flow and would prefer to pay for assets over a set period.
It can also be used for low-value assets — such as computers — which you plan to upgrade in a short time, or which will likely become obsolete.
Asset finance is often used when you:
Work in an industry that requires constantly up-to-date technology
Want to purchase an asset for everyday business use and reclaim the GST on your next BAS
Assets can include major investments, such as an office or warehouse, mid-range investments such as a company vehicle or manufacturing equipment, and minor assets, such as laptops, stock, furniture.
If you qualify for asset finance with a lender, you can finance almost any asset related to your business. This can include:
Vehicles — e.g. company cars, trucks, trailers, delivery vans, motorcycles
Electronics — e.g. computers, servers, GPS equipment
Machinery — e.g. excavators, lifts and access equipment, forklifts
Equipment — e.g. printing, medical, dental, engineering
Construction — e.g. tools, trade vehicles, scaffolding
Earthmoving — e.g. yellow goods, machinery, diggers, front loaders
Traditionally, getting a personalised rate may require exhaustive research and contacting a number of lenders directly, or paying a broker to assist in the process. The base-rate advertisements displayed on many 'comparison' sites are only the prime-borrower rate, and offer no indication of your rate, or whether you can get approved.
Money.com.au aims to clear up the confusion around rates and approval, so we can provide the best consumer experience possible. We only show you real, personalised rates from lenders who can give you approval on the loan. No hidden fees, no inflated rates, no stress, and no impact on your credit score.
Just real rates, from real lenders, who you can apply with immediately to get real deals. (Yes, really!)
Type of business: Real Estate Agency
Loan amount: $35,000
Case: A retail agency has been operating for two and a half years and has gradually increased its sales potential and client book considerably in the previous six months.
The agency is now looking to take on new staff, but require additional company vehicles which can be branded with the agency’s logo and branding. Based on the projected sales figures for the next three months, the agency is confident it can hire a staff member and procure a vehicle to manage the increased sales activity.
The agency applies for finance and receives $35,000 to finance the purchase of the vehicle and additional marketing decals for the vehicle as well. The business makes steady repayments during the initial month of onboarding and training.
In the second month, the increased activity by the agency in both marketing itself and managing more properties allows for greater profits, which the agency uses to make additional repayments.
Instead of repaying the amount in full, the agency decides to refinance its initial loan for a further $35,000, repeating the process as the team grows again.
This time, the agency repays the loan amount in full during the third month of the loan term and decides to reassess its situation in the following year. The agency now has additional staff, additional vehicles, and a strong relationship with its lender.
Most banks will offer asset finance options to their customers. Otherwise, you could choose to work with a finance broker, who will help manage your application process.
If you’d like to see which lenders can offer you asset finance, you can use our smart form to compare offers from lenders in Australia.
Qualifying for asset finance is relatively simple. Most lenders will be able to provide plenty of options if you have:
Been trading for at least 12 months; and
Have an ABN (Australian Business Number); and
Are registered for GST
Although the process will be a little more involved, you can still get asset finance if you:
Are a sole trader
Have been trading for less than 12 months
The fastest approval speed will be offered by specialist lenders. Often, you can apply online and receive approval and finance within 24 hours.
These lenders also offer a streamlined method of applying; many will allow you to compare offers and apply using our simple, online smart form.
However you choose to apply, you will need to demonstrate the ability to service your finance amount, and meet individual lender criteria, such as:
An ABN and GST registration
An acceptable credit rating
A minimum level of turnover
A maximum level of other debt
You may also be asked to provide additional supporting documents, which may include:
Proof of identity
Financial records (provided by your accountant)
Profit and Loss Statements
Details of the asset you wish to purchase
Business bank statements
Rates notice (if you own a home)
Rental agreement (if you are renting)
Money Tip: You can usually get quicker approval on asset finance loans from specialist asset finance lenders than you can with your bank.
Asset finance is a type of business finance products which are used to finance various business assets. Assets can include all types of short- and long-term business equipment, machinery, and other assets, and can even include office fit-outs.
Asset finance is available from banks, specialist lenders, and by working with finance brokers. You can apply online with specialist lenders, and finance brokers can assist if you are unsure which lender or finance product is most suitable for your needs.
In summary, asset finance:
Can be used to finance anything relating to a business
Does not require a deposit in most cases
Can be used to purchase assets outright
Can be used to lease or rent assets from a lender
Can be obtained from banks, non-bank lenders, specialists, and through finance brokers
Can provide financing solutions to businesses with bad credit
In a business context, an asset is any possession you’d record on your balance sheet. It could be a valuable resource like a building, a vehicle or a piece of equipment or technology. Or it could be something that fluctuates, like the stock in your warehouse or the cash in your bank account.
Asset finance is often used for business purchases that have a reasonable lifespan and cost a considerable amount of money. Most often, this will include business vehicles, IT equipment, and machinery.
For secured asset finance, where the assets are used as collateral, the interest rate is generally between 5% and 8%. Unsecured asset finance will generally have higher rates.
Fees for asset finance vary between lenders. In most instances, there will be an establishment fee and sometimes ongoing monthly admin fees.
Yes. In most instances, you can repay your loan or clear your financial debt through extra payments. However, some lenders may specify that there will be penalties for doing so. If you intend to pay out your loan early, it’s best to work with a lender who is more accepting of early payouts.
If you are applying for asset finance, lenders will generally look at the creditworthiness and serviceability of your business, instead of your credit rating. You may be able to find lenders who will approve asset finance even if you have a less-than-perfect credit score.