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In our caravan loan guide:

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Caravan loan interest rate comparison

Compare a selection of some of the best caravan loan interest rates in Australia, with ranges based on the borrower's credit score and other factors. The table is sorted by lowest comparison rate.

Harmoney - Unsecured Loan

Interest rate on caravan finance

5.76% p.a. to 24.03% p.a.

Comparison rate*

6.55% p.a. to 24.98% p.a.

Loan amount

$2,000 to $70,000

Plenti - Secured Caravan Loan

Interest rate on caravan finance

6.57% p.a. to 24.09% p.a.

Comparison rate*

6.57% p.a. to 26.28% p.a.

Loan amount

$5,000 to $50,000

NOW Finance - Secured Caravan Loan

Interest rate on caravan finance

6.75% p.a. to 21.65% p.a.

Comparison rate*

6.75% p.a. to 21.65% p.a.

Loan amount

$5,000 to $100,000

Liberty Financial - Secured Caravan Loan

Interest rate on caravan finance

6.52% p.a. to 19.19% p.a.

Comparison rate*

6.95% p.a. to 20.77% p.a.

Loan amount

$5,000 to $80,000

ING - Unsecured Loan

Interest rate on caravan finance

6.89% p.a. to 18.99% p.a.

Comparison rate*

7.10% p.a. to 19.23% p.a.

Loan amount

$5,000 to $60,000

Our Money Market - Secured Caravan Loan

Interest rate on caravan finance

6.57% p.a. to 18.99% p.a.

Comparison rate*

7.19% p.a. to 21.78% p.a.

Loan amount

$2,001 to $75,000

Moneyplace - Unsecured Loan

Interest rate on caravan finance

7.42% p.a. to 19.19% p.a.

Comparison rate*

7.42% p.a. to 21.49% p.a.

Loan amount

$5,000 to $80,000

Great Southern Bank - Unsecured Caravan Loan

Interest rate on caravan finance

6.99% p.a. to 18.99% p.a.

Comparison rate*

7.24 % p.a. to 19.27% p.a.

Loan amount

$5,000 to $75,000

Bank of Melbourne - Unsecured Loan

Interest rate on caravan finance

6.89% p.a to 19.99% p.a.

Comparison rate*

7.81% p.a. to 20.83% p.a

Loan amount

$2,000 to $50,000

BankSA - Unsecured Loan

Interest rate on caravan finance

6.89% p.a to 19.99% p.a.

Comparison rate*

7.81% p.a. to 20.83% p.a

Loan amount

$2,000 to $50,000

St.George Bank - Unsecured Loan

Interest rate on caravan finance

6.89% p.a to 19.99% p.a.

Comparison rate*

7.81% p.a. to 20.83% p.a

Loan amount

$2,000 to $50,000

NAB - Unsecured Caravan Loan

Interest rate on caravan finance

6.99% p.a. to 20.49% p.a.

Comparison rate*

7.91% p.a. to 21.33% p.a.

Loan amount

$5,000 to $55,000

ANZ - Unsecured Personal Loan for Caravan

Interest rate on caravan finance

7.49% p.a. to 19.99% p.a.

Comparison rate*

8.18% p.a. to 20.58% p.a.

Loan amount

$5,000 to $50,000

G&C Mutual Bank - Fair Rate Unsecured Loan

Interest rate on caravan finance

7.99% p.a. to 16.99% p.a.

Comparison rate*

8.20% p.a. to 17.22% p.a.

Loan amount

$1,000 to $90,000

Society One - Secured Caravan Loan

Interest rate on caravan finance

8.20% p.a. to 23.99% p.a.

Comparison rate*

8.27% p.a. to 25.64% p.a.

Loan amount

$5,000 to $70,000

Westpac - Unsecured Caravan and Campervan Loan

Interest rate on caravan finance

7.99% p.a. to 20.49% p.a.

Comparison rate*

9.18% p.a. to 21.61% p.a.

Loan amount

$4,000 to $50,000

Commbank - Unsecured Loan (Variable)

Interest rate on caravan finance

8.00% p.a. to 20.00% p.a.

Comparison rate*

9.40% p.a. to 21.30% p.a.

Loan amount

$4,000 to $50,000

Commbank - Unsecured Loan (Fixed)

Interest rate on caravan finance

8.49% p.a. to 20.49% p.a.

Comparison rate*

9.88% p.a. to 21.78% p.a.

Loan amount

$4,000 to $50,000

Wisr - Unsecured Recreational loan

Interest rate on caravan finance

9.04% p.a. to 23.29% p.a.

Comparison rate*

9.88% p.a. to 24.56% p.a.

Loan amount

$5,000 to $62,000

Latitude Financial Services - Secured or Unsecured Caravan Loan

Interest rate on caravan finance

9.49% p.a. to 29.99% p.a.

Comparison rate*

10.37% p.a. to 31.83% p.a

Loan amount

From $5,000

MoneyMe - Unsecured Loan

Interest rate on caravan finance

9.20% p.a. to 25.20% p.a.

Comparison rate*

10.58% p.a. to 26.58% p.a.

Loan amount

$5,000 to $50,000

Pepper Money - Secured Caravan Loan

Interest rate on caravan finance

9.49% p.a

Comparison rate*

10.82% p.a.

Loan amount

Up to $110,000

Interest rate on caravan financeComparison rate*Loan amount

Harmoney - Unsecured Loan

5.76% p.a. to 24.03% p.a.

6.55% p.a. to 24.98% p.a.

$2,000 to $70,000

Plenti - Secured Caravan Loan

6.57% p.a. to 24.09% p.a.

6.57% p.a. to 26.28% p.a.

$5,000 to $50,000

NOW Finance - Secured Caravan Loan

6.75% p.a. to 21.65% p.a.

6.75% p.a. to 21.65% p.a.

$5,000 to $100,000

Liberty Financial - Secured Caravan Loan

6.52% p.a. to 19.19% p.a.

6.95% p.a. to 20.77% p.a.

$5,000 to $80,000

ING - Unsecured Loan

6.89% p.a. to 18.99% p.a.

7.10% p.a. to 19.23% p.a.

$5,000 to $60,000

Our Money Market - Secured Caravan Loan

6.57% p.a. to 18.99% p.a.

7.19% p.a. to 21.78% p.a.

$2,001 to $75,000

Moneyplace - Unsecured Loan

7.42% p.a. to 19.19% p.a.

7.42% p.a. to 21.49% p.a.

$5,000 to $80,000

Great Southern Bank - Unsecured Caravan Loan

6.99% p.a. to 18.99% p.a.

7.24 % p.a. to 19.27% p.a.

$5,000 to $75,000

Bank of Melbourne - Unsecured Loan

6.89% p.a to 19.99% p.a.

7.81% p.a. to 20.83% p.a

$2,000 to $50,000

BankSA - Unsecured Loan

6.89% p.a to 19.99% p.a.

7.81% p.a. to 20.83% p.a

$2,000 to $50,000

St.George Bank - Unsecured Loan

6.89% p.a to 19.99% p.a.

7.81% p.a. to 20.83% p.a

$2,000 to $50,000

NAB - Unsecured Caravan Loan

6.99% p.a. to 20.49% p.a.

7.91% p.a. to 21.33% p.a.

$5,000 to $55,000

ANZ - Unsecured Personal Loan for Caravan

7.49% p.a. to 19.99% p.a.

8.18% p.a. to 20.58% p.a.

$5,000 to $50,000

G&C Mutual Bank - Fair Rate Unsecured Loan

7.99% p.a. to 16.99% p.a.

8.20% p.a. to 17.22% p.a.

$1,000 to $90,000

Society One - Secured Caravan Loan

8.20% p.a. to 23.99% p.a.

8.27% p.a. to 25.64% p.a.

$5,000 to $70,000

Westpac - Unsecured Caravan and Campervan Loan

7.99% p.a. to 20.49% p.a.

9.18% p.a. to 21.61% p.a.

$4,000 to $50,000

Commbank - Unsecured Loan (Variable)

8.00% p.a. to 20.00% p.a.

9.40% p.a. to 21.30% p.a.

$4,000 to $50,000

Commbank - Unsecured Loan (Fixed)

8.49% p.a. to 20.49% p.a.

9.88% p.a. to 21.78% p.a.

$4,000 to $50,000

Wisr - Unsecured Recreational loan

9.04% p.a. to 23.29% p.a.

9.88% p.a. to 24.56% p.a.

$5,000 to $62,000

Latitude Financial Services - Secured or Unsecured Caravan Loan

9.49% p.a. to 29.99% p.a.

10.37% p.a. to 31.83% p.a

From $5,000

MoneyMe - Unsecured Loan

9.20% p.a. to 25.20% p.a.

10.58% p.a. to 26.58% p.a.

$5,000 to $50,000

Pepper Money - Secured Caravan Loan

9.49% p.a

10.82% p.a.

Up to $110,000

Caravan loan interest rate comparison based on products analysed by Money.com.au advertising a high and low interest rate range. Rates are current as of 2 January 2024. Check with the provider for full current loan details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of caravan loans available in Australia, not all loans in the market are shown. This list is for reference only and does not reflect the selection of loans you may see if you get a personalised quote through Money.com.au. *The comparison rate is based on a secured/unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

What caravan finance options are there in Australia?

There are two main caravan finance options in Australia: a secured caravan loan and unsecured caravan finance. If you want to keep your costs as low as possible it’s important to know the difference.

  • Secured caravan loan: The loan will be secured by the caravan you buy, meaning it could be reclaimed by the lender if you can’t repay the loan. But this extra security for the lender generally means this is a cheaper form of caravan finance, with higher loan amounts available.

  • Unsecured caravan loan: An unsecured caravan loan is really just a standard personal loan aimed at caravan buyers. Your caravan won’t act as security (collateral), meaning there is more risk for the lender. This kind of finance is usually more expensive than a secured caravan loan.

It’s important to pay attention to whether the caravan finance you’re considering is secured or unsecured. The term ‘caravan loan’ does not always mean a secured loan. Here’s an example from a major Australian bank.

Personal loan for a caravan

How do caravan loans work?

Here are some of the main features of caravan loans in Australia:

  • Loan amounts between $5,000 and $100,000
  • Can be used to finance the purchase of a new or used caravan
  • Typically come with a fixed interest rate but there are variable rate options
  • Loan terms from 1-7 years
  • Flexible repayment options (weekly, fortnightly, or monthly)
  • No deposit required
  • Approval can often be straightforward and quick
  • Can finance a range of vehicle/trailer types including camper trailers, RVs, motorhomes or converted buses
  • Secured caravan loans are often available for older caravans, as they do not depreciate in value as fast as cars

Cheapest caravan finance rates in Australia

The lowest rate caravan loan interest rates in Australia start from around 6.00% - 7.00% p.a. for borrowers with the highest credit score and otherwise strong applications.

But rates can vary significantly for different borrowers, even on exactly the same caravan finance from the same lender.

The average interest rate on caravan loans on Money.com.au’s database is 14.17% as at February 2024.

The actual rate you get on a caravan loan will depend on factors including:

  • Your credit score
  • Your broader financial situation (e.g. income and other debt)
  • The age of the caravan you’re buying
  • Whether you contribute a deposit (usually not mandatory but may mean you get a lower rate)
  • Whether you own your own home (a bricks and mortar one).
Australia's Money Matchmaker matching you with your best loans across multiple lenders
On the average new caravan loan ($69,673 according to Money.com.au data), the difference between paying 8% and 10% interest is $4,058 in extra interest over a five-year loan term.
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How do I find the best caravan finance option?

Caravans are not cheap and have been in high demand since the pandemic. You certainly don’t want to add to the cost unnecessarily by overpaying on the finance.

There are five main factors that will save borrowers money and hassle when shopping for the best caravan loan deal.

  1. Interest rate: Look for the lowest rate you’re eligible for. Importantly, this won't always be the same as the lowest rate advertised by a lender.
  2. Loan term: This is how long you’re borrowing the money for. A longer term means cheaper repayments but you’ll pay more overall interest.
  3. Fees: Upfront fees can be significant (over $1,000 in some cases) and some lenders charge ongoing fees too (annual or monthly).
  4. Extra repayments possible? Being allowed to pay off more than the minimum amount each month without penalty will help you save on interest.
  5. Borrowing amount: Does the lender offer loan amounts to match the caravan you’re buying?

How to minimise fees on your caravan finance

Shaun McGowan

You almost certainly won’t get anything extra for your money from a lender that charges higher fees on their caravan finance. Watch out for loans with an attractive interest rate but a high comparison rate – the difference is fees. A loan with no fees for early repayment can also be a big money saver if you want to get ahead of your repayments and pay off the loan early.

Shaun McGowan, Money.com.au founder and loans expert

Am I eligible for a caravan loan?

You can generally apply for a caravan loan in Australia if you are:

  • over the age of 18; and
  • an Australian citizen or permanent resident; and
  • employed or have a steady source of income to cover the loan repayments

If you meet the basic eligibility for a caravan loan, you will then need to compare lenders and assess their individual approval criteria. For example, some will only finance caravans up to a certain age.

How to apply for a caravan loan

1

Compare as many lenders as possible

Remember, the headline rate you see advertised by lenders may not be the rate you end up paying. You need to compare personalised caravan finance rates. Just make sure you use a comparison tool that won’t impact your credit score.

2

Prepare for your application

To save yourself time down the track, gather together your most recent payslips (or tax documentation if you’re self-employed) plus bank statements and statements for any other loans and credit cards you have.

3

Apply for pre-approval with your chosen lender

You can do this before you have found a caravan to buy. With pre-approval, instead of releasing the loan funds at that time, the lender conditionally approves you for a set amount. This gives you a budget to find the right caravan. Of course, if you have already found a caravan you want, your application will be for full approval.

4

Go caravan shopping

The fun part. If the lender grants pre-approval on your caravan finance, you’ll have a fixed maximum budget to play with. The lender will also let you know what restrictions (if any) there are on the kind of van you can purchase.

5

Give the lender details about the caravan

As a last step, the lender will complete a final assessment of your application based on the vehicle being used as security. You’ll need to provide registration details and details about the seller. If you’re approved, the lender will fund the loan (usually by transferring the funds directly to the caravan seller). For a secured caravan loan, you’ll also need to provide proof that the caravan is insured.

Family Quad Bunk New caravan

Tips on managing costs from a caravan owner

Brett Stockley from Randwick in NSW bought a family caravan (pictured) in 2021. He told Money.com.au that managing costs was always front of mind.

“Right from the start, our plan was to offset the initial cost of the caravan and the maintenance by renting it out to other families when we’re not using it,” he said.

“We generally charge $165 per day with a minimum booking of seven days. We’ve had 12 bookings with another three upcoming confirmed.”

The Stockleys use caravan sharing platform Camplify to rent out their van. Brett said the income earned, as well as the increases in caravan prices since COVID, have made the caravan a smart purchase.

”It’s been one of the best decisions we made. Owning a caravan affords us the luxury of having extended breaks in million dollar locations, for the fraction of the cost, allowing us to stay longer for less."

He is, however, mindful of the expenses involved. Aside from the cost of holiday parks, Brett’s biggest costs are insurance and maintenance. He said there are also some less obvious costs that new owners mightn’t expect.

Brett Stockley

“In Sydney, parking can be difficult and the councils aren’t very accommodating. So it’s wise to consider where you’re going to park the van. Caravan storage can be expensive so know where you’re going to park before you go out and order your van.”

Brett Stockley, caravan owner NSW

Caravan finance FAQs

It’s possible to get caravan finance from $5,000 right up to $100,000, meaning most caravans and motorhomes are within range.

The average amount requested for a caravan loan by Australian borrowers is $54,188 according to Money.com.au data. The average is $69,673 for new caravans and $41,080 for used caravans.

But just like your interest rate will depend on the details in your application, the amount you can borrow will too. For example, borrowers with a good credit history may be able to borrow a larger amount to fund their caravan purchase. Your income and other expenses could also determine your borrowing capacity.

Most caravan loans are taken out over a five-year term, real borrower data from Money.com.au shows. But you can get a term as short as one year, or as long as seven years.

A longer term can make repayments more affordable, but you will most likely end up paying more in interest overall.

Be wary of lenders trying to lock you in for a longer term than you need.

Here are the main fees you want to minimise on your caravan finance:

  • Upfront costs: Establishment fees and application fees.
  • Ongoing fees: Annual and monthly fees.
  • Late payment fees: Charged if you miss a payment.
  • Extra repayment fees: Some lenders tag on a fee if you pay more than the minimum regular repayment.
  • Early payout fee: You might be charged another fee if you repay the loan before the contracted term is up.

You may still be able to get a caravan, motorhome or RV loan if you have bad credit. But you will likely be charged a higher interest rate.

Your credit score is one of the factors lenders look at when weighing up the risk of giving a loan to a borrower and deciding what interest rate to charge.

The major lenders (like the big banks) generally don’t lend to borrowers with bad credit.

But there are specialist finance providers who are prepared to help borrowers with a bad credit history to buy a caravan. These are the generally the same lenders that offer bad credit car loans.

This is why it can help to compare options and see which lenders you match with BEFORE applying for a caravan loan.

You can also work to improve your credit score before you apply.

Yes, most lenders offer pre-approval for caravan loans.

Pre-approval is usually valid for one to three months giving you plenty of time to find a caravan, motorhome or RV. However, if the pre-approval expires you will need to make a new application.

Some lenders allow you to include a balloon payment on your caravan finance. This means that instead of paying off the full loan amount gradually through the regular repayments, a portion of the loan (usually between 20-50%) will need to be repaid as a lump sum at the end of the loan term.

Including a balloon payment on your caravan finance means you have lower regular repayments during the loan term, but a high final repayment is required to pay off the caravan completely. You may have the option to refinance the balloon amount through a new finance term.

Some lenders limit balloon payments to newer caravans, so check the eligibility criteria before deciding if that option is going to work in your situation.

Some people fund their caravan purchase by refinancing their home loan to access equity in their property. Essentially you increase your home loan balance to pay for the caravan, meaning either a higher regular home loan repayment, or a longer loan term based on the higher amount.

While this can be a convenient option for financing a caravan you do not need to take out a brand new loan) it is not necessarily going to be a cheaper option.

Home loans are typically spread over a much longer term, usually 25-30 years. The longer the finance term, the more you pay in interest. If you do go for a home loan top up, consider making extra repayments to pay down the additional amount faster.

Yes you generally can. The process will probably be slightly different and your lender will ask for documents from the seller before approving the loan.

Make sure do thorough checks on the vehicle if you're getting a loan to buy through a private sale.

You're usually able to set your payment instalments to fit your pay cycle. Most lenders have weekly, fortnightly or monthly repayment options for caravan loans.

To make paying a caravan loan off easier, and to ensure you don't get penalised for late payment, choose a repayment schedule that suits your pay cycle.

Use our caravan loan calculator to see what your repayments would be weekly, fortnightly or monthly.

When comparing caravan loans, it's a good idea to look at the comparison rate as well as the interest rate.

The comparison rate estimates the cost of a loan per year including interest AND most fees and potential charges. This is designed to give a more realistic reflection of the cost of a caravan loan.

However, variable fees are not included in the comparison rate. These include the likes of late payment or dishonour fees and early repayment fees that may apply for some borrowers.

With a secured caravan loan, the loan can usually only be used to cover the purchase of the vehicle itself. That’s because your caravan will act as security for the loan, and lenders typically only lend up to 100% of the caravan’s value.

Unsecured loans offer more flexibility. You can generally use the loan for any purpose, including extra costs like insurance, modifications and other add-ons. However, the borrowing amounts available tend to be lower on unsecured loans, which will likely limit how much you can borrow above the value of the caravan to pay for extras.

Generally it's not possible to get a home loan to purchase a caravan, even if the caravan is your home. Mortgage lenders have strict rules on what assets they will lend against. Typically the property must be a house, townhouse, apartment or other fixed dwelling. If you want to buy a caravan using finance, a personal loan may be the most appropriate option if you can meet the lender's eligibility criteria.

Personal Loans guides and resources

The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.

Hear from people who found the right loan           

Waving Robot

Written by

Shaun McGowan Money.com.au founder

Loans Expert

Shaun McGowan

Reviewed by

Sean Callery Editor Money.com.au

Editor

Sean Callery

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