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What kind of loan can I use for a caravan in Australia?
There are two main caravan loan options. If you want to keep your finance costs as low as possible it’s important to know the difference.
You see, some lenders advertise ‘caravan loans’, but what they are actually offering is an unsecured personal loan. This kind of finance is usually more expensive than a secured loan.
Sure, you could use an unsecured loan as caravan finance. Or to finance almost anything else for that matter. It’s just a standard personal loan packaged up to try and appeal to caravan buyers.
Here's an example from a major bank...
You’ll pay a higher interest rate on that kind of loan compared to a secured caravan loan.
With a secured loan, the caravan is used as collateral. This protects the lender from the risk of losing money. In return, the lender offers you a lower interest rate.
What difference could that make?
To give you an idea, on the average new caravan loan ($69,673 according to Money.com.au data for 2023), the difference between paying 8% and 10% interest is $4,058 in extra interest over a five-year loan term.
Imagine how far that would go towards funding extra luxuries for your road trips.
How do caravan loans work?
Here are some of the main features of caravan loans in Australia:
- Typically come with a fixed interest rate.
- 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 often available for older caravans, as they do not depreciate in value as fast as cars.
What should I look for when comparing caravan finance options?
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.
In my experience there are five main factors that will save borrowers money and hassle when shopping for the best caravan loan deal.
- 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.
- 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.
- Fees: Upfront fees can be significant (over $1,000 in some cases) and some lenders charge ongoing fees too (annual or monthly).
- Extra repayments possible?: Being allowed to pay off more than the minimum amount each month without penalty will help you save on interest.
- Borrowing amount: Does the lender offer loan amounts to match the caravan you’re buying?
Cheapest caravan finance rates in Australia
Today, the lowest rate caravan loan interest rates start from around 6-7% p.a.
But — and this is a motorhome-sized but — rates will vary for different borrowers. By a lot in some cases. Even on exactly the same caravan finance from the same lender.
The rate YOU get will depend on factors like your credit score, the age of the caravan you’re buying and even whether you own your home (a bricks and mortar one).
So, you could make an application with the lender with the lowest advertised interest rate.
Then wait and see what rate you’re actually offered once they’ve reviewed your application.
Or you could start by comparing rates tailored to you from multiple caravan finance providers at once.
Compare caravan loans to find your best deal
Get your best offers from multiple lenders at once. There's no obligation and checking your rates won't impact your credit score.
GET STARTEDGET STARTEDBest caravan loan rate comparison
Compare a selection of 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 | |
|---|---|
| Interest rate | Secured: 5.66% p.a. to 20.07% p.a.; Unsecured: 5.76% p.a. to 24.03% p.a. |
| Comparison rate* | Secured: 6.45% p.a. to 20.98% p.a.; Unsecured: 6.55% p.a. to 24.98% p.a. |
Plenti | |
| Interest rate | 6.57% p.a. to 24.09% p.a. |
| Comparison rate* | 6.57% p.a. to 26.28% p.a. |
NOW Finance | |
| Interest rate | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) |
| Comparison rate* | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) |
Pepper Money | |
| Interest rate | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) |
| Comparison rate* | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) |
Moneyplace | |
| Interest rate | Secured: 6.29% to 19.19%; Unsecured: 6.99% p.a. to 19.99% p.a. |
| Comparison rate* | Secured: 6.72% to 20.77%; Unsecured: 6.99% p.a. to 21.49% p.a. |
Liberty Financial | |
| Interest rate | Secured: 6.29% p.a. to 19.19% p.a.; Unsecured: 6.99% p.a. to 19.99% p.a. |
| Comparison rate* | Secured: 6.72% p.a. to 20.77% p.a.; Unsecured: 6.99% p.a. to 21.49% p.a. |
ING | |
| Interest rate | 6.89% p.a. to 18.99% p.a. |
| Comparison rate* | 7.10% p.a. to 19.23% p.a. |
Our Money Market | |
| Interest rate | 6.57% p.a. to 18.99% p.a. |
| Comparison rate* | 7.19% p.a. to 21.78% p.a. |
Great Southern Bank | |
| Interest rate | 6.99% p.a. to 18.99% p.a. |
| Comparison rate* | 7.24 % p.a. to 19.27% p.a. |
Commbank | |
| Interest rate | Secured: 5.99% p.a. to 11.99% p.a.; Unsecured: 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) |
| Comparison rate* | Secured: 7.41% p.a. to 13.35% p.a.; Unsecured: 9.88% p.a. to 21.78% p.a. (fixed), 9.40% p.a. to 21.30% p.a. (variable) |
Bank of Melbourne | |
| Interest rate | Secured: 6.49% p.a. to 12.99% p.a.; Unsecured: 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | Secured: 7.61% p.a. to 14.06%; Unsecured: 7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate) |
BankSA | |
| Interest rate | Secured: 6.49% p.a. to 12.99% p.a.; Unsecured: 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | Secured: 7.61% p.a. to 14.06%; Unsecured: 7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate) |
St.George Bank | |
| Interest rate | Secured: 6.49% p.a. to 12.99% p.a.; Unsecured: 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | Secured: 7.61% p.a. to 14.06%; Unsecured: 7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate) |
NAB | |
| Interest rate | 6.99% p.a. to 20.49% p.a. |
| Comparison rate* | 7.91% p.a. to 21.33% p.a. |
ANZ | |
| Interest rate | 7.49% p.a. to 19.99% p.a. |
| Comparison rate* | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | |
| Interest rate | 7.99% p.a. to 16.99% p.a. |
| Comparison rate* | 8.20% p.a. to 17.22% p.a. |
Society One | |
| Interest rate | 8.20% p.a. to 23.99% p.a. |
| Comparison rate* | 8.27% p.a. to 25.64% p.a. |
Westpac | |
| Interest rate | 7.99% p.a. to 20.49% p.a. |
| Comparison rate* | 9.18% p.a. to 21.61% p.a. |
Wisr | |
| Interest rate | 9.04% p.a. to 23.79% p.a. |
| Comparison rate* | 9.88% p.a. to 24.56% p.a. |
Latitude Financial | |
| Interest rate | 9.49% p.a. to 29.99% p.a. |
| Comparison rate* | 10.37% p.a. to 31.83% p.a |
MoneyMe | |
| Interest rate | 9.20% p.a. to 25.20% p.a. |
| Comparison rate* | 10.58% p.a. to 26.58% p.a. |
| Interest rate | Comparison rate* | |
|---|---|---|
Harmoney | Secured: 5.66% p.a. to 20.07% p.a.; Unsecured: 5.76% p.a. to 24.03% p.a. | Secured: 6.45% p.a. to 20.98% p.a.; Unsecured: 6.55% p.a. to 24.98% p.a. |
Plenti | 6.57% p.a. to 24.09% p.a. | 6.57% p.a. to 26.28% p.a. |
NOW Finance | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) |
Pepper Money | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) | 6.75% p.a. to 26.95% p.a. (21.65% p.a. for secured loan) |
Moneyplace | Secured: 6.29% to 19.19%; Unsecured: 6.99% p.a. to 19.99% p.a. | Secured: 6.72% to 20.77%; Unsecured: 6.99% p.a. to 21.49% p.a. |
Liberty Financial | Secured: 6.29% p.a. to 19.19% p.a.; Unsecured: 6.99% p.a. to 19.99% p.a. | Secured: 6.72% p.a. to 20.77% p.a.; Unsecured: 6.99% p.a. to 21.49% p.a. |
ING | 6.89% p.a. to 18.99% p.a. | 7.10% p.a. to 19.23% p.a. |
Our Money Market | 6.57% p.a. to 18.99% p.a. | 7.19% p.a. to 21.78% p.a. |
Great Southern Bank | 6.99% p.a. to 18.99% p.a. | 7.24 % p.a. to 19.27% p.a. |
Commbank | Secured: 5.99% p.a. to 11.99% p.a.; Unsecured: 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) | Secured: 7.41% p.a. to 13.35% p.a.; Unsecured: 9.88% p.a. to 21.78% p.a. (fixed), 9.40% p.a. to 21.30% p.a. (variable) |
Bank of Melbourne | Secured: 6.49% p.a. to 12.99% p.a.; Unsecured: 6.89% p.a. to 19.99% p.a. | Secured: 7.61% p.a. to 14.06%; Unsecured: 7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate) |
BankSA | Secured: 6.49% p.a. to 12.99% p.a.; Unsecured: 6.89% p.a. to 19.99% p.a. | Secured: 7.61% p.a. to 14.06%; Unsecured: 7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate) |
St.George Bank | Secured: 6.49% p.a. to 12.99% p.a.; Unsecured: 6.89% p.a. to 19.99% p.a. | Secured: 7.61% p.a. to 14.06%; Unsecured: 7.73% p.a. to 20.71% p.a. (variable rate) and 8.01% p.a. to 21.02% p.a. (fixed rate) |
NAB | 6.99% p.a. to 20.49% p.a. | 7.91% p.a. to 21.33% p.a. |
ANZ | 7.49% p.a. to 19.99% p.a. | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | 7.99% p.a. to 16.99% p.a. | 8.20% p.a. to 17.22% p.a. |
Society One | 8.20% p.a. to 23.99% p.a. | 8.27% p.a. to 25.64% p.a. |
Westpac | 7.99% p.a. to 20.49% p.a. | 9.18% p.a. to 21.61% p.a. |
Wisr | 9.04% p.a. to 23.79% p.a. | 9.88% p.a. to 24.56% p.a. |
Latitude Financial | 9.49% p.a. to 29.99% p.a. | 10.37% p.a. to 31.83% p.a |
MoneyMe | 9.20% p.a. to 25.20% p.a. | 10.58% p.a. to 26.58% p.a. |
What fees are included in a caravan loan?
The other main cost of your caravan finance will be the fees.
Again, you almost certainly won’t get anything extra for your money from a lender that charges higher fees.
Here are the main fees you want to minimise:
- 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.
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.
How to apply for a caravan loan
- STEP 1: Compare as many lenders as possible.
- STEP 2: Use a caravan loan calculator to work out which loan represents the best deal for you based on overall cost.
- STEP 3: Apply for loan pre-approval with your chosen lender.
- STEP 4: Supply any supporting documents requested by the lender (pay slips, bank statements etc.).
- STEP 5: With pre-approval secured, you'll have a budget for your caravan purchase. Time to go shopping!
- STEP 6: Give the lender details about the caravan you want to buy. The lender will then do a final assessment of your application based on the vehicle being used as security.
- STEP 7: The lender will fund the loan (usually by transferring the funds directly to the caravan seller).
How much can I borrow with a caravan loan?
It’s possible to get caravan finance from $5,000 right up to $300,000, 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.
What term should I get on my caravan finance?
Most caravan loans are taken over five years, Money.com.au data 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.
Can I get caravan finance with bad credit?
You may still be able to get a caravan, motorhome, 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.
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.
Caravan Loan FAQs
Get help from a real-life Money Matchmaker® from start to finish.
Can I get my caravan, motorhome, or RV loan pre-approved?
Yes, most lenders offer pre-approval for vehicle loans.
Pre-approval is usually valid for one to three months so you’ll have plenty of time to find a caravan, motorhome or RV.
Should I use my home loan to finance a caravan?
Home loans are typically spread over a longer term, usually 25-30 years. While they have low interest rates, the long loan term means you actually end up paying more in interest.
So if you want to save money, it would be better to look at using a loan fit for purpose to purchase your caravan.
Use our caravan loan calculator to see your total interest and repayments.
Can I buy a caravan from a private seller using a loan?
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.
What are caravan loan repayment instalments?
You're usually able to choose your 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 below to see what your repayments would be weekly, fortnightly or monthly.
What is the comparison rate on a caravan loan?
When comparing caravan loans, it's a good idea to look at the comparison rate.
It includes the interest rate AND most fees and potential charges. This is 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.
Can I get a mortgage to buy a caravan?
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.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
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.
Written by
Loans Expert
Shaun McGowan
Reviewed by
Editor
Sean Callery
AS FEATURED IN
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an 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.
