Caravan Loan Calculator

See my repayments

How to use the caravan loan calculator

To use the caravan loan calculator, you’ll need to enter some details about the caravan finance you’re considering. Here’s a summary of what what each of the calculator inputs means:

Caravan purchase price

This is simply the value of the caravan, motorhome, or RV you wish to buy. If you’re calculating repayments on a secured caravan loan (this is similar to a car loan), the loan amount generally can’t be higher than the caravan’s purchase price. If you’re considering an unsecured personal loan, you may be able to borrow more money to cover other costs.

To give you an idea of potential purchases prices, the average loan amount requested for a new caravan in 2023 is $63,672, according to data. The average loan requested for a used caravan is $42,601.

Initial deposit / trade-in amount

If you’re planning to put a deposit towards the cost of the caravan, enter that above. If you’re upgrading the caravan and trading in your old one, this could be the old caravan’s trade in value. Your loan amount for the repayments calculator will be based on the caravan purchase price minus any deposit or trade-in.

Interest rate

Caravan loans often come with a fixed interest rate. This makes the repayment calculation more straightforward. It means the regular repayment amount and total cost generated by the calculator will not change.

Loan term

This simply means the length of the caravan finance agreement. Perhaps surprisingly, the term of your caravan loan has a big influence on the cost calculation. Try different terms and watch just how much your regular repayments and overall costs change. Most borrowers ultimately choose a five-year term, our data shows.

Establishment fees

Make sure your upfront fees are factored into your caravan loan calculation. It will give you a more accurate estimate of your total finance cost.

Once you’ve filled in your caravan loan details...

  • Hit ‘See My Repayments’ to view an estimated repayment and total cost amount.
  • Choose monthly, fortnightly, or weekly repayments to see what you would be paying at various frequencies.
Caravan loan repayment calculator

How does the caravan loan calculator work out your repayments?

Working out how much your regular repayments will be is not as simple as dividing the loan amount by the number or repayments during your loan term. The repayment calculation needs to account for the interest that will be charged on your caravan loan too.

This is done by using what’s called an amortisation calculation. What that means is it adjusts for the gradual repayment of your caravan loan balance over time. See, you pay more in interest at the start of the loan when the balance is high.

So a bigger portion of the repayments on your caravan loan go towards clearing the interest at the start. And the actual loan balance is paid off relatively slowly.

But as the loan is paid off gradually, the interest charges get lower. And you start to pay off the loan balance itself faster. The caravan loan calculator works all of this out for you and gives a repayment amount that will apply throughout the term (assuming the interest rate is fixed).

Example of weekly caravan loan repayments

Caravan loan amountRepayments (7% interest)Repayments (9% interest)Repayments (12% interest)

























Comparison caravan loan repayment examples are calculated using weekly repayments with a fixed interest rate on a 5-year term. They do not include any fees that may be charged by a lender in addition to interest.

How is interest calculated on a caravan loan

How is interest calculated on a caravan loan?

The caravan loan calculator has also been created to mirror how lenders actually calculate interest on loans.

Lenders apply interest on caravan loans as an annual percentage rate (APR).

But because the balance of the loan is continually changing as you pay it off, interest is calculated daily.

To do this, the lender takes the current balance of your loan for each day and multiples it by the annual interest rate.

That amount is then divided by 365 for the daily interest charge.

Because lenders charge interest monthly, your daily interest charges for the current month are added up and added to your loan balance.

Caravan Loan calculator FAQs

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Secured caravan loans in Australia generally come with fixed interest rates between 7% and 29.90% p.a.

The interest rate you get will depend on the specifics in your application. For example bad credit personal loans usually have higher interest rates.

But the amount you are able to borrow will depend on your personal borrowing profile as assessed by the lender.

This is calculated based on your income, other expenses and your credit rating.

Like other types of personal loans, lenders tailor interest rates to individual borrowers based on risk.

To work out your interest rate, the lender will look at factors including your credit score, income, other debts and expenses, whether the caravan loan is secured or not and even where you buy your caravan from.

The riskier your application overall, the higher the interest rate will be on your caravan loan.

For example, if you can’t provide the standard documents to prove your income and expenses (payslips and bank statements), you may still be able to get a low doc personal loan but potentially at a higher interest rate.

The average amount for a caravan loan in Australia is around $30,000. Most lenders will approve a secured caravan loan application for anywhere between $5,000 and $300,000.

The amount you are able to get approval for will depend on your personal borrowing profile, which will be assessed according to your income and credit rating.

Caravan loan fees vary from lender to lender. Some charge no fees, but on some loans the upfront fees can be in excess of $1,000.

There can also be ongoing fees (e.g. monthly or annual fees).

The upfront and ongoing fees plus the interest will be reflected in the comparison rate of caravan loans you’re comparing.

This is a better estimate of the total cost of the loan per year.

But there are also optional fees that could apply, like early payout fees or missed payment fees.

If you get your caravan finance with the help of a personal loan broker, they may also charge you a fee for the service.

There are a few ways to minimise the interest you pay on your caravan loan:

  • Look for the lowest interest rate you’re eligible for

  • Pay a deposit towards the caravan purchase so you’re borrowing less

  • Choose a shorter loan term. This will mean higher regular repayments but less interest to pay in total.

  • Refinance the loan. Keep an eye out for better caravan loan deals that crop up even after you have taken out finance initially as you may be able to refinance the loan to get a better rate.

  • Make extra repayments if you can afford to and the lender allows it (watch out for any penalty fees that apply)

As a general rule, the shorter the loan term, the less you’ll pay in interest in your caravan finance. BUT you’ll have higher regular repayments.

It comes down to how much you can comfortably afford to pay each week, fortnight or month for the full term of the loan.

Remember, with some loans you can make extra repayments without penalty when you have some spare cash and pay off the loan sooner to save on interest.


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