Can I get a caravan loan if I have a mortgage?

If you already have a mortgage, you might be wondering if it’s possible to get approved for a caravan or RV loan. If you have made your repayments in accordance with your payment schedule, and have not fallen behind, you may have a better chance of being approved for a caravan loan. Your credit score and history may also play a part in whether or not your caravan loan application would be approved, as having a default on your credit report may cause you to run into trouble, depending on your lender.

What are caravan and RV loans?

Caravan and RV loans can help finance the purchase of a new or used caravan, usually through a private or commercial sale. Rather than paying the full price for a caravan upfront, having a loan allows you to enjoy all the perks of owning a caravan or RV, although with the flexibility to pay the funds back over a period of time.

Caravan and RV loans are a specific type of loan. They work in much the same way as traditional loans do for other purposes, such as buying a car.

When it comes to caravan loans and car loans, they follow a similar financing structure. A lender will generally provide the borrower with a specific amount of money relating to the cost of the vehicle, and that will then be paid back by the borrower over an agreed-upon period of time.

Can I get a caravan loan if I have a mortgage?

If you already have a mortgage, you may still be able to be approved for a caravan loan. Generally, you may not be able to be approved if you have defaulted on your mortgage, although some lenders may work with you to get you approved depending on the age and type of the default.

If you are finding it difficult to get approved, a private lender may be able to help. There are many benefits to choosing a caravan loan through a private lender. Generally, private lenders are able to provide much more competitive rates than lenders such as banks can. In some cases, lending criteria with private lenders are less rigid. So, if your credit rating isn’t the best, a private lender might be able to give you a better loan than a bank traditionally could.

Private lenders are thoroughly regulated, meaning that they are a safe alternative to traditional forms of lending. If you happen to have a bad credit score, private loans may also be helpful. One of the main benefits of a private loan is that your credit rating may not matter as much to a private lender as it would to a bank. Private lenders may be able to offer you different types of loans compared to a bank, which you may find better, especially if you have a bad credit score.

Where does Tiger Finance come in?

We have helped countless Australians with both good and bad credit ratings to be funded for their dream caravan. The lending criteria from other lenders can be far too strict when you have bad credit.

With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a bad credit caravan loan.

How we can help

Tiger Finance is here to help you to get your dream caravan regardless of your credit score. We can make the process simple and pain-free. With our quick application process, we can have you approved on the same day that you apply if you’re able to meet our criteria. Our loan specialists will make the entire process stress-free.

If you’re ready for an adventure in your new caravan, call us today for your free initial consultation with one of our loan specialists.