Loan Types
Unsecured Loan
Personal Loan – Unsecured Loan – No Security Loan
The financier does not hold any security over the goods, meaning you can sell your caravan or camper anytime throughout the loan term. As there is no security, there is no requirement to pay out or finalise the loan contract.
Secured Loan
Security Loan – Caravan Loan – Consumer Finance
The financier will hold a security interest over the goods, meaning should you sell your caravan or camper throughout the loan term, it is a requirement to have the balance of the loan paid out to the financier.
Repayments can range from weekly, fortnightly or monthly.
Generally a secured loan will attract a lower interest rate than unsecured.
Chattel Mortage
Security Loan – Caravan Finance – Commercial Finance
This type of loan is suitable for business’ or ABN holders where the goods are going to be used predominantly used for business use.
The financier will hold a security interest over the goods, meaning should you sell your caravan or camper throughout the loan term, it is a requirement to have the balance of the loan paid out to the financier.
There are taxation benefits associated with Chattel Mortgage Caravan Loans such as depreciation, loan interest deductions and general running costs.
Repayments are usually monthly.
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