Our expert finance consultants have access to multiple lending partners, so you can shop for your new caravan with the confidence of obligation free pre-approval.
If you’re currently in research mode, here’s a quick explanation of options in the business finance market:
Secured Personal Caravan Loan
Under a secured loan, money is borrowed to purchase a tangible item – in this case a caravan – to be used as security for the loan.
- Fixed interest rate.
- Generally a lower interest rate than an unsecured loan.
- Loan terms available from between 1–5 years.
- Scheduled repayments
- Potential tax benefits if used for business purposes.
A chattel mortgage allows businesses ranging from sole traders to large corporations to secure a loan against a caravan. To qualify for a chattel mortgage, the caravan needs to be used for at least 50 per cent business purposes.
- Potential tax benefits (speak to your accountant).
- Your business owns the caravan without upfront payment.
- Loan terms available from between 1–7 years.
- Fixed interest rate
Commercial Hire Purchase (CHP)
CHP essentially means that a finance company purchases a caravan, which is then hired out to an individual or business under a contracted payment plan.
- Lower interest rate based on the car being used as security for the loan.
- Flexible repayment periods (two – five years).
- Set monthly repayments for financial certainty.
- Retain the caravan once payment is finalised.
- Tax deductions may be claimed if the caravan is used for business purposes.
- Input tax credits may be available if the caravan is registered for GST.
Message us for more information, or call now on 131 438.