Bad Credit Caravan Loans

Frequently Asked Questions

• How do I apply for a bad credit caravan loan?

  To begin your application for a bad credit caravan loan, simply provide us with some personal details. We want to know about you, your current financial position, and what your ultimate finance goal is. Supplying this information is easy and takes just minutes. Simply contact the team on 1300 467 274, email us at rapid@gorapid.com.au or complete a Free Finance Assessment via the form on this page. Our experts are on hand to answer any queries.

• What does the process involve?

  Once you’ve completed your application online or over the phone, a Rapid Finance expert will contact you directly. They will assess your situation, consider all avenues, and find the caravan loan that best aligns with your goals and circumstances.

  As a team of finance specialists, we have access to a vast range of caravan loans, so we tailor solutions to your unique situation – even if that situation includes ‘bad credit history’. This catchall term can cover anything from a missed utility bill long ago to a previous bankruptcy.

  Many of our clients think that, because traditional lenders have declined them, a caravan loan is beyond reach for them. We find that most of the time this is not the case at all. The client just needs a more nuanced approach from the right company, which is where Rapid Finance comes in.

• Do I have bad credit?

  Poor credit history covers a range of circumstances. A client may have overlooked a bill, or have experienced bankruptcy in the past, to name a couple. We know life gets in the way, whether it’s a clerical miscommunication or a marriage breakdown that has thrown a spanner in the works for your credit situation. Comprehensive credit reporting has advanced over the past few years, with banks reporting 24 months of payment history on any credit facility you have back to credit reporting agencies. Whatever the reason for poor credit history, it can make it hard to secure finance.

  Most people are aware if they have bad credit history, but if you’re unsure, contact the Australian Credit Reporting Agencies for a copy of your credit history. There are 3 Credit Reporting Agencies in Australia:

  1. Equifax

  2. Illion

  3. Experian

  Of these, Equifax is the most prominent; however, Illion has grown in recent years. Prospective lenders are likely to check at least one, if not all three of these agencies, depending on which agency they subscribe to. As someone looking for a loan, it’s very tricky to find out which agency your prospective lender works with.

  Avoid the hassle and let the Rapid Finance team handle these questions for you. You can also learn more about bad credit loans here.

• I’m on Centrelink or a pension. Can I secure a bad credit caravan loan?

  Yes. Securing a caravan loan approval hinges on your income and ability to repay your loan. Many Centrelink payments, like the age pension and veteran’s pension among others, can constitute income. If you supplement your Centrelink income with just one other income source, you’re closer to a caravan loan than you think! If in doubt, speak to our team of Rapid Finance experts for a clear evaluation of your options.

• Will I receive 100% finance?

  Yes. We could secure bad credit caravan loans for clients without a deposit – even for clients with a bad credit history. It comes down to your application and overall profile. Note that if you have a really bad credit history, a deposit will strengthen your application to prospective lenders. There may also be other options available to you, like vehicle trade-in and/or additional security of another asset.

  If you’re after a bad credit caravan loan without deposit, we need proof of your ability to meet repayments. A Rapid Finance expert will review your situation to explore all avenues and may be able to negotiate a bad credit caravan loan on your behalf. Talk to the Rapid Finance specialists for more information.

• Are same-day caravan loans available?

  Yes. We have helped many clients secure same-day caravan loans in the past – even when they had bad credit. We understand that clients sometimes need a quick turnaround to take advantage of a special deal or limited time offer. The most time-consuming part of the whole application process tends to be when clients gather the appropriate documents for our review. Once those documents are provided, we can progress the application with speed!

  While we offer a speedy service, the advantage of Rapid Finance is that we work hard to get the very best outcomes for our clients – so you know you’re not being ripped off. We take pride in achieving best-possible rates with the lowest-possible fees within the parameters of your overall profile. We compare a vast range of finance products on the market to find you the best fit, and put it all together swiftly for fastest-possible approval.

• What about bad credit caravan loan interest rates?

  There is no universal interest rate on bad credit caravan loans. The interest rate available to you will depend on your past employment, residential and credit history, the amount requested, your credit score, and the caravan you hope to purchase. Generally speaking, bad credit loans have interest rates of more than 10% P.A. 

  The good news: we offer ‘interest-reducing loans’. That is, we calculate interest at the end of each month based on outstanding balance at the time. You can also make extra payments as you go without penalty or choose to repay your loan on a weekly or fortnightly basis, instead of monthly, also without penalty. Generally, you can also pay off the entire balance early without penalty, but that depends on the lender. Any penalties for early payout tend to be small, if any $100–$750 with interest calculated only until the date you repay the loan in full.

  A Rapid Finance expert can investigate other ways to reduce this rate, as well as other details in your credit history that might actually strengthen your financial position.

• Can I secure a loan to buy a used caravan?

  Yes. You can secure a bad credit caravan loan for a used caravan. The details of the loan will of course change depending on your unique financial profile. Generally, caravans 12 years old and newer are fairly easy to work with; however, there is a range of variables to consider. Our Rapid Finance experts are here to guide you through the process.

  Don’t apply for credit if you’re still researching and haven’t yet landed on your dream caravan. Any application for finance is recorded on your credit history and making multiple applications across lenders can raise red flags.

  At Rapid Finance, the biggest mistake we see is when clients apply for the same loan with multiple lenders in a short timeframe. Doing so tells lenders that the person seeking finance is desperate and uninformed, which makes you an unattractive candidate for a loan. It also has a negative effect on credit score, which can earn you an instant decline. Let the Rapid Finance team explore the options out there for you – without jeopardising your standing in lenders’ eyes! With 19 years’ experience, we know how to protect our customers.

• Will there be a credit check on my bad credit caravan loan?

  It’s generally impossible to secure a bad credit caravan loan without a credit check. Under the National Consumer Protection Act, credit providers must ensure applications for finance are suitable. Due diligence necessitates reviews of all financial information, including credit history.  

  However, even if you have poor credit history, it might be possible to secure finance. A credit check actually helps us get a sense of the whole picture, strengthen your application and find you the best-possible outcome. For instance, a previous loan paid on time makes you a more attractive loan candidate to lenders – even if you have defaults!