Camper trailer on finance. Term length and interest rate %

[Tbags]

Just wondering what length of term people are getting on their loans and at what interest rate % 

Just need to work out our money etc and need just a guide to what people pay.

We are looking at a Trackabout Safari SV Extenda..

Thanks

[Hewy54]

Depends on a lot of factors, but the best rate by far is your home loan. It is often possible if you have built up some equity, to just borrow some more there at the home loan rate, probably less than 5%

[Garfish]

You are looking at around 10 -13% Personal loan rates, if you haven't a mortgage or the equity on the mortgage.

but if you do, still aim to pay it off in 5 years otherwise 20 years @5 % gets very expensive. 

[Jakster1]

I'd be looking at a cheaper camper trailer rather getting a huge loan. Trackabout Safari sv extenda is a great unit, but I wouldn't go that much into debt to get one. There are many other excellent trailers about for half the price. Sorry for going a bit off topic.
But it is  your money so your call...

[Vards]

 Hi Tbags,  we just sold our trackabout SV Extenda.  Had it for 4 years they are a great trailer and highly recommended.  They also hold their value well.  We sold it to upgrade to a caravan and I am using 360finance.com.au to fund some of the van.  I am looking at a term of 7 years and a rate which matches my home loan of under 5 percent.  Easy to deal with I had approval within 24 hours.  The rate does depend on your circumstances though.  Good luck. Steve 
 

[Rumpig]

The rate does depend on your circumstances though.  Good luck. Steve 

Hi Steve...out of curiosity as i've not looked at the link, what do you mean by their rate depends on your circumstances? How does this change their lending rate?

[Vards]

Not sure exactly, but from what he told me because of my credit history, assets etc they would offer me a better rate.  Could be crap of course just to make me feel like I'm getting a better deal, probably is!  Someone in the finance industry might be able to shed some light. 

[Tbags]

It depends if you're a lending risk.. Eg. Other loans credit cards etc will be a higher rate as apposed to someone with no loans or credit cards etc.. Thanks Steve will look into the link. Crunching numbers and add ons to the camper trailer now..




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[Tbone]

Hi all,

Upfront disclosure here (as I have nothing to hide anyway) I am the National Sales Manager at 360 Finance so can probably shed a little light on the rates etc and how it works.

I won't put rates on here as the up to date ones are always on our website but the reason why it varies is depending on your borrowing profile and the age of the goods being financed. i.e an 18yr old who has never borrowed before buying an older camper won't get as low a rate as somone with established credit, asset backed, good lending history on a new caravan. It all comes down to the credit risk on both the applicant and the asset as well as what lender will approve the application/ In saying that We still manage to get some pretty great rates on almost all our applications anywhere up to 7yrs old

If anyone is looking I am happy for you to drop me an email on trent@360finance.com.au and we can take it further from there. I don't want this to be viewed as a sales post but thought it best add my 2c in and am only more than happy to help like minded people

Cheers

[BaseCamp]

When I was looking at paying for my AT-11 (near new $43.5K)...  I was quoted (I recall) 9% over 60 months....

That sort of sounds ok; right?

But when I got the monthly $$ payment required; multiplied this by 60 months; added my original purchase cost; ($39,500 + GST... as I think the finance companies claim the GST -- ie: they are only renting you $39.5K); then added on approx $1K in "establishment application fees", etc -

the AT-11 had suddenly cost a lot; lot; lot more....          

I seriously suggest you (a) do this exercise yourselves prior to signing up to HP; and then (b) get the financier to do the same...   "Yeah - so much for your 9% matey"   

[gunny]

Hi tbags, we are through 360 as well  second time I have used them. Dealt with Tim both times. They got me a better rate than the lifestyle finance guys could . Great fast service and no bulls#it.  I am at 6% over 5 years.  This is from before interset rates went down.

[Tbone]

When I was looking at paying for my AT-11 (near new $43.5K)...  I was quoted (I recall) 9% over 60 months....

That sort of sounds ok; right?

But when I got the monthly $$ payment required; multiplied this by 60 months; added my original purchase cost; ($39,500 + GST... as I think the finance companies claim the GST -- ie: they are only renting you $39.5K); then added on approx $1K in "establishment application fees", etc -

the AT-11 had suddenly cost a lot; lot; lot more....          

I seriously suggest you (a) do this exercise yourselves prior to signing up to HP; and then (b) get the financier to do the same...   "Yeah - so much for your 9% matey"

BaseCamp if you are getting a HP on a caravan or camper I would say your situation is different to most as most people usually just go a standard consumer loan where the GST is not claimed by the bank (because they never own the asset) or the individual which means it forms part of the loan.

There will always be fees etc to take into consideration but this is where getting the much lower rates helps out alot. As Gunny mentioned he's got 6% and thats before rates went down to where they are now.If there is nothing to hide (which at 360 Finance we don't) we'll even do the comparison for you between what we can come up with and what your bank can come up with and rarely do we come up as the more expensive option.

Couple of suggestions for those looking around
 1. Make sure you so your homework before putting a hit on your credit file. Sometimes your own bank isn't the best....sometimes they are
 2. Make sure you get a loan tailored for what you are buying. Rarely is getting a personal loan on a camper/caravan the best way to go
 3. Get options on different loan terms/structures. Sometimes you can save a fair bit of interest by structuring the loan in a way best suited to your situation

At the end of the day the end result is the same....your new camper/caravan (car/bike/boat.....) is in your driveway, it all just comes down to how much you pay.

Tbags if you are still looking drop me an email and I will get one of the guys to look after you.

[Annieandandy]

Hi all,

Upfront disclosure here (as I have nothing to hide anyway) I am the National Sales Manager at 360 Finance so can probably shed a little light on the rates etc and how it works.

I won't put rates on here as the up to date ones are always on our website but the reason why it varies is depending on your borrowing profile and the age of the goods being financed. i.e an 18yr old who has never borrowed before buying an older camper won't get as low a rate as somone with established credit, asset backed, good lending history on a new caravan. It all comes down to the credit risk on both the applicant and the asset as well as what lender will approve the application/ In saying that We still manage to get some pretty great rates on almost all our applications anywhere up to 7yrs old

If anyone is looking I am happy for you to drop me an email on trent@360finance.com.au and we can take it further from there. I don't want this to be viewed as a sales post but thought it best add my 2c in and am only more than happy to help like minded people

Cheers

So basically banks and money lenders punish the client who is going to have a harder time paying back the loan.

That's fair!!!

I've always been amazed at the ethics and compassion shown by money lenders........

[BaseCamp]

So basically banks and money lenders punish the client who is going to have a harder time paying back the loan.    That's fair!!!   I've always been amazed at the ethics and compassion shown by money lenders........

Actually no one is being punished...   The borrower who has a poorer credit rating; or has less disposable income; or is younger; or is buying an older- non new van; etc; etc -- will have to pay more (additional) dollars in borrowing costs to own the thing...

The lenders run you through a credit risk profile ...   If the computer "says no" -- "or dodgy" ..  then you WILL be paying more...     

Apart from the perceived greed and exploitative habits of some lenders - the main reason "you" pay more - is because that lender knows that (say) one in 5 of "you"; or one in 20 of "you" - are going to default; or otherwise cause "them" angst in repoing their money...

What's that repo show on the telly atm?   Very entertaining....



 

[Annieandandy]

Actually no one is being punished...   The borrower who has a poorer credit rating; or has less disposable income; or is younger; or is buying an older- non new van; etc; etc -- will have to pay more (additional) dollars in borrowing costs to own the thing...

The lenders run you through a credit risk profile ...   If the computer "says no" -- "or dodgy" ..  then you WILL be paying more...     

Apart from the perceived greed and exploitative habits of some lenders - the main reason "you" pay more - is because that lender knows that (say) one in 5 of "you"; or one in 20 of "you" - are going to default; or otherwise cause "them" angst in repoing their money...

How can you say no one is being punished when you then state that those who have a poor credit rating will pay a higher interest rate? If that's not punishment then Im not sure what is.

So they won't loan them money at 5% cause they are deemed a risk but they are happy to loan them that money at 7%.

Fair??? Not punishment??



What's that repo show on the telly atm?   Very entertaining....

[D4D]

How can you say no one is being punished when you then state that those who have a poor credit rating will pay a higher interest rate? If that's not punishment then Im not sure what is.

So they won't loan them money at 5% cause they are deemed a risk but they are happy to loan them that money at 7%.

Fair??? Not punishment??

It's not about being punished, it's about managing risk

[BaseCamp]

It's not about being punished, it's about managing risk

Geez Andy&Annie....   I am a bit surprised that you really don't get the point being made here...

It's about how risky someone is to give cash to...   

If some dufass has (a) not bothered to attempt to save a cent in his life; (b) has no loan - or credit (good) repayment history under her belt; (c) has had a few marks against his credit history with the big brother credit reporting agency; (d) is living with a perpetual unpaid balance on her credit card(s); (literally half the people in Australia whom have credit card(s) - live from month to month with a balance); (and there's about $5Bil personal finance & c/card debt in this country); ... (e) or his income is low; or spasmodic; or he is employed part time; ...then "that person" WILL pay more to get access to money...   

"Ask / complain not what the loan shark can do for you - or the cost... but what you can do to help yourself get cheaper money..."


Then don't forget that she is looking for money to buy a complete and utter folly...   A boat that can be sailed away into oblivion; a new CT etc - that by its very design becomes worth little as soon as they are driven out of the "showroom"...   

Far different from an investor buying a shopping centre; or mum and dad and 2.4 kids first home loan...   (Banks love tangible assets and the 40/40 Plan...        )..





 







 

[Annieandandy]

Geez Andy&Annie....   I am a bit surprised that you really don't get the point being made here...

It's about how risky someone is to give cash to...   

If some dufass has (a) not bothered to attempt to save a cent in his life; (b) has no loan - or credit (good) repayment history under her belt; (c) has had a few marks against his credit history with the big brother credit reporting agency; (d) is living with a perpetual unpaid balance on her credit card(s); (literally half the people in Australia whom have credit card(s) - live from month to month with a balance); (and there's about $5Bil personal finance & c/card debt in this country); ... (e) or his income is low; or spasmodic; or he is employed part time; ...then "that person" WILL pay more to get access to money...   

"Ask / complain not what the loan shark can do for you - or the cost... but what you can do to help yourself get cheaper money..."


Then don't forget that she is looking for money to buy a complete and utter folly...   A boat that can be sailed away into oblivion; a new CT etc - that by its very design becomes worth little as soon as they are driven out of the "showroom"...   

Far different from an investor buying a shopping centre; or mum and dad and 2.4 kids first home loan...   (Banks love tangible assets and the 40/40 Plan...        )..

Hey mate. I know exactly how they work and why they do what they do. I used to work for a bank for 7 years.
My point wasn't to reveal why they do what they do. It was to make a point that they will make a risky client even more risky by making their interests rates and repayments higher and more chance of defaulting.

Unfortunately we need them and they serve a purpose and we pay for that in the end. Just some pay more for exactly the same thing which I find unfair.

[D4D]

Just some pay more for exactly the same thing which I find unfair.

Welcome to socialism...

[BaseCamp]

Hey mate. I know exactly how they work and why they do what they do. I used to work for a bank for 7 years.
My point wasn't to reveal why they do what they do. It was to make a point that they will make a risky client even more risky by making their interests rates and repayments higher and more chance of defaulting.

Unfortunately we need them and they serve a purpose and we pay for that in the end. Just some pay more for exactly the same thing which I find unfair.

Good point A&A - its like the old limerick:

Banks only lend money to people who dont need it   LOL    grrr

[Troopy_03]

Good point A&A - its like the old limerick:

Banks only lend money to people who dont need it   LOL    grrr

That's not a Limerick...

[kylarama]

Just some pay more for exactly the same thing which I find unfair.

Are you a good driver?  Rating 1 with insurance? 
If so, do you think you should pay the same amount as an 18 year old male P plater?  Is it unfair said P plater pays 5 times the amount you do?

I've had 4 personal loans in the last 20 years on top of 2 mortgages and 1 car finance.  3 of the loans were pre house in my early 20's for 4-5K each time (toys ), all payed off 1-2 years early.  Car finance was paid 1 year early and house is ongoing.
I borrowed 12K as a stop gap, to buy our camper while I waited for some money to come through.  Because of my excellent credit history, I was able to get a very good interest rate on a personal loan. 

Nothing unfair about that.  I've earned my stripes and deserve/demand a better deal than Mr/Mrs Unknown!!