We touch on the intricacies of RV finance pre-approval
Ready to buy? Want to hit the shows for the best deal?
Here are some pearls of wisdom from Credit One's managing director and founder, Michael Rojek, on getting your finance pre-approved.
"It's easy to get caught up in the excitement of the shows, the crowds, the noise, and the hot sun," says Michael.
"And it can be easy to sign on the dotted line for something that might be a little out of your reach in terms of price, or conversely, even miss out on your perfect van because you weren't sure if you could afford it or not."
However, Michael adds that more and more savvy caravan buyers are making the smart choice and getting finance pre-approved prior to doing the ‘show circuit’.
"Know exactly how much you want to spend. An online calculator, similar to that listed on our website (creditone.com.au), will provide the ability to predetermine how much you can borrow based on a payment amount and term," advises Michael.
NB. Entering your loan details on Credit One's 'Loan Repayment Calculator' allows you to submit Loan Amount, Loan Term, Balloon, Interest Rate and Payment Frequency (weekly, monthly, yearly) prior to clicking on the Calculate button.
"And take the time to consider all expenses and plan an accurate budget. Don't forget to take into consideration registration, maintenance and insurance costs of the new van, as well as allowing a buffer for unexpected expenses at home such as a change in overtime or seasonal changes in income and expenses."
Michael adds that pre-approved finance allows you to negotiate with the dealer as a 'cash buyer' and may well result in a better price than a lot of 'subject to finance clauses'.
"Choose a broker, like Credit One, that lets you compare all of your finance options rather than just the one or two choices that dealer finance or a bank may offer," advises Michael.
"Credit One talks to over 30 of Australia's leading financiers. We compare all the variables, including establishment fees, interest rates and early termination fees, helping you secure a great overall loan package rather than just a rate that looks cheap but may come with hidden fees."
Michael adds that all of this can be done from the comfort of your own home.
"Simply apply online and one of our caravan finance specialists will give you a call to discuss budget, ideal make and model, and approximate pricing, and then negotiate a great finance deal for you.
"This gives you more time to relax and focus on the exact build and optional extras for that perfect van, and plan your first trip away.
"The best thing about this is that if you decide not to proceed or simply change your mind, you don't owe anyone a cent. It's a completely obligation-free service."
NB. The 'Online Loan Application Page' simply requires you to submit Your Details, Privacy Consent and Finance Details prior to receiving an Application Confirmation.
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