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Guide: How to Find the Right Leisure Finance for Your Lifestyle

If you are looking for a caravan, camper, boat, or jet ski, chances are you will need a loan to finance the vehicle of your choice. With any kind of finance, you can either get approved or denied of the loan depending on one thing: your risk.

A low-risk borrower has a good chance of getting the loan. It tells the lender that this particular person is a good and responsible borrower. However, if you are considered high-risk, there is a considerable chance that your caravan, jetski or boat lending application will not be granted.

How do you get the best deal? Here are some tips:

  1. Know your finances first.Whenever you apply for a loan, one of the first things that brokers and lenders will look at is the health of your finances. Therefore, you need to pay off your existing debts before you send out your application. Saving can also help, so you get a higher chance of getting approved. The important thing to remember is to have stable finances.
  2. Set a budget.When you set a budget, make sure that it is realistic. It should be something you can stick with. Lenders may not favour your application if you plan to buy a caravan, boat, or any leisure vehicle when the price is out of your comfort zone.
  3. Take time to compare the offers.You shouldn’t apply for a loan right away. Instead, you should compare your options first. Get as much information as you possibly can before sending your application. You may want to look at the conditions and requirements. Your application will appear on your credit history. And when it’s a “no” from the creditors, it can cause trouble.
  4. Buy new.You do save money when you purchase a second-hand vehicle. However, it is not a good idea. New is always better, especially when it comes to recreational vehicles. Also, lenders prefer new vehicles more because they have lower risks than older or used RVs.Before you apply, it’s a good idea to check your mortgage first. There may be equity there, which can demonstrate to the lender that you have good financial habits. Also, if you have any savings, they can improve your position in getting a much lower rate on the leisure loan.

Ready to buy your recreational vehicle? Here are even more tips that can help you save:

    1. Buying a Boat

      Boating is a favourite sport and hobby in Australia. It’s something that the market recognises, which is why there are tons of choices all around. You can find boats of different features and specifications. With all these options, it is understandable that you get confused. Before you get a loan for the boat of your dreams, here are some useful buying tips for you:

      • Know what you are going to use the boat for. Is it for serious water sports, fishing, or cruises with your loved ones? The purpose tells you what kind of boat to go for, which can significantly narrow down your choices.
      • Determine the body of water that you plan to navigate. Will you be boating around a lake, river, or ocean? Boats that have flat bottoms are perfect for shallow rivers while those with a V hull are better for oceans. Jet boats are great if you prefer lakes.
      • Test drive the boat. It’s the same with buying a new car. You need to learn if the boat is right for you before you buy it. Test driving will also let you see the features and experience them firsthand.
      • Shop with a trustworthy dealer. Just because the offer is attractive does not mean you should take it. You can either go to a dealership or a private seller. If you are short on budget, you may think about buying a used boat. Although it is not recommended, it may be your only option for now. The best thing to do here is to get to know the owner personally. A reputable dealer will help you find the best boat for your needs and budget.

      Get finance for a boat that’s right for you so you can start driving your dream vessel.

Buying a Jet Ski

If you are in the market for a jet ski, you have two options: buy a brand new jet ski or a used one. The latter is, of course, much more affordable. Let’s face it. Jet skis can cost a fortune, but you can buy a new one even if you do not have all the required payment saved up. The solution is to get a jet ski loan.

While you are still waiting for the funds for your purchase, it makes sense to shop around for this vehicle. These tips will help you buy the best one for you:

  • Set a budget. Your budget creates a limit so that you do not overspend on a new or even a used jet ski. A jet ski can cost you anywhere from$2,000 to $15,000 or even more. As you can see, there is a price that suits every budget.
  • Know how many passengers you plan to carry. Jet skis can accommodate one to four people. If you do not want other people to be riding it with you, a smaller one is ideal. However, do note that the larger the jet ski, the more stability it can offer.
  • Determine your activities. What do you want to do with your personal watercraft? Do you plan to transport other people? Will you be towing water skiers or wakeboarders? There are jet skis more powerful than others. But with power comes a greater price, so keep that in mind.

A jet ski loan can cover either a brand new purchase or a used one. Be sure to inspect the watercraft first, mainly if it is pre-owned.

Buying a Caravan and Camper Trailer

Caravans and camper trailers are a great way to see Australia’s beauty. They are excellent for those who like to go camping with their families, friends, or even by themselves. When buying, you may be surprised at the number of options you will see – from the most basic ones to those that are generous with add-ons.

These tips will help you find the camper trailer or caravan that’s suitable for your needs:

  • Find out what you will use the vehicles for. You can take the caravan and camper trailer off-road. You also have the choice to go to campsites. Some models are useful if you plan to drive along hot and dry climates and others are best suited for wet and cold areas.
  • Determine the features that you will benefit from. Do you want a camper trailer or caravan that will let you survive while you are in the wilderness? Will you be more comfortable knowing that you have the little luxuries in life easily within your reach? Think about these considerations before you buy.
  • Your budget is a big factor. Obviously, you need to figure out how much you can afford. The best caravan or camper trailer may not be accessible to you. The last thing you want to do is to consume all your savings in your bank account just to purchase the caravan of your dreams. It is why the best step to take is to take out a loan. Based on your budget, you can use a portion of your savings to either pay for the loan or add to the amount you borrowed to buy the trailer.

It always pays to be a smart shopper, especially when making large purchases and looking to get a caravan or boat on finance. Get the product prices first, do some research, and compare them. Loans Unlimited is here to provide you with your options to finance the vehicle you wish to buy. Contact us, and we will find unbeatable rates for you, so you don’t have to!

Loans Unlimited are Perth and Western Australia’s premier loan and finance brokers. We have helped thousands move towards their financial goals by offering lower rates and faster approvals when it matters. Financial services are provided by Total Biz Pty Ltd T/A Loans Unlimited ABN 78 624 937 882 ACL 506875.

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* The comparison rate shown is for a secured loan amount of $30,000 over a term of 5 years based on monthly repayments. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Any calculations or estimations do not constitute an offer of credit or a formal credit quote and is only a calculation of what you may be able to achieve based on the information you have entered. It does not take into account suitable product features or loan product types. Rates + repayments shown are based on user inputted data. All applications for credit must be verified prior to the formal assessment process. All applications for credit approval are subject to lender credit approval. Approval is not guaranteed.

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