The saying "there's more than one way to skin a cat" ... It follows that "there's more than one way to finance your caravan" 🚙
👉 There're 2 main ways:
--> vehicle / asset finance
--> home loan top up / split
We recently helped Tony purchase this beauty via a top up on a home loan.
🥸 A caravan is generally for personal use, so it's best to pay off the finance as soon as possible - "bad debt". Sometimes it could be tax effective for a business (obtain tax advice) - "good debt"
Structure:
$60,000 additional home loan top up (all costs etc)
Loan Term: 30 years. However importantly - repayments are increased to replicate a 5 year loan.
👩🏫 Differences between obtaining Home Loan or Asset Finance for a caravan:
- A home loan can be a lower rate / fee than an asset loan
- A home loan process can take a bit longer
- An asset loan term means it'll pay off sooner (30 year term potential trap)
Truly Finance's advice, financial services and property strategies are generally complimentary. We do this for the best interests of our clients and we relentlessly strive to be the best mortgage brokers!
James Brett. Principal Mortgage Broker ☎️ 0439 591 759
Victor Simone. Principal Mortgage Broker ☎️ 0438 257 888
Andrew O'Brien. Senior Mortgage Broker ☎️ 0451 308 292
Nermalee Bowe. Senior Mortgage Broker ☎️ 0431 274 554
#CaravanFinance #TrulyFinance #Finance #Mortgages #HomeLoans #BestMortgageBrokers #MortgageBrokers
Credit Representative Numbers 521733, 550284, 550765 & 547037 are authorised under Australian Credit Licence 389328
