Can I get a caravan loan if I'm self-employed?

If you’re self-employed and are struggling with traditional forms of lending, there are still ways to get financed for your dream caravan or RV. You may qualify for a low doc loan or a secured caravan loan through a specialist lender instead of a bank. There are many ways for someone who is self-employed to be approved for a caravan loan.

Read on below to find out more about being self-employed, and caravan loans.

How does a self-employed loan work?

A self-employed loan is a loan for people who are sole traders or run their own business. While there is no specific type of loan called a ‘self-employed loan’, there are several loan options available that are tailored to the self-employed.

In some cases, self-employed loans can require less documentation compared to a traditional loan. This can be helpful if you’re struggling to meet the required documentation during the application process. Generally, a self-employed loan may require you to provide tax returns and payslips to prove that you can meet the repayments of your loan, instead of the regular payslips needed.

A self-employed loan isn’t too different from a regular loan, depending on which type of self-employed loan you choose. Each lender may have different interest rates for their self-employed options, as well as different levels of flexibility.

The different type of self-employed loans

If you are self-employed or a sole trader who has been turned down, don’t despair. While the application process may be a little different, there are still plenty of options for you to choose from.

Specialist loans are loans that are done through a specialist lender who provides finance to those who are self-employed. You may need a specialist due to your credit score, loan purpose, needing a loan after bankruptcy or not meeting the income verification requirements.

Secured or unsecured caravan loans are a lump sum payment that you repay over an agreed-to period of time. Repayments typically include interest on top of the loan, which is a percentage of the principal sum of the loan. A secured loan is guaranteed by an asset, which in this case would be your caravan. Your lender would use this asset as security, which means that if you cannot make the agreed repayments your lender could take possession of the asset and sell it to cover the cost of the loan.

Low document caravan loans are used when the borrower cannot meet the required number of documents needed for another loan. Low doc loans can be taken out using less documentation than what is required for a full documentation loan. Typically, low doc loans are for potential borrowers who are self-employed or small business owners and don’t have access to the documents required to be approved for a traditional type of loan.

Where does Tiger Finance come in?

We have helped countless Australians with both good and bad credit ratings to be funded for their dream caravan. The lending criteria from other lenders can be far too strict when you have bad credit.

When you call us, you will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a bad credit caravan loan.

How we can help

Tiger Finance is here to help you to get your dream caravan regardless of your credit score. We can make the process simple and pain-free. With our quick application process, we can have you approved on the same day that you apply if you’re able to meet our criteria. Our loan specialists will make the entire process stress-free.

If you’re ready for an adventure in your new caravan, call us today for your free initial consultation with one of our loan specialists.