FAQs

You do not have to refinance with the same lender you worked with for your original loan. If another lender is offering a better rate, you shouldn’t feel like you have an obligation to go to the same lender. Choose the lender that is offering the best deal for your circumstances.

Refinancing involves moving from one type of loan to another with a different rate or terms. It can be with either your current lender or a new lender. When refinancing, the terms of the existing loan are revised. Refinancing is typically done when interest rates fall.

Yes. Refinancing can occur for a variety of reasons with more beneficial repayments, rates, and terms a key part of what it entails. Typically borrowers will refinance to lower their monthly repayments over a longer term, but it can also be done the opposite way by increasing payments over a shorter term.

Some costs that could be associated with refinancing your caravan loan could include exit/break fees, application fees, and valuation fees. Depending on your circumstances and who your lender is, you could incur additional fees and charges so be sure to take these into account before refinancing.

The best time to refinance your caravan loan is when interest rates are low. This will enable you to save money on a new loan compared to your original loan.

Jade offers a variety of commercial finance products available for refinancing including chattel mortgage, leasing, and CHP. When establishing your existing caravan loan, you would have hopefully achieved the best loan for you at that time. Since then, if your current loan no longer suits your financial situation, a refinance could be your best option. Refinancing can also enable you to completely change your caravan loan product.

One of the main reasons borrowers may choose to refinance a caravan is because they want to enjoy a lower interest rate and/or better loan term. By using one of our experienced brokers, you can enjoy the ease and accessibility of securing a lower rate for your caravan loan.

If your credit score has improved, you have changed careers, want to add or remove a co-borrower, or your situation has changed in other ways, refinancing could be something to consider. Your changed circumstances may help you secure a lower interest rate with another lender, thus reducing your payments. If interest rates have dropped, it’s also a good time to refinance.

The terms available on refinanced caravan loans can vary depending on several factors including your credit score, the lender’s policies, current interest rates, and the value of your caravan. Generally speaking, terms can include interest rate, loan length, monthly payments, fees and charges, loan amount, and down payments. When looking to refinance your caravan loan it is important to shop around to determine if you are getting the best deal available. By partnering with a broker at Jade Finance, we do the hard work for you to secure the best deal possible for your circumstances.

Balloon payments are sometimes offered as an option on refinanced caravan loans. It is a larger, final payment due at the end of the loan terms that exists to reduce monthly payments on a loan. Balloon payments mean you will owe a significant amount at the end. This option when refinancing might be available depending on the lender and the terms that they offer.