Caravan loan calculator

How the sum works

The calculator uses the standard formula for a loan repaid in equal monthly instalments with interest charged monthly on the balance you still owe. The fortnightly and weekly figures are the monthly amount spread across the year, which is close to what a lender quotes but not exact. It leaves out establishment fees, monthly account fees, balloon payments and insurance, which all change the real cost.

Why the comparison rate matters

When a lender advertises an interest rate on a consumer loan, Australian credit law requires it to show a comparison rate as well. The comparison rate rolls the interest and most fees and charges into one percentage, worked out for a standard loan amount and term, so two loans with the same advertised rate can carry very different comparison rates. If you borrow more or less than the standard amount, or over a different term, your true cost can differ from the comparison rate too.

Put the comparison rate, not the headline rate, into this calculator for a fairer figure, and ask what it leaves out: redraw fees, early payout fees and any insurance added to the loan. ASIC's Moneysmart guide to car and vehicle loans explains comparison rates, balloon payments and dealer finance in more detail.

Before you borrow

• Check the van before you commit. Our buying and selling guides explain what to look at before you buy.
• Browse caravans and RVs for sale and see what the market is asking before setting a budget.
• Read how to buy a caravan safely before paying a deposit.

This is general information only, not financial advice or a loan offer. Caravan Domain does not recommend lenders and receives nothing from any lender. Check the terms and the comparison rate with the lender before you sign.