SOUND ADVICE

COVID-19 has had a gigantic ripple effect on the Australian and global economies. As industries felt the brunt of lockdowns and travel bans, many Australians lost jobs and the country dipped into a recession.

At the time of writing there has been positive news regarding low rates of COVID-19 infections and borders reopening.

This has prompted a huge boom in demand for caravans, campers and motorhomes as Australians explore their domestic travel options now that Danube river cruises and cheeky trips to Bali are off the agenda for a while.

Many are looking to fully or partially finance the purchase of an RV, which means finding a loan for the desired amount. But economic uncertainty has made financial institutions more risk-averse and stricter with their lending criteria, says Wayne Park, Relationship Manager with finance broker Credit One. He works directly with more than 40 financiers as well as dealers and customers around Australia and can attest firsthand to the number of hoops everyday Aussies now need to jump through to get that loan started.

Here, he offers some expert advice to help you