Not every bank is happy in providing secured camper trailer loans for private sales as there is always a risk of fraudulent activity and risk to both the lender and borrower, however if you follow a few simple steps, you can safeguard yourself any potential risks in purchasing a private sale camper trailer.
Private Sale Camper Trailer
When buying through a licenced camper trailer dealer, they have to adhere to Government requirements in order to operate and remain in business, so must provide some form of guarantee on the camper trailer, proof of ownership, ensure no finance is owing on the goods and have an operating licence. If there is any fraudulent activity, it is easier for a lender to contact a dealer directly to rectify any issues rather than a private seller.
Unlike an unsecured personal loan where the lender provides funds directly to you, if the lender is wanting to take security over the van through a secured camper trailer loan , they will ask for additional information from the seller so as to determine ownership, condition of the camper trailer, and where to advance the funds upon settlement.
Typical items required from sellers for private sale camper trailer loans are:
Registration Papers
Drivers Licence
Proof Of Sellers Bank Details
Photos Of The Camper Trailer
Private Sale Invoice or Purchase Agreement
Visual Inspection Report
Safety Certificate or Roadworthy Report
Payout Letter From Financier
(If the camper trailer is under a current finance arrangement)
Both the Driver’s Licence and Registration Papers will ensure proof of ownership and lenders will only advance the funds to the owner, so proof of bank details need to be in the sellers name as well. Obtaining photos and a visual inspection ensures the camper trailer is as described and ensures the correct manufactured year and model.
- If the camper trailer being purchased is an older model, some lenders will request an independent safety inspection to ensure there are no major issues that may arise after purchase.
- A Personal Property Security Register or PPSR search can ensure the camper trailer is not a repairable write off, under current financial arrangement or stolen.
- Additional factors to allow for when purchasing private sale camper trailers are that there is no guarantee or warranty should you encounter a mechanical issue. It is adviseable to organise an independent inspection through a motoring body such as RAC or an industry recognised trailer inspection station to ensure the camper is in sound condition.
- Usually on road costs are not included in the sale price and need to be taken into consideration.
This may sound like a lot of work, but with a few simple checks and processes this can ensure not only the lender has protection, but also you as a buyer. Should you have a pro active broker, they will liaise with the seller and organise the necessary checks for you making the private sale camper trailer loan process much easier.
iCREDIT can help you find, compare and choose a private sale camper trailer loan suitable to your needs and budget. Our professional finance brokers ensure you are adequately protected throughout the private sale purchase.
Contact us on 1300 350 118 or admin@icredit.net.au to discuss your private camper trailer loan comparison needs.
This article contains information on private sale camper trailer loans.
This information provided is a guide only. It should not be treated as financial advice and does not take into account your personal circumstances, financial needs or loan requirements. If you have any specific questions about financial matters or government legislation, you should consult an appropriately qualified professional or government department. iCREDIT endeavours to ensure the information is accurate at time of publication, however cannot guarantee the ongoing accuracy this information.