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Travel Loans
Now international borders have reopened, many Australian’s are thinking about travelling again.
A personal travel loan could benefit you in paying for domestic and international holiday costs over a set period of time at an interest rate that is not out of this world.
TRAVEL LOANS FOR
Domestic Travel
International Travel
Type of Loans Available
Secured Loans
About Secured Loans
Secured personal loans use an unencumbered asset such as a car, boat, caravan or motorbike as security for the loan. A Secured Personal Loan can help in borrowing higher loan amounts as this provides comfort for the bank as it helps reduce their overall risk.
Unsecured Loans
About Unsecured Loans
Unsecured personal loans offer flexibility with loan terms ranging from 1 – 7 years. Unsecured personal loans can start from $5000 to $60000.
COMMON QUESTIONS
You can still gain a pre-purchase loan approval without having to book flights or accommodation. A pre-approval loan can help if sticking to a travel budget.
A travel loan is essentially a personal loan which can either hold an asset such as (car, boat, caravan etc) as collateral for the loan or be fully unsecured. Travel personal loans generally have fixed interest rates and fixed repayments. You can repay additional payments at any time and most do not have monthly costs or early payout fees.
Interest rates vary from lender to lender. Determining factors such as credit score / rating, the loan amount, loan term and the overall loan application profile will determine what interest rate you will receive. With banks constantly changing their interest rates, our process of comparing loans & lenders can help find an interest rate that is suitable for you.
To apply for a travel loan, you will be required to provide some details. Generally the more information you can provide the more options will be available to you.
Information to assist with personal loans include:
Payslips
Bank Statements
Notice of Assessment or Tax Return (if self employed)
Photo ID
The simple answer is, Yes. Although most personal loan lenders prefer to see clear credit history, we do have lenders on our panel that can assist if you have bad or poor credit history. As everyone’s circumstances are different, so are the lenders guidelines and our finance consultants are experienced in sourcing a suitable travel loan to meet your requirements.
The loan term determines your repayment. The longer the term, the lower the repayment. Most personal loan lenders have a maximum term of 7 years with a minimum of 1 year.
Security is usually not required for travel loans, however if you’re borrowing larger amounts, using your current vehicle as collateral for the loan can provide comfort to the lender helping your loan be processed smoothly.
A co-borrower is not usually required, however having two persons on the loan does help to reduce the risk for the lenders; Meaning you are applying for credit using two sources of income. As personal loans are based upon your credit score or rating, lenders will consider the higher credit rating of the applicant when assessing loans which can help gain a better interest rate.
Yes, many of our lenders offer travel loans where you can finalise the loan early and often without any penalty.
PROS & CONS OF TRAVEL LOANS
PRO'S
A travel personal loan can have lower interest rates than using a credit card. Credit card interest can be quite high after the interest free period.
A travel loan can be accessed quickly, in some cases funding can be granted the same day.
Gives you the ability to budget correctly with manageable repayments over a set term.
CON'S
Interest rates for personal loans are based upon your overall credit score / rating. A lower credit score may mean higher interest rates.
Some secured personal loan lenders may charge an exit fee if you pay out the loan before the contracted period (ie: pay the loan out early)
Be careful not to overspend. It’s beneficial to work out a budget and approximate daily spend before applying for a travel loan.
Why Choose Us?
We help make our customers loan journey easy. Whatever your requirements and whatever your financial situation, we’re on your side. Backed by national buying power, meaning we’re in the best position possible to negotiate better, more affordable finance rates for you.
We’ve helped thousands of Australians find their loan.
Loans from $5000
Flexible Payment Options
Loan Terms 1 – 7 Years
Low Interest Rates
Fixed or Variable Interest Rate Loans
Obligation Free Quotes
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