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Now international borders have reopened, many Australian’s are thinking about travelling again. A personal 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
Type of Loans Available
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 personal loans offer flexibility with loan terms ranging from 1 – 7 years. Unsecured personal loans can start from $5000 to $60000.
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:
Notice of Assessment or Tax Return (if self employed)
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.
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PROS & CONS OF TRAVEL LOANS
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.
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iCREDIT Travel Loans are available throughout Australia, Melbourne, Sydney, Adelaide, Hobart, Darwin and Perth, Gold Coast, Palm Beach, Burleigh Heads, Tweed Heads, Brisbane, Ipswich, Sunshine Coast, and Queensland Today!
*Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Credit assistance provided by iCREDIT Australian credit licence 499023. ^Comparison rate for Secured Loan is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. **. Interest Rate: 5.49% Comparison Rate: 6.71%