The right financial advice for living the dream sooner than you think

A camper trailer may well be the answer you’ve been looking for to get your family out enjoying the destina tions that you consider your second home. However, there is a cost involved in securing the freedom that they provide. While it’s great if you have the cash saved and ready to go, more often than not a finance option is a good way to get travelling as soon as possible.

So where to next? The major banks have strict terms and conditions and can be quite inflexible. Independent finance specialists are an option that more and more 4WDers are taking up purely for their independence.

Dave Challinor from Fortified Finance and Leasing says this is one of the biggest reasons for growth in the independent fi nancial sector over the last few years. “People just don’t want to be treated as a number anymore,” he told us. “They’re looking to get personalised service and a more tailored package that suits their individual situation, which an independent specialist can give them.”

With this in mind, we spoke to Dave about a couple of the points to look out for when applying for a loan to get your camper towing nicely.

INTEREST RATES
There are many product types available and Fortified Finance and Leasing sort through them all and tailor them to your own situation. In most cases, they try and source funding on a secured loan basis. Secured loans by defi nition are generally the cheapest alternative; however, unsecured options are also available should you not be eligible for a secured loan.

While it is possible for clients to draw against their own home loan for these large purchases, it is something that Fortified Finance advises against for a number of reasons. Home loans are generally taken over a 25 to 30-year period, which means purchasing 4WDs and campers will have you indebted to the bank longer.

Short-term lending on a secured/unsecured basis puts you into a position to repay the loan over a maximum period of five years, which frees you from the bank sooner rather than later. After all, the longer you’re indebted to the bank, the more interest you have to pay!

Because of the short-term secured/unsecured loans, the actual dollar amount of interest can be substantially less than using your home loan if you pay it off over the full term. If your financial planner has already begun using the equity in your home to generate future prosperity for you and your family, the last thing you want is to limit their ability to do so.

At the end of the day, Fortified Finance and Leasing is simply about getting you on the tracks sooner and out of debt quicker.

BIG vs LITTLE
The most important thing when setting up your finance is knowing who you’re dealing with. Big banks can offer you a level of security, but they are numbers focussed. This is okay, but if you’re looking for a unique package to suit your circumstances, it can be a good idea to deal with someone who is independent of the major banking system.

“Independent finance specialists work with all institutions to get credit for their clients, rather than one particular institution they have an alliance with. This gets the best result for you, the customer, every time,” Dave said.

Article by Dave Challinor, Fortified Finance & Leasing
as appeared in 4WD Action

ABOUT DAVE: With over 20 years of banking and finance experience, Dave has been exposed to and witnessed every possible change in the financial environment. From bank policy shifts to continually increasing governmental legislation, there is really no form of lending that Dave has dealt with. Being the owner of Fortified Finance & Leasing in Brisbane’s North, Dave stays abreast of any changes in lending requirements that affects any consumer. and personal needs.

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