RV Financing Bad Credit?

Are there genuine RV financing bad credit options available?

There was a time, just a few short generations ago, when credit was practically unheard of. If you didn't have the cash, you didn't make the purchase.

Although there were a few local merchants that would extend credit to families and farmers they knew and trusted, but the whole credit industry as we know it basically began with Henry Ford.

Ford wanted to increase sales and increase the popularity of his product, but realized not everyone had that kind of disposable income. By letting people pay over time, more people were able to buy his vehicles.

Today, buying anything with cash is practically unheard of. Buying on credit has become a way of life. As soon as you reach the age of eighteen, you can apply for credit, whether you have a job or not.

This practice has many advantages, but has also caused problems for many consumers, leaving them with a less than stellar credit rating.

And this has prompted a new brand of loans – the bad credit loans. This means that even with less than perfect credit you can still qualify for RV financing bad credit.

Get Your Own Credit Report

If you're worried about your credit, then why not get a credit report on yourself?

Find out why your credit is bad and try to improve it. Being patient, and working on your credit first, will usually get you the best deal, and allow you to really enjoy your RV.

Finding a Lender

An RV is not a cheap purchase. Many RVs can cost as much as your house, if not more.

Because an RV is a luxury item, getting a loan to purchase one is not always easy. In most cases, your credit has to be absolutely perfect.

Also, many lenders will not give you a loan for a used RV. That means your first job will be to research possible lenders.

The hardest part of RV Financing bad credit is finding a lender

You need to:

  • Find out your credit score
  • Find out if the lender has a minimum credit score requirement
  • Find lenders that give RV loans
  • Find lenders that give bad credit loans, especially for the purchase of luxury items. It is one thing to borrow money for something you really need, but many lenders have serious issues with giving loans for items they feel you don't need

Once you have narrowed down your list of possible lenders, call them up and speak to a real person. You can get all sorts of information – even fill out a quick application to see if you qualify – over the internet, but nothing beats getting the answers straight from the expert.

Since an RV is such a large purchase, you will probably need to fill out the official paperwork at the lender's place of business. Make sure you ask lots of questions.

This may be an RV financing bad credit loan that will make you willing to jump through hoops to be approved, but don't do that. Don't end up with a bad deal that could put you into a worse situation down the road.

If the loan officer sounds like he is doing you a huge favor by even considering your application, walk away. Having bad credit does not make you a bad person, and no one should make you feel bad about asking for a loan.

New or Used RV?

When your credit is less than perfect, a used RV might be a better option. The loan will be smaller, so the payments will be easier to manage. But, before you start shopping around for the RV of your dreams, sit down and figure out your budget.

Preparing this ahead of time will also greatly impress your loan officer. It shows responsibility and forethought. The agent will see that this is not an impulse purchase, but rather that you have done your homework. 

Plus, the lender will be very interested to know how you plan to work the payments into your budget. Having this information will improve your credibility.

RV Financing: Bad Credit May Not Prevent Your RV Ownership Dream

With your budget in hand, you can either begin looking for an RV within your price range, or apply for a pre-approved loan. The great thing about pre-approved loans is they give you much more bargaining power with the RV dealer.

He will not able to talk you into spending more than you can afford because your loan is already pretty much in place. You show him how much you want to spend, and it will be up to him to find something suitable for you.

Still have questions? We are here to help. Contact us today to learn more about RV financing bad credit options.

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