RV Loans Guaranteed: What They Mean to You


Can you get RV loans guaranteed?

If you have a less than perfect credit score, chances are you are worried about getting a loan to buy that RV you have had your eye on.

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RV loans, guaranteed to turn your RV dreams into reality. Used under a Creative Commons licence courtesy of Slightlynorth at Flickr

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The good news is that there are options that will allow you to get RV loans, no matter what your credit rating looks like – or even if you have never bought on credit at all!

In this article, we take a closer look at what guaranteed RV loans for bad credit, or customers with good credit, are, what you should look out for, and everything else you need to know to decide if this is a viable option for you.

What Does "RV Loans Guaranteed" Mean?

This does not mean that every person who applies will be granted a loan to buy an RV. It simply means that your negative credit score will not count against you in the approvals process.

You will still have to satisfy the loan company that you meet the earnings requirements, and that you can afford the loan repayments. You may still have to put down a deposit or down payment, and you will still be legally bound to repay the loan based on the terms of your contract.

The only real difference is that even if your credit score is less than perfect or non-existent, you will still be eligible to apply for this type of RV loan.

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The Pros of RV Loans for Bad Credit

The biggest pro of the RV loans guaranteed schemes out there, and all RV loans for bad credit, is that even people who have, at some point, damaged their credit score, for whatever reason, are still eligible to apply.

We all know that no one ventures into bad credit territory out of choice, but when it happens, it follows you around for a long, long time. There is no reason that mistakes or mishaps in your financial past should prevent you from owning an RV though!

RV loans for bad credit are also a stepping-stone. Once you have one, you will be able to refinance later on, if you choose to, and if you continue to make regular payments on a big-ticket item like an RV, chances are you will do a lot towards repairing your credit score at the same time.

The Cons of RV Loans Guaranteed

The primary downside to guaranteed RV loans, and other RV loans for bad credit is cost. The companies that offer this type of loan know that you are not likely to get the finance you want anywhere else.

They have taken that into account, as well as the increased risk you pose to their company, and their RV loan rates reflect that. You are likely to pay considerably more on your monthly premiums, and you certainly will not get the best RV loan rates from these companies.

However, if you want an RV, and everyone else is turning your loan application down, then this is a viable option.

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How to Apply for RV Loans Guaranteed

Most banks and traditional lenders operate within very strict lending guidelines. They simply will not lend to people who have bad credit.

Therefore, if you are looking for RV loans guaranteed regardless of your credit score, you are going to need to cast your net a little wider than you would under ordinary circumstances.

A good place to start looking is the internet. Type ‘RV loans guaranteed' into your search engine, and you should find several options. Visit as many sites as you choose to, and read their loan criteria. When you have narrowed the search to a few possibilities, consider making a preliminary application.

It is okay if you apply for more than one loan at a time – even if you are approved, you will not have to pay for any loans that you do not accept.

This step is important because if you are approved for one or more of the RV loans guaranteed programs you apply for, you will be sent the loan agreement – and that is exactly what you want.

Go through the loan agreement carefully, and look at all the terms and conditions, as well as the RV loan rates you will be paying. Consider having an attorney look at the agreement too. You want to be sure that the agreement is fair and legal.

Once you have done that, the next step is to compare all the RV loans guaranteed options you have been approved for, that are fair and reasonable, and choose the one with the best RV loan rates.

By following this process, you should find that you narrow the possibilities down to only the best RV loans guaranteed programs, and you get the best deal. Do not be too desperate to get RV loans for bad credit, and do not take the very first offer you get. You still want to shop around for the best RV loan rates you can find.

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Renegotiating a Better Deal

So, we have already established that while RV loans guaranteed make getting credit for RV purchases easier, they do not necessarily offer the best RV loan rates. You will have to accept that – for a while at least.

Once you have been paying regularly, and consistently though, it is time to start considering renegotiating your RV loan deal.

Go back to the company that you have got your RV loan guaranteed from, and ask them to reassess your payment plan and contract. If they are not amenable to that, then consider approaching other finance companies with your new, improved credit rating, and applying for RV refinance.

RV loans guaranteed and RV loans for bad credit are options you use if you need to get finance fast, and you cannot first repair your credit – but you do not have to pay higher interest rates forever. Use them as a stepping-stone, and reassess your situation periodically – once you're on the ladder, you can always look for a better deal later on.

What Next?

Need finance? Apply for RV loans. We'll connect you with our trusted lenders and get you the best deal for your dollar.

Need insurance? Get one of our RV insurance quotes.

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