Last Updated on March 31, 2024 by Jessica Lauren Vine
If you have bad credit and want to get bad credit RV loans, keep in mind that you will have to pay a pretty penny for it.
Before you go out to RV lots and get your heart set on something, I highly recommend getting pre-approved to see how much money you can get. If you get your heart set on a $30,000 RV and you can only qualify for $20,000, then your new purchase won’t be as enjoyable as it would have been otherwise.
Setting Yourself Up for Success
Bad credit can stay on your record for a long time. I’m talking 7 to 10 years of those bad choices sticking with you.
The best thing you can do is to make sure you are paying all of your current bills on time and taking care of any derogatory marks on your credit. If you ignored creditors in the past, future creditors won’t have confidence that you can pay them off.
Keep in mind that medical payments sometimes don’t cause as much of a problem for whatever reason. And since you are securing your loan with the RV, it’s more likely that someone would be willing to lend the money to you.
Before you go to buy an RV, it’s a good idea if you can work on improving your credit as much as possible.
CNBC talked about improving your credit through:
- Paying down revolving credit balances
- Increasing your credit limits
- Fixing any errors on your credit report
- Asking for negative entries that you’ve paid off to be removed
These simple things can help a lot and could get you further away from the bad credit side of things.
According to VantageScore, 300 to 499 is a very poor credit score, and 500 to 600 is a poor credit score.
If you can help yourself get from very poor to poor, you’ve got a much better chance of getting approval for a loan.
Another thing to keep in mind is that if you can put down a pretty good down payment, then you have a much better chance of getting a bad credit RV loan.
Bad Credit RV Loans Frequently Asked Questions
Can you get RV financing with bad credit?
Yes. Even if you have bad credit, you can get RV financing as long as you’re willing to pay a high interest rate.
What is the minimum score for an RV loan?
Most lenders don’t like to lend to anyone that has a credit score below 600-650.
How hard is it to get approved for a camper?
It’s not too hard to get approved for a camper as long as you are paying your bills and have a high enough income.
Bad Credit RV Loans – Conclusion
Having an RV is a lot of fun, but going through buying an RV might not seem like a lot of fun to you. Now that you have some basic information, though, you’ll be able to move forward with your bad credit RV loan plans or even increase your credit score so you can get out of bad credit land.
When Jessica was older and had a family, she took her crew on the road for 2.5 years. They lived in 2 different RVs during that time. One 18 foot long and one 28 foot long. Both pull-behind RVs.
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