Can I finance the purchase of an RV with bad credit?

Frequently Asked Questions

Can I finance the purchase of an RV with bad credit?

Getting financing for an RV with bad credit can be challenging but not impossible. Some lenders specialize in offering loans to individuals with less-than-perfect credit. However, expect to encounter higher interest rates and stricter terms. Before applying for financing, check your credit report for any errors and try to improve your credit score by paying off outstanding debts. Additionally, consider making a larger down payment, as this may increase your chances of approval. If obtaining traditional financing is not feasible, explore other options like securing a co-signer with good credit or seeking alternative lenders who may offer more flexible terms. It’s essential to research and compare various loan offers to find the best option that fits your financial situation.

Financing an RV involves taking out a loan to purchase a recreational vehicle, a common approach for many buyers given the high cost of RVs. Here are some key aspects to consider when looking at RV loans:

Types of RV Loans

  1. Secured Loans: The RV itself acts as collateral. Defaulting on the loan could result in the RV being repossessed.
  2. Unsecured Loans: No collateral is required, but these often come with higher interest rates due to increased lender risk.

Factors to Consider

  1. Loan Amount: Depends on the RV price minus any down payment.
  2. Interest Rates: These can vary based on your credit score, the loan amount, the term of the loan, and current market rates.
  3. Term Length: RV loan terms can range from short-term (5-7 years) to long-term (up to 20 years), depending on the loan amount and lender policies.
  4. Down Payment: Many lenders require a down payment, typically 10-20% of the purchase price.
  5. Credit Score: A higher credit score generally results in lower interest rates.
  6. New vs. Used RV: Loan terms and rates might differ based on whether the RV is new or used.
Can I finance the purchase of an RV with bad credit?

Related FAQs

Rates

  • 6 Month Term $330
  • Full Year Term $660

Pull-through stalls available upon request. Call for Availability.

Location

Our RV storage site is 8 minutes west from St. Albert just off Villeneuve Rd and Range Rd 264. Easy access to the Anthony Henday Freeway, Highway 44 and Highway #2/St. Albert Trail, St. Albert.

Have a Question?
Contact Us