Summer is fast approaching, and that means RV season is on the way. While RVs have a reputation for appealing to older people, younger buyers are fueling a rise in RV sales.
If you want to go on a road trip, there’s nothing better than taking an RV with you. But RVs aren’t cheap. If your credit isn’t great, you may wonder if it’s even possible to get bad credit RV loans.
Figuring out how to buy an RV with bad credit does present challenges. But it’s not impossible. Read on for what you need to know about RV loans and bad credit.
Consider Buying Used (and Going Smaller)
Buying a high-end RV new can cost as much as a house in some parts of the country. Getting a six-figure loan on bad credit is both unlikely and a bad idea.
A bad credit score won’t eliminate you from the RV game. But you will have to adjust your expectations.
If you dreamed of getting an RV big enough for your entire extended family, scale back. Instead, focus on getting a smaller one for you and your spouse to enjoy together.
Buying used will also give you more flexibility when it comes to camper financing with bad credit. A used RV can be as good as something fresh off the assembly line.
Check Rates with Multiple Sources
If you had good credit, you might be able to take the RV dealership’s interest rate offer without even looking anywhere else. But that’s not always the best option.
Having bad credit forces you to look harder, and that can be a silver lining to the whole situation. If your preferred RV dealership won’t give you a loan, don’t give up.
Check with your bank or credit union. Ask around and look at many finance companies.
If one place rejects you, don’t get discouraged. Take a day or two to gather yourself, and then keep looking.
Do you have friends with an RV? Ask them where they got it.
If they feel comfortable telling you, ask about their interest rate as well. There’s a chance they’ll provide leads for bad credit RV dealers in your area.
If you’ve ever gotten a payday loan, you may feel tempted to do that again. But that’s a bad idea for several reasons.
The biggest one is that payday loans are generally for a few hundred dollars, not several thousand dollars. You’re also supposed to pay them back much sooner than a typical RV loan.
How to Buy an RV with Bad Credit
Learning how to buy an RV with bad credit can get challenging. If you search a while without luck, you may be better off building up some credit and trying again later.
That may not be what you want to hear. But it’s a better option than taking out a bad credit loan on lopsided terms. Doing that can hurt you more in the long run.
One way to build up your credit is to obtain a credit card and use it responsibly.