Bad Credit RV Loans

Are you interested in learning more about securing an RV loan with less than ideal credit scores?

While having a low credit rating can decrease your odds of qualifying for an RV loan from a bank or credit union, Southeast Financial can help you examine your financing options to see if you can get a pre-approval or approval for a loan that meets your needs. Our terms are some of the best out there from any RV loan lender.

RV Loans for Bad Credit Score

How Can I Qualify For a Bad Credit Loan Program?

Outlined in this list is what you need to convince lenders to provide you with an RV loan despite your low credit score:

  • Must provide proof of income (income must be verifiable and consistent.)
  • Prior bankruptcies are okay, but they must be discharged and have no multiple fillings.
  • Proof that the RV is for recreational purposes only.
  • Must have prior positive installment loan history.
  • Must have stable employment, a minimum of 2 years for self-employed applicants.
  • A minimum credit score requirement of 600 typically.
  • A minimum annual income of $20,000.

What Might Disqualify Me For The Program?

Some of the factors that might disqualify you from a bad credit loan program include:

  • High debt ratio.
  • Multiple bankruptcies.
  • Unverifiable income.
  • Limited installment history.

How Can I Improve My Chances of Getting Approved for an RV Loan?

Getting easy financing with bad credit RV loan history can be difficult but there are strategies you can use to help improve your chances of getting approved for personal loans meant for you to buy a recreational vehicle. These are a few of the most effective things you can do:

  • Put Money Down: If you are able to provide a down payment of more than 20 percent, the likelihood of securing the rest of the financing from lenders that you need will increase.
  • Secure the Best Price: Shop until you find the right price: make sure after your down payment to request a loan of no more than the wholesale or used sale price that the RV is projected to be.
  • Report Increases in Income: Though you may have hurt your credit score in the past, strong income in the present may make up for it. Also, if someone else in your household has recently started receiving an income, this can make you a better prospect for a lender.
  • Pay Off Debt: One factor that credit reporting agencies examine is your debt-to-equity ratio—with good reason: people are less likely to pay back new loans if their existing loans are already above a certain level compared to their assets and income. Therefore, consider paying off at least one of your existing loans and showing a plan to pay off more in the future. Though this may delay your RV purchase, it can improve your overall financial strength.
  • Check for Errors: In some cases, errors in your credit report may be the culprit, so request and check your report and inform the agency of any errors you find.

Though it will take time for your credit rating to change, a lender may look more favorably on your RV loan application because of your commitment to financial improvement. Online lenders are now more willing than ever to give consumers more opportunities to work with, even on personal loans for recreational vehicles like a camper, many travel trailers, toy haulers, and even motorcycle ATVs.

Collateral and Loan Advance

Collateral up to 15 years old considered to get a personal loan.

The Process of Getting an RV Loan for Bad Credit

Obtaining simple finance with bad credit RV loan history can be tough to establish, but there are tactics you can employ to increase your chances of being approved for personal loans designed specifically for you and your desire of owning a recreational vehicle. These are some of the most effective actions you can take:

Check Your FICO Score & Credit Reports

If you haven’t already, you should acquire your credit reports from It’s possible that your credit has inaccuracies, such as a missed payment that isn’t true. If you discover an error, you should dispute it with the credit bureau.

Keeping track of your FICO score is always a smart idea! Examine your score and reports frequently. Typically, the minimal credit score for RV financing is 550. However, higher is usually preferable.

Establish a Realistic Payment

If you have low credit, the most important criterion lenders consider when choosing whether to approve you for a loan is your ability to repay it. Use an RV loan calculator to help you and your family create a reasonable payment and budget.

Above all, the payment should not put a strain on your finances. There are other RV expenses to consider, including fuel, insurance, campsite fees, and interior and exterior maintenance.

Save For at Least a 10% Down Payment

In general, RV lenders prefer at least a 10% down payment, however, some want a 20% down payment. The greater your down payment, the more likely you will be approved. Here are some more advantages of making a hefty down payment:

  • For years to come, your payment will be low and reasonable.
  • You’ll have equity in the RV, which will save you from going underwater on your vehicle loan.
  • You will have a positive loan-to-value (LTV) ratio.
  • You will not be required to get auto GAP insurance.

Pick Your RV

There are many different RV models available. Here is a brief summary:

  • Class A motorhome. This kind of RV is often the largest and most expensive.
  • Class B motorhome. This RV, also referred to as a “camper van,” is constructed utilizing a van’s body as a platform.
  • Class C motorhome. Class C RVs provide midrange motorhomes at moderate prices and they may be the perfect size for you.
  • RV fifth-wheel. This substantial, towable RV, which is frequently opulent, must be towed by a vehicle.
  • Trailer home. Travel trailers can be pulled by a variety of vehicles due to their adaptability and versatility.

Get Approved and Sort The Paperwork

You can have more negotiating power at the dealership if you get preapproved for RV financing before you go shopping. Due to their status as luxury goods, RVs pose a greater risk to lenders. Obtaining various loan offers is therefore crucial so that you can select the best one.

Additionally, if you arrive at the dealership armed with a preapproval letter from a lender, the sales staff might treat you with more respect and help you negotiate a better price.

Examine the documents, make any necessary inquiries, and then sign the document! You are ready for your new RV!

RV Loans for Poor Credit | Southeast Financial

Southeast Financial is the leader in RV Financing nationwide. We finance new and used RVs with extended loan terms which means a lower payment rates for you. We offer both new and used RV financing and are able to secure financing in all 50 states.  Get in touch with us online to learn more about our RV loan program and terms for people who have experienced bad credit issues. We can’t offer a guaranteed best RV loan with low interest rate right away, but we can guarantee your best shot at one with poor credit or low credit score.

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Bad Credit RV Loans: Apply now!

Frequently Asked Questions

What credit score do you need for an RV loan?

What credit score is required for an RV loan? A score of 670 or better is typically required to qualify for an RV loan. A better score increases your chances of being approved for a loan. However, some lenders will approve you for a loan with just a 550 score.

Can you get RV financing for a “full-time” RV?

The majority of lenders won’t finance an RV that you want to use as your primary house. It is essentially hard to get financing for a rig that you want to live in, even with nearly impeccable credit.

Lenders refuse to finance full-timers for a variety of clear reasons. The first worry is how they would track you down and seize the equipment if you don’t pay the loan. What kind of employment you will be able to undertake in your RV to provide the long-term reliable income they need to secure the loan is the second issue.

However, that can change if you contact our team At Southeast Financial, where we will do everything on our hands to get you the financing you need.

Is it hard to get financed for an RV with a low credit score?

Is it possible to get RV financing with poor credit? The short response is “Yes.”

However, as mentioned before, various factors will affect your loan. Even if you have low credit but still want to buy an RV, it’s a good idea to be pre-approved for a loan before you start looking. This way, you’ll know exactly how much RV you can afford and what kind of loan terms you can expect.

The dealer or seller will take your offer more seriously if they know you’ve already been pre-approved for the financing necessary to make the purchase you’re considering.