RVs are made to help you fill your life with grand adventures while you cruise in comfort.

They vary widely when it comes to style, design, amenities, and . . . price. That often leads to the world of RV financing. If you are ready to embark on your lifelong dream of RV living, read on for more information about the necessary RV financing credit scoreeven bad credit RV loans.


RV Interest Rates and Terms

Recreational vehicles are considered luxury items and the maximum term is usually 15 years.

The shorter the term of your loan, the lower your interest rate. Oftentimes, the more you finance, the lower the interest rate, and of course your credit history greatly influences the rate and term available to you.

RV interest rates are also different with the purchase of new RVs vs. used RVs. While the lower interest rate and “new RV smell” are understandable temptations, paying less for a used RV with a little higher interest rate may be the most financially sound option in the long run. Just like when you buy a new car, your RV depreciates significantly the minute you drive it off the lot.

There are also a lot of new RV owners who warn buyers about the “shakedown period.”

RVs are constructed well, but travel and use will determine how things are going to fall into place. The first year of an RVs active life is spent more in the shop instead of on the road. If you purchase a used RV that is a couple of years old, those kinks are usually worked out and you may save money on the purchase and on repairs.


RV Financing Credit Scores

So we finally come to the big question: What kind of credit score do you need to obtain RV financing?

The answer is, it varies greatly.

The RV financing industry standard ranges from about 660-700 FICO score, but there is financing available for credit scores in the 500 to 600 range.

At Southeast Financial, we look at your credit history and RV financing credit score as part of the application process, but we do not have a set minimum number in order for you to be approved. Our RV financing loan specialists understand that life events have a great impact, and we do not look at our customers as a number. We also understand that RV financing may be a good way to help build that FICO score back up.

The bottom line is that just as with any loan, when you are looking into RV financing, take some time to find the best fit for your specific needs.

This is also good advice when you are shopping for your RV. Do not buy the first thing you see and consider the pros and cons of paying the sticker price. Do your homework and talk to other RV owners, as they are your best resource.

When you are ready to get on the road contact us for more information and take the first steps to owning an RV you will be sure to enjoy!