Recreational Vehicles (RVs) are so popular in the United States that more than 355k of them are sold every year. To date, more than 9 million of them are on the road. The growth in the RV industry has happened even as their prices continue to soar. On average, RVs cost between $10,000 and $300k, depending on the style and features. A moderate RV can cost you about $20,000 while a motorhome will cost you more than $100,000. At the same time, research shows that the average number of Americans with bad credit is increasing. This means that if you are looking to buy an RV, there is a likelihood that you have a bad credit score. This article will look at bad credit RV dealers and how you can buy an RV if you have a bad credit.
Should You Buy an RV if You Have a Bad Credit?
If you have a bad credit score, one thing is certain. It is certain that you will always have a difficulty in finding credit. This is because most credit companies will always avoid lending to you because you have a higher probability of defaulting on your obligations. Another certain thing is that every person who lends to you will be forced to hedge against the defaulting risk by charging you a high interest rate. In all cases, interest rates for RVs is usually than that of cars because they tend to be riskier. This is because they are usually a “want” and not a “need”. If times get tough, your RV priority will be lower than that of a house or a car.
Further, every decision that you make will have an impact on your financial life. Therefore, you need to ask yourself whether you really need to buy the RV. This is because an RV is a discretionary product that will be a liability immediately you purchase it.
Therefore, if you decide to invest in an RV, here are some leading bad credit RV dealers that you can use.
No Credit Campers
No Credit Campers is a company that was started to simplify the process of buying RVs. The company sells RVs to all people, regardless of their credit score. To use the service, you just need to visit the website here, create an account, and select the RV that you need. If your financing details are approved, the company will connect you to a local dealer, who will sell it to you. You can go and pick it from their store or have it delivered to you. If you refer a person to buy an RV with then, you will get $250 credited to your account.
RV Depot is a Texas-based company that offers brand new and used recreational vehicles. To get started, all you need to do is to visit their website, check out their inventory, and request for the price. If you get one that you like, you should contact them and get more details about the pricing. Next, you should get approved by filling out a form. They usually respond within a few days. If you are approved, you can arrange how you will view and buy your unit. Unlike No Credit Campers, RV Depot does not do home deliveries.
Paul Sherry RVs
Paul Sherry RVs is an RV company that operates in Iowa and Indiana. With their online platform, you can easily select the RV that you want, apply for financing, and finish the transaction within a few days. The company partners with leading financial companies to offer credit to people with even a bad credit score. In addition, the company prides itself for being affordable. It does this by lowering the operational costs that raise the price of the RVs. For example, the company owns the land where the stores are located, meaning that it does not have any rental obligations. If you have a bad credit score, the company recommends that you look for an RV that is less than ten years old, one selling below the NADA price, one that is towable, and the loan must be between $5,000 and $40,000.
If you have a bad credit score, we recommend that you do the following when you want to have an RV.
- Buy a second hand RV. When you do your search well, you can find quality RVs at a throwaway price.
- Consider hiring. An RV is not something you use every day. Therefore, you should consider hiring instead of taking additional loans.
- Consider improving your credit score first.
- Ask yourself whether you really need it.
If you are really in need of an RV, having a bad credit can be a major hindrance to you. Still, you have a number of options that are available to you. For example, you can use the bad credit RV dealers mentioned in this article. Alternatively, you can use your local credit union or go to your local bank and take a secured loan, which has a collateral. However, before you do all this, ask yourself whether you really need the RV.