Easy Camper Financing with Bad Credit

If you have bad credit, it can be challenging to get financing for a camper. However, there are some lenders that can help you get easy camper financing. While some lenders have high credit score requirements, others do not have such credit score requirements. Instead, they require a down payment to get approved for your camper financing.

If you are seeking financing for a camper with bad credit, this is what you need to know.

How to Get Easy Camper Financing with Bad Credit

When lenders are lending out money, the major factor they look out for is if you are in a position to repay the loan. As such, if you have poor credit scores, and you want camper financing, then you must demonstrate that you are in a position to repay.

Establish Realistic Payment

The first thing you need to do to get easy camper financing is to establish a realistic payment. Come up with a payment that doesn’t stretch your budget. Factor in other costs like fuel, insurance, campground fees, and maintenance fees when deciding the payment to make.

Make a Down Payment

Save a 10% discount. Bad credit RV lenders look for just a 10% down payment. If you can pay a bigger down payment, it will actually increase your chances of qualifying for camper financing. There are benefits of paying higher down payment. They include:

  • Your payment will be low and manageable with time
  • You will have a positive loan-to-value ratio
  • No need to pay for auto GAP insurance

Pick Out an RV

The other thing you need to do is to pick an RV. There are many types of campers and their value and features vary. They include:

  • Class A motorhome. They are usually large and are the most expensive. They are spacious, and luxurious and can house large families.
  • Class B motorhome. They are also known as camper vans and are built using the body of a van. They feature a kitchen, bathroom, and bedroom.
  • Class C motorhome. They are recognizable by their over-cab sleeping and storage areas. They have additional living space.
  • Travel trailer. These are RVs that can be towed by a variety of vehicles. They can be used for hauling and vacationing.
  • Lightweight trailer. They are packed with amenities and lightweights to satisfy the demand for smaller and fuel-efficient trailers.
  • Fifth wheel RV. They are campers that are designed for easier and more stable towing and they come with larger living space that comes with over cab space.

Get Preapproved

Getting preapproved before you can go shopping can increase your negotiating power. Since RVs are luxury vehicles, most times RV loans have higher interest rates compared to auto loans. It is because luxuries present high risks to lenders. As such, you need to shop around and get the best loan offer. Going to a dealership with a preapproval letter will make you look more seriously and get a better price.

Sign the Paperwork

Once you have done everything, the next thing you need to do is to sign the paperwork. Once you start to repay your RV loan, you can improve your credit scores. In return, this can help you refinance your RV at a better rate.

Easy RV Financing with Bad Credit

If you decide to invest in an RV, here are some leading RV dealers for bad credit that you can use. Check below to directly access the map with listings for Bad credit RB credit dealers close to where you are, which include options such as No Credit Campers, South East Financial, RV Depot and Paul Sherry RVs. The following are some of the lenders that can help you with easy camper financing.

My Financing USA

My Financing USA is an online RV financing specializing in financing a camper with bad credit. You can get financing if you have a minimum credit score of 550. You can get a minimum RV loan of at least $10,000 with terms of up to 15 years. You need to make a 10% down payment, but they still accept a trade-in. Their APRs depend on the State you reside in. You need to pay a document fee of $495 at the time of closing.

Southeast Financial

Southeast Financial is an online lender that offers bad credit RV loans. They preapprove campers that are 12 years and 15 years old if borrowers have proof of stable employment history. You need to have a minimum credit score of 550 and an annual income of at least $20,000. Interest rates depend on credit history. Those with poor credit scores pay higher interest rates.

Finance My Trailer

Finance My Trailer is an online RV lender. They finance all types of RVs even if you have bad credit. You need a minimum credit score of 550 to get financing. They offer financing for as low as $2,500 with no maximum. They refinance RVs that are up to 15 years old. Furthermore, they offer financing for up to 240 months with low monthly payments, while they make application decisions very fast.

No Credit Campers

No Credit Campers are online RV financing lenders. They can help you refinance all types of campers. They offer bad credit RV loans whether you have poor credit scores or you have no credit score at all. Their maximum RV financing is $35,000 while the actual amount you can get depends on several factors. They are available in 46 States.

FedEx Employees Credit Association

FedEx Employees Credit Association can give you up to 100% RV financing. This will also include license, tax, and title fees. If you are looking to finance a new non-motorized RV, they will lend you up to 90% of the sale price inclusive of tax, title, and license. They have loan terms of up to 84 months.

Dealership Financing

Many RV dealerships have partnered with RV lenders to help their customers with RV financing. However, it is worth noting that Dealership Financing is not the best since it will give you an offer that has the highest business referral fee instead of a loan with the lowest APR.

Easy Financing for Campers with Bad Credit. If you have poor credit scores, it is still possible to get easy camper financing. There are many online lenders, credit unions, and banks offering RV financing. To get a cheaper RV loan, it is best that you first shop around and get a cheaper RV lender. Then get a preapproval letter and take it to the dealership. This shows you are serious and makes the lender give you better rates.

Vincent is a writer and researcher with an interest in finance, banking, startups, and remittance. He holds a Bachelors degree in Applied Statistics with computing. He founded Nexin Startups, an online platform offering startup advice to investors and entrepreneurs. Read more about us and our authors.