If you have a poor credit score and you want to hit the road with a camper trailer, you must be wondering if you can buy a trailer with bad credit. The truth is that you can get bad trailer financing even with a bad credit score. There are some lenders that do not have a minimum credit score needed to buy a travel trailer. Others may require you to provide a minimum down payment to show that you can repay the loan.
In this article, we are going to explore some of the best options for buying a trailer with bad credit.
Requirements for No Credit Trailer Financing
If you don’t have a credit history or a credit score needed to buy an RV, you need to meet the following requirements to get bad credit trailer financing:
- Must be at least 18 years old
- Have a steady income
- Be a U.S citizen or a permanent resident
- Have a bank account
Can You Buy a Trailer with Bad Credit?
Yes. It is possible to buy a trailer with bad credit. Although it is challenging for people with poor credit score to get no credit check travel trailer financing, it is still possible to get one. There are several lenders that provide trailer bad credit financing regardless of your financial situation. You can pledge your personal assets as security for bad credit trailer loans.
What credit score is needed to buy a travel trailer?
Buying a travel trailer with bad credit can be challenging. The minimum credit score needed to buy a travel trailer is between 650 and 700. However, there are lenders that will provide you with travel trailers and credit financing even with poor credit scores of as low as 550.
Travel Trailer Loans Bad Credit
Even if you have poor credit scores, it is still possible to get bad credit trailer loans. The following are some of the best travel trailer loans for bad credit you can consider.
My USA Financing
My USA Financing is an online lender that can help you with travel trailers bad credit financing. They approve loan applications with low credit scores of as low as 550 with repayment terms of up to 15 years. Even if you have a past bankruptcy, you can still qualify for a loan. Their loan amounts range between $10,000 and $50,000. You will need to make a down payment of 10% and you can also do a trade-in. APRs depend on your state of residence, the RV you are financing, and your credit score. You will be required to pay a $495 document fee.
Southeast Financial is also a great online lender that offers travel trailer financing bad credit. You can get camper trailer finance bad credit with terms of up to 240 months. They offer bad credit travel trailer financing for an RV up to 15 years old. You need to be employed, a minimum income of $20,000 and have a minimum credit score of 550. You will need to make a down payment of more than 20% to get approved. the interest rates depend on your credit score and borrowers with poor credit scores pay a higher interest.
Capital Solutions is a lender that specializes in no credit check travel trailer financing. They don’t require a minimum credit and borrowers can pledge their personal assets as collateral for the loan. They offer telephone pre-approval. They extend financing to people with bad credit and those who have previously been declared bankrupt. They require financing for trailers to be 2009 or newer. They do not charge interest rates, instead, they write this as lease purchases. They allow for early payoffs without a penalty after nine months. You can make larger amounts every month.
RockSolid Funding offers bad credit trailer loans for consumer, commercial purposes. They require a credit check, but they still work with low credit scores. You also need an employment history and they have different approval processes for various types of loans. APRs apply depending on your credit score and the kind of funding you need. If you want the funding of less than $7,500, you don’t need a down payment to have your credit approved.
Trailer Solutions Financial
Trailer Solutions Financial is a bad credit trailer financing for consumer and commercial trailers. You need a minimum credit score of 530 to get approved. You also need a minimum gross income of at least $1,700 to qualify. APR rates depend on one’s credit scores and type of financing. You can get funding within 48 hours after getting approved.
You can also get no credit check travel trailers from credit unions. You need to be a member to get a travel trailer bad credit financing. Some of the credit unions that offer bad credit travel trailer loans include FedEx Employees Credit Association. Some credit unions require travel trailer financing credit scores with terms of up to 84 months.
FedEx Employees Credit Association gives up to 100% of a new motorized RV’s purchase price and tax and title fees. On the other hand, they lend up to 90% of new non-motorized trailers of up to 90% of the sale price inclusive of tax, title and license.
Summary of Trailer Bad Credit
Buying a travel trailer with bad credit can be challenging, but it is also possible. There are many online lenders that can help you get funding easily even with bad credit. Some of them don’t even require a minimum credit score. Some lenders will require you to make a down payment to get approved for trailer loans for bad credit.