Get approved for an RV loan with Bad Credit
No Credit Campers RVs specializes in loan approval. We work with a number of lenders including national banks, local credit unions, and some banks that work exclusively with sub-prime RV and Travel Trailer loans. While the decision is ultimately up to the banks, we will try our best to get you approved at the best rates possible, no matter what your credit situation is. Get started here!
One reason No Credit Campers RVs has such good luck with bad credit approvals is because our prices are typically well below the "book value." Banks love this because it is a safe investment.
In order to maximize your chances for approval, please keep the following in mind when looking for your RV:
Look for RVs less than 10 years old
Look for a selling price that is below NADA book value (most of our inventory will fit this)
Towables are easier to get approved than Motorized RVs
The loan amount should be between $5,000 and $40,000 (not an absolute ceiling)
When deciding on a budget, be sure to factor in a higher interest rate (typically between 17 - 20%)
At least 10% down is required for sub-prime loans (your trade can count toward your down payment)
Look for "part-time use" RVs and travel trailers. Banks don't like to loan to full-timers or anyone using their RV as a temporary or permanent residence.
Your credit score must be at least 550 or above
Q: What will my payment be?
A: Payments depend on a number of factors including the loan amount, loan term (how many months), and the interest rate you get approved for. Sub-prime interest rates on RV loans generally range between 17.95% and 20.95%.
Q: Why are rates so high?
A: To answer this question, you must think like a bank. In any loan situation, the rate is always negatively correlated with your credit score. In other words, the higher your credit score, the lower the rate, and vice versa. This is because your credit score tells a bank how risky it is to loan money to you. RV loans also tend to draw slightly higher rates than car loans do, because an RV is "want" and not a "need." The bank assumes that if times get tough, your RV payment will be a lower priority than your house or car payment.
Q: What happens after I fill out the Online Financing Application?
A: The application gets sent directly to our finance manager. Before doing anything, we always contact the customer to find out exactly what he or she would like to accomplish and what steps are needed to get there. From there, the process depends on what the customer's goals are. Nothing will be done without the customer's permission.
Q. Can I get an RV loan with No Money Down?
A: Not likely. Banks typically look for at least 10% down for sub-prime loans.
Q. What is the maximum loan term when financing an RV with bad credit?
A: The maximum loan term can range from 96, up to 144! This limit depends on factors such as how much money you put down, the year and type of RV that you are purchasing, and your credit score.
Q. Can No Credit Campers RVs help me get a loan if I am buying an RV from another person?
A: No. We are not lenders ourselves, and can only help you get approved for loans on RVs and Travel Trailers that we sell. With our extensive inventory, there's a good chance you can find what you are looking for. Please browse our inventory , or contact a salesmen if you need help finding something that suits your needs!
Q: I have heard that pulling my credit report can hurt my credit score... Will my credit score be hurt from filling out the Online Financing Applications?
A: Your credit score WILL NOT be affected by filling out the Online Financing Application. Again, the application goes directly to our finance manager and no further action will take place until we contact you. That means we will not pull your credit report, send the application out to any banks, or share your information without discussing it with you first.
Q: How do I know my information is safe?