NO CREDIT CAMPERS.COM IS INNOVATING THE MORE EFFICIENT WAY TO FINANCE RV'S
Traditional RV financing makes the process very complicated by requiring you find a Camper you like, and then discuss financing. No Credit Campers.com offers a solution that allows you to have the cash in your hand BEFORE you go shopping for you dream Camper. This allows you to negotiate the most fair pricing to dealers and private party purchases by giving you the power to say you have the cash in hand.
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No Credit Campers saves you the hassle of shopping around by offering over 500 financing partners to assure you receive the best offers.
There is never a minimum credit score required as we work hard to get every application funded.
We've eliminated the middle man and made the whole process more efficient. Go into dealerships, craigslist, and Facebook groups with the confidence of having cash on hand.
Also, visit our clearance mall that includes Free Shipping here
FUNDS DIRECTLY TO YOU
No Credit Campers.com made sure to only work with financing partners who do direct loans. It's your money, don't let the dealerships and banks make money off of it.
Approved loans are funded directly into your bank account. You choose what you want to do with your money.
OK your ready to get an RV loan to buy your dream RV, but you have questions. Where do I go to get a loan? Should I do something prior to getting a loan?. How do I get a good interest rate? Will I be able to afford the monthly payments? What if I get turned down? Oh Great, now I am dazed and really confused and my head is spinning and I feel ill.
Calm Down and take a breath, I am going to help you. Getting an RV Loan isn't Rocket Science (actually Rocket Science is easier than getting an RV loan, JUST KIDDING).
How do I get a good interest rate?
The first thing you need to understand is that just like any loan your interest rate is based on your Credit Score. Do you even know what your Credit Score is? This is an important topic, so we have dedicated a whole page to it.
Once you've completed the section on credit reports you should review the two additional steps to getting a loan for an RV. These steps will answer all of your other questions about getting a loan for an RV.
Step 1: What to do before financing an RV. Actually these are items that you should ponder, before actually seeking a loan. These are monthly costs for owning an RV and should be reviewed before deciding what monthly loan payment amount you can afford.
Some of these items may not have even crossed your mind, that is why I am here to bring them to your attention (because that's what I do).
Step 2: Is a primer (tells you how to do things) on getting the best loan you can on your RV purchase. How diligent you are at completing step 1 will determine, how well step 2 will turn out (that's a hint, if you skipped step 1, you might want to go back and take a look at it). I will give you a few tips on shopping for a loan (and this is definitely not like buying eggs at a supermarket with a coupon).
I know how excited you are about getting an RV. We were too, when we got our first RV and our second RV and our third RV etc. By providing these steps, I hope that I have helped answer some of your questions about RV Loans.
Once you have purchased your RV, you will have a chance to experience the RVing Lifestyle, and I know just like us, you will loveit. The memories you create by RVing will last you a lifetime making the steps you had to take to get your RV worth the effort.
Thanks for stopping by and Happy RVing.
Do you have any suggestions or comments on this topic? You can add them to this page by using the comments section located near the bottom of this page.
Recreational Vehicle Financing Rates and News
If you have been searching for RV loan rates in 2018, you may have noticed the recent wave of RV rate increases. While the hikes of 2017 were only .25% to .37% on average, they have increased by .50%, (from their lowest point), or more so far this year. This makes it different from other upturns we have seen over the last several years, that quickly reverted back to the previous levels. This "sticky" spike leads us to conclude that rates had likely hit rock bottom in December of 2016, or very early in 2017.
All the RV news isn't that bad; after a number of years of declining RV sales, financing and other RV related services, many economic indicators have been heading in the right direction for the industry. Most of the dealers surveyed expected an increase of 12% to 17% in orders of new units from RV manufacturers; reaching for greater sales levels than the last several years of higher than anticipated totals.
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Lower Interest Rates May Have Bottomed Out
Much of the new business may be coming from buyers who have been "on the fence" in deciding when to purchase. With rates currently on the rise, this trend should continue. The "Fed" will have to start raising rates sometime fairly soon, and the smoke signals we're seeing now could be read like a neon sign later in the year.
The improved economy and growing consumer confidence should continue to stimulate more sales of motorhomes and other types of recreational vehicles. RVs are even becoming "Cool" with the emerging baby boomer market.
The RV financial service providers indicated that interest rates for RV loans had hit bottom late last year, and we were in a rising interest rate economy. Our own research shows that rates had continued to hold at record low rates for most of last year, with some minor, short-lived spikes in recent months. (These increases have been confirmed as of 2017 with a quarter to half-point increases holding after the first couple months of the year.)
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We can also finance older used RVs and motorhomes, (from 10 - 12 years old), so you can easily find seven to ten-year-old luxury motorhomes from $60,000 to $80,000, or even less. So if you've been thinking of taking the plunge, come on in - the water (and rates) may be rising soon.
The banks, as well as online RV loan brokers, felt the trend could very easily reverse course if the economy began to sputter - or even if things began to heat up and jump-start a new ripple of competition between RV lenders. (That seems less of a chance now, as there are so few national RV lenders even in the market.)
The head of RVIA, the Recreational Vehicle Industry Association said that he expects shipments of new RVs to continue to increase this year. We agree that this will be another year with increases of 5% to 6% higher than last year. RV manufacturing, much of which is located in Indiana, is an $11 billion dollar industry, now employs close to 300,000 people, with mergers of existing manufacturers and new brands emerging at an increasing rate.
And Now, a Word from the Government
Although current economic conditions have improved, uncertainty in government policies may still dampen spirits if political leaders continue to keep their focus on their own interests above those of the American people. (Or vise versa, depending on your own opinion and current developments. This seems to be a common topic in recent events; and in the opinion of many people surveyed at recent shows, the industry news and media, and RV events across the country.)
At some point the Fed will have to begin to increase interest rates - however, with inflation remaining stable, that may not be enough to derail the recreational industry's current "freight train" momentum. The recent election instability has begun to confirm our theories that we are beginning to enter a rising rate environment.
But Wait - There's Still More
All government and political issues aside, the RV market is being "buoyed" by the ever-increasing demands of retiring, or "soon to retire" baby boomers. The Gen X'ers and Millennials are falling in line right behind them.
With these higher numbers of potential RV buyers entering the market, forward-thinking RV manufacturers are continuing to engineer and produce lighter and more efficient units at virtually all price levels. This is helping keep the younger, entry-level buyers engaged with more economical and easier to purchase RVs at most all levels.
These gains in innovation are also keeping older, or should I say "Seasoned" RV'ers in the game by helping reduce operating costs, making more maneuverable units - and even lightening up the Big Boys. What are ya gonna do, but keep on rolling!
Continued gains in the job market, and higher household incomes and the current record-low interest rates, would seemingly project an extremely favorable outlook for the recreational industry in the foreseeable future.
Regardless of the outcome, the near-term months and approaching years are widely projected to be the best time to purchase and/or finance an RV. If you are in the market but may have been waiting for the rock bottom. That time could very well be now. Stay tuned for updates, or just get it out of the way while the getting is good.
Internet RV Loans vs. Dealer Financing
You've just signed a purchase agreement with your local (or not-so-local) RV dealer. You know the drill... Your next stop will be the Finance & Insurance Office, (a.k.a. F&I) for your RV loan, financing rates, warranty, insurance, etc.
Your salesman does the "hand-off", and suddenly you are faced with a decision that seems simple, but can cost you many times the profit made on the "front end" of your transaction; the "back end", or Finance and Insurance office.
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As I always try to convey to my clients: "The dealer is NOT the enemy." In fact, he can be your best friend when your RV is in need of service or repair. He has laid out literally MILLIONS of dollars to allow you the opportunity to browse a good selection of units. He has paid his dues and continues to pay them on a daily basis. Keep his - and your best interests at heart when deciding on your source of any potential RV or motorhome financing.
There is one hard and fast rule that applies to RV Dealer provided financing. He must "pack" (inflate) the "buy rate" (interest rate) on the financing he provides to his customers to earn a profit on the transaction. Once again, he uses this profit to pay overhead, commissions, etc.
1. Should you consider the benefits of financing through your RV dealer? Yes.
2. Are you stuck with the financing and interest rate he quotes? NO.
3. Should you consider alternative sources of financing? Definitely!
4. Should I check Internet RV Loan Rates First? You MUST know the current rates!
Most RV buyers are so frazzled by the time they finish the negotiation to finalize the purchase of a new RV that they fold under the pressure of the F&I office. This can be a costly mistake.
Shopping for your best interest rate and terms can be just as important as shopping for the right RV, and negotiating your best price. In fact, you stand to save literally THOUSANDS of dollars by simply lowering your interest rate by a quarter to a half of a percent.
Information is the Key to Financing RVs Online or Offline
Online RV finance companies normally use many of the same lenders that RV dealers use. It's simply a matter of overhead and the cost of doing business. Since the Internet-based companies generally have lower operating costs, they are able to pass the savings on to you.
Most Internet RV finance sources have online rate quote forms and loan applications which can be completed in a matter of minutes. Normally, credit approval can be obtained the same day you apply.
When you submit your online application, you should also be prepared to send some additional documentation, which is necessary for your approval.
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Required RV Loan Approval Documents
If you are EMPLOYED (work for someone else), you will normally be required to fax or email proof of income. This is usually a recent pay stub and your last 2 year's W-2 forms. (For each applicant)
If you are SELF-EMPLOYED, you will normally be required to send your last 2 years tax returns and any attached schedules.
If you are RETIRED, you will need to provide documentation of social security benefits, pensions, dividends or other sources of income.
Once your loan is approved, your loan processor will help you in obtaining additional documentation, such as:
A copy of your purchase agreement with the seller.
A copy of the title. (MSO on new units).
Proof of insurance with the lender listed as "Loss Payee".
Copies of all the applicant(s) driver's licenses.
Most onine RV loans take from 4 to 6 business days to complete. Information must be collected, and documents must be sent by overnight mail for your signatures, and then sent overnight mail back to the lender.
When arranging the purchase of an RV, you should typically allow a week or so for your scheduled delivery date. This should allow plenty of time for rate shopping, loan approval, and closing. When your loan closing is completed, funds can be sent to the seller by overnight mail, or simply wire transferred. To save time, you may also choose an RV loan pre-approval so you're ready to close as soon as you find the right RV.
Which Type of Financing is Best?
If you want EASY? Let the dealer handle it.
If you want the BEST RATE? Do a little work.
Sure you will have to do a little more work, but if you break down your long-term savings into the actual time you have spent researching and completing your RV loan... You could be making a VERY short-lived hourly wage roughly equivalent to that of Bill Gates.
For more financing options visit NoCreditCampers.com
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?