Bad credit doesn't have to hinder your new wheelset, but you will have to shop a little differently and be prepared for a higher cost. Enter the process as informed as possible to avoid being taken advantage of.
Work with your credit before going to buy an RV
If you are given credit before applying for a loan, the chances of being approved on good terms are improved.
Identify the items that damage your credit score, clean up your credit by paying off past due bills, dispute credit report errors, and add positive information to your credit report before you ship it from an RV dealer. Look.
With bad credit, you will typically have a higher interest rate, but be skeptical of any loan rate that is more than twice the average. The rate on your loan will affect your monthly payment and the price of the RV you can buy.
You can make more realistic purchases when you have a pre-approved loan to work with. If you can't get approved by your bank, your RV dealer can put you in touch with a lender that serves bad credit RV buyers.
Skip the extras
When you buy an RV with bad credit, you may not be approved for a large loan, which may mean that you have to sacrifice some of the features you want. Leather seats, a sunroof, and a premium speaker system may not be options. You are already facing a higher loan payment due to the interest rate. Don't make it bigger by loading up on all the latest features.
Be careful buying here; pay here
The RV lots bought and paid for here offer on-site financing with less stringent credit ratings (sometimes no credit check). Still, they also have a reputation for being overpriced, selling poor quality vehicles, and taking advantage of poor consumers. Ask for recommendations from a dealer, and check the vehicle's value and history.
Read all the paperwork
Some shady traffickers let you walk away unsigned, then call you to sign papers with drastically different terms than you originally agreed to.