How to Buy an RV with Bad Credit: Loan Options Listed

When you want to finance an RV but you have bad credit, there are several options for getting a bad credit RV loan, including both direct lenders and peer-to-peer lenders.

When applying for any type of loan, it is important to consider your financial circumstances. If you have poor or no credit, you may want to work on improving your credit score before you start shopping for RVs and applying for loans. You will also want to be sure you have a steady income and are making timely payments on (or have completely paid) any other debts. Only consider an RV loan if you have room in your budget to make payments on another debt, and be sure to get all of the details of the loan — including the interest rate, potential fees, payment schedule, early and late payment policies, and total payoff amount — before signing.

Before You Apply for an RV Loan

There are many different types of RVs, including motorhomes, truck campers, pop-up campers, and travel trailers — and there are even more classifications under these umbrellas. First, you need to decide what you plan to use your RV for and what kind of RV you want to purchase. Many lenders will ask you for specific information about the RV you’re looking to finance, including the make, model, year, cost, and place of purchase (i.e., dealership or private party). Note that if you are looking to use an RV as a living space or for commercial use, you may have difficulty finding a lender — many lenders finance RVs for recreational use only.

Lenders usually ask questions about the RV you plan to buy in the pre-approval stage, to help the lender give you a clearer idea of what sort of terms it can offer you. During the pre-approval process, a lender may do a soft pull on your credit; a hard pull shouldn’t occur until you decide to go ahead with a loan offer. If you are pre-approved, you will likely have about 30 days to make a purchase and lock in a rate.

If your credit score is low, lenders will often give you a chance (and potentially better rates) if they see you are consistently paying back other debts or have paid off past debts. Be aware that having too many other debts can also work against you. A lender may decide that you already have too much debt, which could result in loan denial or a higher APR.

If you have bad credit, you might also want to line up a co-borrower with a better credit history. Taking out a loan with a co-borrower may increase your chances of getting approved and can also result in better rates if your co-borrower has good credit. You and the co-borrower will be held equally responsible for the loan, so be sure to choose a co-borrower you trust, who is willing and able to make payments on the loan if necessary.

The List of RV Loan Providers (Even If You Have Bad Credit)

Below is the list of RV loan providers willing to consider lending to customers with poor or minimal credit history, as well as a few peer-to-peer lending platforms to consider. We researched company websites and contacted customer service representatives to gather this information. Though not all lenders will refer to it on their websites, keep in mind that you must be at least 18 years old and a U.S. citizen (or permanent resident) to qualify for a loan.

Loan Distributors

The loan distributors we’ve listed all have options for those with bad credit, ordered starting with the best overall options. Rates will depend on the terms of the loan but are typically based on factors like your credit score, income, and repayment history.

Southeast Financial

  • Type of financing: Loans from $7,500 to as much as $4,000,000. All loans have a fixed rate; repayment plans can be up to 20 years, depending on the loan amount. Only RVs for recreational use are eligible for financing, but Southeast Financial will also finance older units.
  • Requirements: A minimum credit score of around 550 and you must have proof of income (annual income must be $20,000 or more); any prior bankruptcies must be discharged, and you must have a prior positive installment loan history
  • Can you co-borrow? Yes
  • Application process: You will be asked for your name, age, address, phone number, email, Social Security number, financial information, and a copy of your driver’s license.
  • Possible fees: APR varies; fixed rates start around 4%
  • Find out more or apply

GreatRVLoan (SeaDream Inc.)

  • Type of financing: Loans starting at $10,000. Repayment plans can be up to 180 months.
  • Requirements: A minimum credit score of around 550; RV must be no more than 15 years old
  • Can you co-borrow? Yes
  • Application process: You will be asked for information about the vehicle (make, model, and other specifics), personal information (name, address, driver’s license, Social Security number, etc.), employment and income status, and specifics about the loan amount.
  • Possible fees: APR varies from about 6% to 18% depending on creditworthiness; other fees and terms are subject to change
  • Find out more or apply

RV Financing USA

  • Type of financing: Loans from $10,000 to $75,000. Repayment plans can be up to 12 years. Only RVs for recreational use are eligible for financing.
  • Requirements: A minimum credit score of around 550, and you must have proof of income; multiple bankruptcies, a high debt ratio, and large, outstanding collection may be reasons for disqualification.
  • Can you co-borrow? Yes; rates will be determined based on who has the better credit score
  • Application process: You will need to provide your name, address, phone number, date of birth, estimated credit score, Social Security number, income, and debt information. You will also be asked about the RV you wish to purchase (make, model, price).
  • Possible fees: APR varies; $399 closing cost can be financed in with the rest of the loan
  • Find out more or apply

Paul Sherry RVs

Note: Paul Sherry RVs is located in Ohio, but the application and purchasing processes can be done online or over the phone. If you live far away, you will need to pick up the RV yourself or have it shipped through a carrier like uShip.com.

  • Type of financing: You must purchase an RV from Paul Sherry RVs to qualify for a loan. Repayment plans can be from 96 to 144 months. Paul Sherry RVs suggests applying for no more than $40,000 in financing to increase your chances of getting approved.
  • Requirements: A minimum credit score of around 550
  • Can you co-borrow? Yes; both applicants’ financial standing will be considered to determine rates
  • Application process: You will need to provide your name, phone number, address, employment and income status, and Social Security number; the application will be sent to the Paul Sherry RV office and reviewed by a finance manager, who will then contact you.
  • Possible fees: APR varies, delivery fees apply, if applicable
  • Find out more or apply

Peer-to-Peer Lending Platforms

Peer-to-peer lending platforms partner with multiple lenders and match them directly with borrowers. These platforms typically have more opportunities and better rates due to competition. However, those with bad or no credit will likely still run into relatively high APRs. As above, we’ve ordered the list below starting with the best overall options.

LendingTree

  • Type of financing: Loans with a $1,000 minimum, no maximum
  • Requirements: You must have verifiable income and a Social Security number. Only RVs for recreational use are eligible for financing.
  • Can you co-borrow? Yes
  • Application process: You will be asked about your name, date of birth, address, residence type and how long you’ve lived there, phone number, monthly housing payment, desired RV (new or used, RV type, price, down payment, estimated mileage, where you plan to purchase, etc.), desired loan term, desired monthly payment, date of birth, whether or not you’ve filed for bankruptcy in the past seven years, employment status, income, and total liquid assets.
  • Possible fees: APR varies; late charges will depend on the lender and the terms of the loan
  • Find out more or apply

Our related article has more information about LendingTree’s lending practices.

Upstart

  • Type of financing: Personal loans between $1,000 and $50,000. Repayment plans up to 80 months.
  • Requirements: A minimum credit score of 620 is preferred. You must have proper identification, a Social Security card, a bank account, and a regular source of income or a job offer that will start within six months.
  • Can you co-borrow? No
  • Application process: You will need to provide the following information: loan amount requested, name, address, date of birth, phone number, education history, a source of income, savings, and loan history within the past three months.
  • Possible fees: APR varies; one-time origination fee of up to 8% of the total loan amount; late payment fee
  • Find out more or apply

LendingClub

  • Type of financing: Personal loans up to $40,000. Repayment period of 36 months or more.
  • Requirements: You must have a bank account and verifiable income.
  • Can you co-borrow? Yes
  • Application process: You will be asked to detail how much money you’re requesting and what you want it for, how many people are applying (two max), your date of birth, annual income, name, address, and email.
  • Potential fees: Variable APR up to about 36%; one-time origination fee of 2% to 6% of the total loan amount
  • Find out more or apply

SoFi

Note: SoFi has a Better Business Bureau rating of A+, but the SoFi reviews on the BBB site are overwhelmingly negative.

  • Type of financing: Personal loans between $5,000 and $100,000. Repayment plans up to seven years. SoFi also has “Unemployment Protection” for those who lose their job through no fault of their own. This protection will allow you to suspend loan payments in three-month increments for up to 12 months.
  • Requirements: You must be a U.S. citizen, permanent resident, or visa holder. You must also be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • Can you co-borrow? No
  • Application process: Sign up by providing your name and email address, along with a password. You then need to provide your address, phone number, housing information, date of birth, education history, employment information, and the reason for seeking a loan. Later, you may be asked for your Social Security number, along with documents to prove your income and identification.
  • Possible fees: APR varies; no origination or late payment fees
  • Find out more or apply

In Summary

There are a few lenders that will help you get an RV loan even if you have poor credit, such as GreatRVLoan, Paul Sherry RVs, RV Financing USA, and Southeast Financial. There are also several peer-to-peer lending platforms that can help you find a loan for just about anything. In general, if you have bad or no credit, you will likely see higher APRs, but they can sometimes be reduced if you can find someone with good credit to co-borrow with. Keep in mind that RV loans are usually only available for recreational-use vehicles (rather than use for a business or as a home). You should also be sure that you understand the full fee schedule, payment details, and potential financial risks of a loan before signing.

Shopping for a trailer to pull behind your rig? Here are the companies that finance trailers — even if you have bad credit. Have a current RV you’d like to trade? If so, see our article on car dealerships that take RV trade-ins.

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