Financing

Thanks for the reponses they are appreciated. Life happens and I know my credit will improve 10 fold it'll just be time. I was just wanting to see what options existed if I went for a loan now. I really do appreciate the people who have been willing to assist me. I'm just surprised by some of the responses.

Most likely I'm going to wait until my credit is better unless the most perfect and inexpensive RV comes out of nowhere and I can't pass it up. Lol

remember the better your credit score.. the Lower the interest rate is and the lower your payments will be.

and the more you can PUT DOWN the better.

and YES, you can make your score better.. after I had several back operations.. my score went way down. out of work for 4 years and just receiving worker compensation . ( a 60 percent drop in income ) a work related injury. So YES, LIFE HAPPENS.

Yes, life happens. My wife and I have both been through divorces that hit us pretty hard financially and our credit wasn't good. We were able to work a couple of different deals (one on a used unit a few years ago) and another on a new motorhome in April. As Chuck said, the more you can put down, the better as the lender will see it as less risky.

Interestingly enough, even my own credit union (whom I have been with for 25+ years) would NOT give us a loan. It didn't matter that I went in person to apply and had all of my paperwork in order to document the issues on my credit report. They still saw any loan to me as a risk and acted just like a larger bank would. Our original loan was through a much smaller local credit union, and the second (much larger) loan was through a bank with a sizable down payment and faster repayment schedule (15 years vs. typical 20 years.)

Although we are not full time now, we will be in another year or so.

So, a little homework and some perseverance will help. It CAN be done! Good luck!

Residency will be a small hurdle compared to your bad credit history. You are buying a toy in the eyes of any lender. Lenders will take a risk (if the reward is great enough) on something you need. The thought is you will pay for your house, since you need a place to live. They will loan on a car, since cars are pretty much essential in most of the country and that makes paying the car payment a priority.
This same scenario plays out at every financial institution. They look at your credit history and decide if you are likely to pay the debt on what you are borrowing for. People with great credit can get a loan to take a vacation, with less than a stellar record, no way, since there isn't any way for that lending institution to take that vacation away. At the very bad end of the scale, the loan sharks on the street corner think you will pay because if you don't they break your kneecaps, which is a very strong incentive for you to come up with the weekly payment.
In the eyes of the lender, a person losing their recreational vehicle is a decision they will make over losing their car or their home or having their kneecaps broken. I seriously doubt you are going to find any financial institution that is going to go far out on a bad credit limb for you.

you said you don't have enough to pay cash, but do you have enough to buy used with what cash you have? you could get a wonderful deal if you buy used and get a great RV to boot. (only if option fits you financially)

full time and a debt stinks :) even if you work on the road, it is more desirable to be 'less in debt' the time you hit the road then you are in a better situation anyway.

best of luck in making your dream a reality