Rv financing

[11krcford]

Hello fellow campers. We would like to get into a newer TT .Low creidit score is stopping us to get a loan.Does anyone know were to get a loan with a low fico score?thanks for the help

[B_O__Plenty]

cekkk wrote:
If you are persistent you'll find a lender willing to get you into a high interest loan that will ensure your misery level will increase. Others are giving you very good advice in urging you pass on this purchase. I'd limit myself to paying for a roof over the family's heads, (one you can actually afford, be it an apartment, whatever) food and gas to get you to work in a cheap car. You may need to cut your losses, dump stuff you can't afford, but it will soon begin paying off. Sorry to be preachy, but you need to make changes.

I agree 100%...Quick road to bankruptcy is buying a lot of things you don't need and not paying off things you already have...Take your time, you'll get to where you need to be, then buy an RV if you decide it's the right thing to do.

B.O.

[michigansandzil]

Save up and buy a used one for cash. Our first TT was 25 years old and we paid $2500 cash for it from tax returns.

Or until you get the credit sorted out, go with a tent. They're cheap, you won't need a loan, and can go way more places than an RV can go.

[Ron3rd]

11krcford wrote:
Hello fellow campers. We would like to get into a newer TT .Low creidit score is stopping us to get a loan.Does anyone know were to get a loan with a low fico score?thanks for the help

In that case, your best bet is a dealer. They have "hard money" lenders that will lend in such cases. You'll pay high interest however.

[kcmoedoe]

A low credit score means you have had problems with credit in the past. You will have enough trouble getting loans for necessities such as housing and cars. A recreational loan will be out of the question for any reputable lender. What you will be left with is the sharks. That would be a dealer who will offer to finance you if you overpay for the rig and pay a high interest rate. A sub-prime lender who will finance you for a high interest rate if you have a lot of excess collateral in the deal such as making a very large down payment or securing the RV loan with a lien against other valuable property. And of course, the true loan shark who will loan you money at a high interest rate and use your knees as additional collateral. Your best option is to save up and pay cash, after you have taken care of all the credit issues that got you that low credit score in the first place.

[cekkk]

If you are persistent you'll find a lender willing to get you into a high interest loan that will ensure your misery level will increase. Others are giving you very good advice in urging you pass on this purchase. I'd limit myself to paying for a roof over the family's heads, (one you can actually afford, be it an apartment, whatever) food and gas to get you to work in a cheap car. You may need to cut your losses, dump stuff you can't afford, but it will soon begin paying off. Sorry to be preachy, but you need to make changes.

[mlts22]

Check credit unions. I got about 3% on my rig back in 2011, and credit has only gotten easier to get since then.

I personally like going the pre-qualifying route. I also made sure I had 20% cash on hand for a down payment, so I'd not be upside-down if something happened and I would have had to get rid of my rig in an emergency.

What about looking at used rigs? Sometimes a used TT that has no water damage might be just as good, and you are not taking the depreciation hit the second you sign the PDI form.

[beemerphile1]

The purchase price of an RV is just the beginning. Add in all the other gear needed, combined with horrendous fuel consumption, and RVing is expensive. It is not for the weak of wallet.

I doubt your problem is a low credit score, it is most likely poor financial decisions. I think buying a newer RV would be another bad financial decision for you. Continue using the one you have and fix the financial issues. Don't spend money you haven't got.

[1492]

Moved from Forum Technical Support

[USARMYCW]

There are dealers that do in house financing. They advertise all the time here in TX and say they can do it for ones with bad credit. Don't know about the rates though.

If they want to sell it they will find a way to get you credit.

[downtheroad]

Hate to pile on but donn0128 is right on the "money" with his advice. RV'ing is expensive and not a way to save money. It's an extra, non-essential expense and one that should be delayed until the house is in order.

[donn0128]

First off welcome.
Second, you posted in the wrong forum. I have asked the moderator to move it for you.
Now, to your question. Interest rates are based on your credit score. Low score, high interest rates or no financing. I think you would be far better off repaieing your credit rating first before you go into debt for a depreciating asset. If you really want to get an RV, start selling other stuff,get out of debt, and prove to your lenders you are a good credit risk.

[Robin1953]

11krcford wrote:
Hello fellow campers. We would like to get into a newer TT .Low creidit score is stopping us to get a loan.Does anyone know were to get a loan with a low fico score?thanks for the help

If your score is very low you may have to bite the bullet and wait. I have just recently looked for financing on a new unit and the cheapest rate that I found locally was 6% and that was with a FICO score of 830. It seems like the days of easy money may be a thing of the past.