What's the Minimum Credit Score for an RV Loan?

RVs parked in a line

Recreational vehicles, such as toy haulers, travel trailers, and more, allow you to endlessly explore in total comfort. So, if you’re looking to purchase a pre-owned RV, you may be wondering if you meet the minimum credit score for RV loans. Read on to learn more about ideal RV financing credit scores and how you can improve your chances of approval if your credit needs work!

RV Financing Credit Scores

What credit score do you need to finance an RV? Like car financing credit scores, the ideal score can vary. Generally, the gold standard is somewhere within the 660 to 700 FICO score range.

If your credit score isn’t within this range, however, it doesn’t necessarily mean you won’t be able to buy an RV. There are RV financing options out there for credit scores within the 500 to 600 range as well.

Car Key and Pen on Contract

Tips for Financing with Bad Credit

Even if your credit score needs work, you can improve your chances of obtaining RV financing near Spokane by keeping the following tips in mind:

  • Know Your Credit Score: You can’t know how much work your score needs if you don’t check it. One easy way to improve your score is to use your credit card to make small purchases and then pay those purchases off immediately.
  • Keep Your Options Open: You don’t have to accept the first offer you receive simply because of you’re searching for bad credit RV loans. Review each offer carefully and don’t settle for terms you don’t agree with.
  • Look at All Aspects of the Loan: Low monthly payments are tempting, but you could end up paying more throughout your loan term. Instead of focusing on monthly payments alone, consider the rates and terms and aim for the lowest APR over the shortest loan term.
  • Use a Cosigner: If you have a family member or close friend who’s willing to consign your loan, their good credit score and reliable income can help streamline your RV purchase.
  • Make a Large Down Payment: When your credit needs work, you’ll likely have higher interest rates, but you can trade-in your current vehicle and put its cash value toward a down payment on your loan.

Finance a Used RV with ClickIt RV Liquidation Center!

If you have additional questions about the minimum credit score for RV loans and how it pertains to you, such as, “Can I trade in a financed car,” contact us or visit us near Spokane Valley and Coeur d'Alene, ID. Our knowledgeable finance team can assist you with applying for financing, as well as give you tips on financing and insurance.

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