Bad credit RV loans offer a unique opportunity for families with poor credit history to buy the RV of their dreams. Banks and online lenders that specialize in bad credit personal loans are familiar with many types of financial situations. Anyone with a credit score under 640 is generally consider to have a bad credit rating. A below average credit score should not get in the way of anyone who wants to explore the great outdoors in a RV.
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Bad Credit RV Loans Overview
Although Bad Credit RV loans are readily available on the market, they have a few distinct differences from standard bank loans. The specialty loans normally carry higher interest rates and additional fees. Not to mention they often require collateral to secure the loan as well. Potential RV owners with bad credit should take these factors into account before applying for a loan. An unexpected interest rate or service charge can reshape a budget quickly, making an affordable payment turn into a monthly financial burden.
This guide reviews the basic steps to take when applying for a bad credit RV Loan:
- Review Credit Report
- Honestly Discuss Credit Problems
- Alternatives to Bad Credit RV Loans
Credit Report Review
Smart consumers regularly review their credit report for errors and account accuracy. This is an important habit to develop for a secure financial future. Any mistakes that are made by credit agencies or creditors will need to be fixed immediately before applying for an RV loan. Lenders look closely at credit reports to evaluate the borrowers credit risk and financial history. Bad credit borrowers can take an extra step to improve their credit by having a personal note added to their credit report to explain the financial difficulties they faced in the past.
Discussing Credit Problems
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Often times credit reports do not tell the entire story. Consumers with bad credit should honestly discuss previous financial problems with their creditors and potential lenders. For instance, late payments reported by creditors to the major credit agencies are marked on credit reports. However, if a series of late payments was caused by unexpected circumstances a lender may be willing to make exceptions to RV financing after knowing the full story.
Examples of financial problems that cause credit scores to deteriorate:
- Financial Difficulties
Alternative to Bad Credit RV Loans
Most lenders require a substantial amount of collateral to guarantee a bad credit RV loan. Unfortunately for consumers without a house to give as collateral it may be difficult to find a loan with a reasonable interest rate. There is however a great alternative. Today social lending sites like Prosper and Lending Club offer low interest personal loans that can be used for RV loans.
Peer to Peer Lending is a new type of financial network that has made almost $700 million dollars in loans to consumers since its inception. These online lenders connect individual investors to borrowers in need. Investors can invest as little as $25 to mitigate investment risk and borrowers can lend up to $35,000. For the outdoorsman with bad credit peer to peer lending is a unique opportunity to buy the RV of their dreams.