Buying an RV is exciting, but it can become stressful if you don’t know what to expect. Most people will need to take out a loan for such a large purchase, but this can be a daunting task if you have bad credit. You might even wonder how to buy an RV with bad credit and if it’s even possible. If that sounds like you, keep reading!
We’ll cover everything you need to know about how to buy an RV with bad credit.
How To Buy an RV With Bad Credit: Is It Even Possible?
It’s possible to buy an RV with bad credit; however, it will be more challenging. There are more hoops to jump through, and you might end up paying a lot in interest.
If you have bad credit, first ask yourself, “Is buying an RV a good idea?” There are all kinds of reasons your credit might not be the best. Keep in mind, though, that an RV is an expensive purchase. It also loses value quickly, making it easy to become upside down on your loan.
If you feel you’re in a decent financial place to buy an RV, keep reading to find out how.
Options For Buying an RV With Bad Credit
There are a few options for buying an RV. They all have pros and cons, which we’ll cover here.

Bad Credit RV Loans
Did you know there are loans specifically for people with bad credit? Well, there are. These loans might allow you to get the capital needed to make your purchase.
Pros:
The biggest positive of taking out a loan for someone with bad credit is that you can even get a loan. If your credit is less than perfect, you might be able to finance your RV purchase this way. Chances are, you’ll have to have a substantial income history and a sizeable down payment to be approved.
Cons:
Even though you can get approved for this type of loan, you might not want to. Lenders consider people with bad credit quite risky. They assume you won’t be able to make all your payments on time.
That’s why they make up for potential losses and inconvenience with high-interest rates and payments. Over the life of your loan, you will pay a lot more than your RV’s sticker price. Be sure to take this into account before making a purchase.
Paying Cash In Full
Another option is to pay in cash, which means you won’t need a loan at all. You’ll need to save up enough money to buy your RV outright.
Pros:
One of the best things about paying cash for your RV is that you won’t have an RV payment. You can’t miss payments if you don’t have them!
You’ll also save a lot of money in interest. Since you don’t need a loan, you’ll know what to expect in terms of price. Just be sure to save enough to cover taxes and fees as well.
Additionally, some sellers prefer to sell to cash payers, which could give you an advantage if the RV market is as competitive as it is in 2021. You’ll have the choice to buy new or used when paying cash as well.
Cons:
The downside to paying cash for an RV is that it takes most people a long time to save enough money for such a big purchase. It’s not feasible for many people that want to buy an RV as soon as possible.
You’ll also be at the mercy of sellers. You’ll have to buy whatever is available when you have enough cash to pay for it. When you finance an RV, you have more freedom and options, including the opportunity to buy any RV you want.

RV Dealership Financing
Another option for buying an RV if your credit is bad is to use dealer financing. Not all dealers offer to finance, but many do. It is an option if your credit isn’t the best.
Pros:
The best part about dealer financing is that you can get the loan you need to make your purchase. You don’t have to shop around for lenders, which can be time-consuming and frustrating. Most of these dealers will offer you financing, even if you have bad credit.
Cons:
The biggest drawback to dealer financing is high-interest rates. These will be an issue for you regardless of the type of loan you get. It is an unfortunate reality of having poor credit.
These dealerships also may offer little to no protection for the buyer. If something ends up being wrong with the rig you purchased, the dealer will tell you, “too bad.” Many of the rigs in these lots are repossessions (most likely repossessed by the very dealer you are purchasing it from). That means it may have underlying issues you discover after you purchase the RV.

Be Smart With Your Decision
Now that you know how to buy an RV with bad credit, you have a few options. You can join the RV lifestyle if you have less than stellar credit. But bad credit makes it a lot harder.
If you can’t imagine your life without an RV, then try some of these options. Just make sure you’re ready to make the long-term payments. Having an RV is one thing, but having an RV you can afford is a real sense of freedom.
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