Did you know that 25 million people choose to travel in an RV every year?

RVing is a popular way of traveling because it minimizes costs and allows you to go anywhere. The only problem is the initial upfront cost of an RV, however many people choose to take out a loan to pay for this.

Discover how you can buy an RV even if you have bad credit, with our guide on the best RV loans for bad credit.

What You Need to Know About Bad Credit RV Loans

RVs can cost anywhere between $6,000 and $500,000 but can save a family of 4 between 21% and 64% in travel costs compared to a traditional vacation. RVs can seem costly, but overall they'll help you save a lot of money while traveling.

Loans are often the only way for people to purchase an RV. Many loan companies require you to have good credit scores. However, there are some ways you can get RV financing with bad credit and there are also some companies that offer bad credit loans online.

Bad Credit RV Tips

If you can't change your credit score then you might be feeling like you've been left behind. But luckily, there are some things you can do to improve your chances of getting an RV loan.

1. Research

To boost your financing options, the best bet is to have a good down payment on your RV. This means you need to do your research on the types of RVs that are available in your budget and what you want from your RV.

2. Think About Costs

After researching the types of RVs available, you also need to think about the monthly repayment of your loan. How much can you afford to pay off each month?

It's also useful to think about the length of the loan; typically RV loans can last between 10 and 20 years. Shorter loans will take less time to pay off but will have higher monthly payment plans. Longer loans will take several years to pay off and will cost more, but might work better in terms of lower monthly repayments.

While thinking about how much you can repay, it's also useful to look at the different loan options. For example, a personal loan might be better if the cost of the RV is low, while RV dealer financing options might be better for those who need to borrow more and want advice along the way.

3. Save for a Big Down Payment

Once you've decided on the type of RV you want and understand how much you can afford, you need to look at saving a deposit for your down payment.

Bad credit RV dealers are more likely to accept you if you can afford a decent down payment. Most down payments need to be at least 10% of the purchase price, but the more you can save the more likely you are to be accepted for the loan.

The larger your down payment, the lower the amount you'll need to borrow. And with some loans, you might even find a large down payment helps to reduce your interest rate too.

Discover these other useful ways to maximize your RV loan and make sure you get the most out of it.

Best RV Loans for Bad Credit

There are many options when it comes to finding the best RV loan for you, including bank loans, personal loans, home equity loans, or RV dealership loans. Depending on your preferences and financial circumstances, some RV loans might be better than others, but these are our favorite ones:

1. U.S. Bank RV Loans

Some banks don't offer loans for RVs, however, U.S. Bank does. This bank offers recreational vehicle loans for motorhomes, travel trailers, pop-up, and truck campers.

The U.S. Bank offers loans from $5,000 to $150,000, to help you finance your RV. However, if you want the top end of the financing, then you'll need to pay a decent-sized down payment. The U.S. Bank offers a same-day credit decision, so you'll know straight away if you've been approved.

2. Personal Loans

If you're looking for a smaller loan to help you pay off an RV, think about getting a personal loan. PersonalLoans.com offers loans from between $500 to $35,000 and they welcome all types of credit.

Another useful feature of Personal Loans is that they allow you to use the loan for any purpose. They also have quick loan decisions and funding, which means you could have access to the money within 1 working business day.

3. Lending Tree

For those who own their home and have built up home equity, you might want to consider getting a home equity loan. If bad credit is preventing you from getting an RV loan, this option might be able to help you.

Lending Tree is a good home equity loan solution, with a home purchase and refinance options. Within a matter of minutes of filling out your details, you can expect to see several offers and then choose the one that's right for you.

4. No Credit Campers

No Credit Campers works with hundreds of lending partners as a way to ensure those with bad or poor credit can buy RVs. The website has an extensive list of RVs for sale that people can choose from and then fill out an application for help with financing.

Upon acceptance of the financing application, users can expect to see funds within a day or two. No Credit Campers also allow their customers to pick up the RVs or have them delivered.

Don't Let Bad Credit Interrupt Your RV Dreams

Whether you've always dreamt of traveling the open road or just want to spend more time with your family for less of the cost, an RV is a great option. Many people across the US manage to make their RV fantasies a reality, and you can too. Follow our guide on the best RV loans for bad credit to find a way of financing your RV dream.

What Are the Best RV Loans for Bad Credit? What You Need to Know