What are RV lenders looking for?
When it comes to seeing the country and taking in the beauty of the outdoors, there’s no better experience than an RV. But in reality, purchasing an RV can be an expensive proposition for many. Fortunately, there are plenty of quality lenders who can help you purchase a motorhome through an affordable plan, assuming you qualify. If you’re in the market to finance a new or used RV, here’s what a lender will be evaluating.
Credit (or FICO) score
Since the 1950s, the FICO (Fair Isaac and Company) score has been an industry standard when it comes to determining someone’s credit. The three-digit score represents a combination of factors, including the purchaser’s payment history, debt, borrowing history, and any open lines of credit.
Here’s a general range of FICO scores:
Exceptional: 800 to 850Very Good: 760 to 799Good: 700 to 759Poor: 600 to 699Very Poor: 300 to 579For an RV lender, they’ll usually be able to work with anything above 700 (and, in some cases, can go as low as 600). That being said, the lower your FICO score, the higher your interest will be – meaning steeper payments. If you’re below 700, it might be worth taking some time to rebuild your credit before trying to take on an RV loan.

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