If you’re thinking about purchasing a travel trailer, you may be wondering how to get a loan. There are a few things to keep in mind, including your credit score. Most lenders will require that you have at least a mid-700 credit score to qualify for the best rates. You can add a co-signer to your loan or make it easier for yourself by checking your credit scores.
When applying for a travel trailer loan, make sure you shop around for the best deal. As with any other loan, the interest rate may vary. Depending on the model and manufacturer, you can expect to pay higher rates than you’d pay if you had bought a new vehicle. However, don’t wait too long to shop for an RV loan. You should have your RV ready to be used within two weeks and apply for several loans. If you’re considering a longer term, consider getting a loan with a 144-month term, which is equivalent to 12 years.
A good rule of thumb is to keep your credit score as high as possible, so you can increase your chances of approval. Having good credit increases your chances of getting approved for an RV loan, as will a lower interest rate. Even if your credit score is a little low, that extra quarter of a percentage point can add up over time. So, try to raise your credit score before applying for a travel trailer loan.