Question about purchasing an RV for full-time time living with a 550 credit score

I'm considering the switch to RV living for financial and lifestyle reasons and have done research on the pros and cons and a through cost analysis.

Given my current credit situation, with a score around 550 due to past financial challenges that I'm addressing this year, I'm interested in understanding if this would significantly impact my ability to secure a good deal on an RV for full-time living.

 

Well, with a low credit score, you really should look into buying an RV with cash. Keep in mind, there are alot of usable RVs out there for just a few thousand dollars. You will need to save this up, but when you buy it, there will be no monthly payments bogging you down.
You will not be able to buy one on credit with that score.

An old RV may not be pretty, but you will probably find many of the appliances will be functional, and give you a warm, comfortable place to sleep.

 

I agree with what has been said above. With a credit score of 550 you will find it difficult to secure financing from any reputable financial institution. There are some lenders that will acomidate you but at but at outragiously high lending rates. Do you currently own your house as if you do you might consider selling it and using the equity to pay cash for your new living quarters? Just a thought o consider. Also with the economy in the current shape it's in you might be able to find a good liveable used RV, from an ptivate owner at a good price, as many RVers have been forced to sell their RVs as they are no longer able to afford using them. We have some friends that had to do this. I wish you luck in accomplishing your goals that lie ahead. Just don't jump into something without checking everything out that will need to be considered. All the best to you.........

BankShot......(aka Terry)