The Different Credit Score Ranges In The RV And Boat World

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A credit score ranges from 300, being the lowest, to 850, being the highest. Individuals with low credit scores within the range of 300-569 have a lower chance of getting an RV loan or boat loan approved because they pose a potential risk for defaulting payments, as they fall into the Deep Subprime loan range as a result of bad credit. An individual with a high credit score, however, is more appealing to lenders because they are perceived to be lower risk. Most lenders look for borrowers with higher credit for assets such as RVs and boats because they are considered to be luxury items. However, My Financing USA searches for loan programs for most credit types to help you get approved for a boat or RV loan.

Credit Score Range

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If you need to finance an RV or boat, you will need to submit a credit application allowing the company to review your credit history. Your credit history is the most important deciding factor to qualify for such loans, however, every lender has their own set of credit ranges as to what qualifies for a good credit score. Currently, for My Financing USA, the current range is 550 and up in order to prequalify for an RV or boat loan.

Different lenders will normally have different credit ranges. Below is a definition of what credit score tiers look like in general:

  • 300 - 549: Deep subprime (bad credit)
  • 550 - 674: Subprime (below average credit) 
  • 675 – 749: Prime (average-good credit)
  • 750 – 850: Super prime (excellent credit)

With that understanding, you will find that every individual is unique with their financial history. Most RV and boat dealers will avoid doing business with individuals who have a deep subprime or subprime history. Some, like My Financing USA however, expand their target audience by working with individuals who had credit challenges in the past. 

Subprime RV and Boat Loans

Companies who offer subprime credit loans can help finance RV and boats to individuals who have below-average credit scores. Regardless of what your credit range is, My Financing USA matches you with the best RV and Boat loan rates and terms available.

Subprime Advantages -

  • Approval of credit scores as low as 550
  • Available financing options even with a past bankruptcy
  • Stretched out loan terms up to 15 years

Subprime Disadvantages -

  • Restrictions on the type or age of boats you can secure
  • Higher-interest rates
  • Capped loan amounts

Prime RV and Boat Loans

Most companies generally look for individuals who qualify within this credit score range. They will attract buyers for RV loans and boat loans with better interest rates and terms as compared to those in the lower range of the credit score range.

Advantages -

  • Efficient approval on RV and boat loans
  • Lower down payment
  • Lower insurance rate
  • Better interest rates and terms 
  • Better negotiating power
  • Longer loan terms

Ultimately, building your credit score takes time. Moving your credit score from subprime to prime has its advantages and will benefit you in the long run. You will be able to purchase an RV or boat rather than renting one at the best loan rate possible. You will have a better selection of RV and boats as well as spend less money due to lower interest rates. Even if you do have a strong credit score, it is also important to understand the costs of owning a boat or costs associated with owning an RV so that your credit score doesn't suffer from reoccurring costs.

If you are looking to reap the benefits in the high credit score range, you must ensure that you have no bad credit history such as overdue bills and unpaid debts. Whether you are looking to buy an RV or a boat, My Financing USA matches you with the best RV loan rates and Boat loan rates and terms available.

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