RV Financing 101

Learn to Navigate Your RV Credit Journey with Woody's RV World

 
At Woody's RV World, we're more than just a team; we're a community on a thrilling adventure, exploring the great outdoors together. We understand that embarking on your dream RV journey comes with big decisions, especially when it involves your financial wellbeing. That's why we're here to guide you through the credit landscape with transparency and trust. Here's how we do it:
 
How Credit Inquiries Affect Your Score
When you apply for credit, lenders make what's called a "hard inquiry" on your credit report. While necessary, these inquiries can slightly dip your credit score.
 
Luxury Items
Most banks consider an RV as a luxury item, meaning it’s something that is nice-to-have but not a need-to-have. Accordingly the lending qualifications from banks on a car vs. an RV can be a lot more stringent.
 
Better than Banks
The major lenders and institutions typical issue RV loans for about 5 years.
Contrast that with a long-standing dealer like Woody’s who are able to secure lower rates from banks on behalf of customers.
Additionally Woody’s offers ” best in industry” amortizations up to 20 years on select RV and on-approved credit.
 
Having a relatively high credit beacon will improve your chances of qualifying for the loan, so it’s best to be aware of what affects your credit score.
 
Hard Inquiries:
Each hard inquiry might nudge your credit score down a few points. They remain on your report for two years but only influence your score for the first 12 months. At Woody's RV World, we mitigate this by ensuring that our credit checks are streamlined and lender-friendly, partnering with top financial institutions to protect your score.
 
Impact of Multiple Inquiries:
A flurry of inquiries in a short period could be a red flag to lenders, possibly having a more pronounced impact on your score. That's where our commitment comes in—we coordinate the process carefully to avoid unnecessary checks.
 
Steps to Protect Your Credit Health
Your financial journey is unique, and we're here with some waypoints to help you navigate:
 
Plan Ahead:
Be strategic about when and where you apply for credit.
 
Monitor Your Credit Score:
Keep an eye on your credit report. Regular check-ups help you stay informed and ready for the next step.
 
Understand Scoring Models:
Different models, such as Equifax and TransUnion have different rules. Click here to learn “How Are Credit Scores Calculated?” and “How Credit Scoring Works” Understanding these can equip you to better manage your financial path.
 
Long-Term Financing with Woody's RV World
Our commitment to your RV dreams goes beyond the open road. We offer flexible financing options with amortization periods extending up to 20 years o.a.c, making your payments super low and as breezy as your travels.
 
Check Your Credit with Us!
Curious about your standing? Use our handy Equifax Calculator right here on our page—get your credit score in minutes and sail smoothly towards your RV adventures. Best part is that it’s not a hard inquiry and won’t affect your credit.
 
At Woody’s RV World, your journey is our journey. We strive to ensure that every part of your RV purchase, including financial aspects, is handled with the utmost care.
Our goal is to help you embark on your RV adventures without financial stress. Let's chart a course to new horizons together, without financial worries clouding the view.
 
Ready to explore? "Where to next?" is just a credit check away!
See Your Credit Score In Minutes — Check Your Credit Score With our Equifax Calculator found at the top of this page! Click Here