What Does It Mean If I Don't Qualify?
Almost everyone has had the experience of filling out a credit application, and either getting turned down, or approved for a lower amount…don't worry, it's not the end of the world. Remember, you're buying a home-on-wheels, which in and of itself, proves a greater risk for lenders.

First things first, you have to have a credit history. If you're new on the market and haven't established many accounts yet, you may not have very many references for lenders to make a decision. Same difference if you've always paid cash; lenders will not lend money unless they feel comfortable with your history.

Some of the things lenders typically check for when reviewing credit history are the following:

Are there any bankruptcy filings, or accounts included in bankruptcy?
Are there collection accounts or accounts that have been charged off?
Are there payments that have been paid late and have they happened recently?
Are there delinquent accounts?
Are there any outstanding civil judgments?
Are there unpaid tax liens?
Are there credit cards with balances close to the limit?
Keep in mind that while all of the above would have significant implications regarding your creditworthiness, not qualifying for an RV loan does not automatically mean you have bad credit. Quite often it's an indication that you don't have comparable credit for the amount requested, and that you might have to choose a less expensive RV, or put more cash down.

Likewise, it often means that you're not budgeting by the lender's "standards," and not many people do. Again, the lender might be okay with a smaller payment and/or a smaller loan amount. If this is not the case, there are ways to repair your credit, so that down the line, you can increase your likelihood to be on the road in an RV of your dreams.

Remember, each creditor has its own formulas and criteria for evaluating a credit application. Many times lending decisions have little to do with your credit report, but instead are based on things like your income, length of residence, or employment history.