Lauren Cordell is a financial guest writer who writes for various entrepreneur magazines. His writings are always packed with data and real-life experiences. 

In his free time, you'll likely find him reading books about business and personal finance.

Lauren Cordell is a financial guest writer who writes for various entrepreneur magazines. His writings are always packed with data and real-life experiences. In his free time, you'll likely find him reading books about business and personal finance.

Guest Writer

Lauren Cordell

Get valuable financial insights from Lauren Cordell, expert guest writer for many entrepreneur magazines. Dive into his data-rich articles & real-life anecdotes.

Lauren Cordel

 Hitting the road and going to beautiful destinations in an RV sounds appealing. With its built-in beds, fully-equipped kitchen, and other home amenities, you have the freedom to go and stay as you please. Comfort and convenience wise, you can never go wrong with an RV trip. However, it's probably one of the most significant purchases you'll ever make. With a price tag ranging from $10,000 to over $1 million, many people have to turn to financing to buy and own an RV. There are many RV loans out there, but it's not always easy to get approved for one. Certain factors will affect your chances to get RV financing, and your credit score is among them. Here are essential things you need to know about credit scores for RV financing. It would be best to equip yourself with them, especially if you're planning to get your RV. How Does RV Financing Work? Financing an RV is pretty much similar to financing a car or a house. You'll get it from lenders or creditors who are offering RV loans, such as banks, credit unions, or RV dealers. Just like a car loan, you will be required to put in a downpayment and then make monthly repayments within a certain period. Most RV loans are secured, meaning the RV itself serves as collateral to guarantee the loan . If you can't make your monthly payments, the lender has the right to repossess the RV. Although some lenders offer unsecured RV loans, the interest rates would be significantly higher. RV loans' cost may vary depending on the interest rate the lender charges you and the loan term or amount of time you have to repay the loan. Thus, it would be best to compare different lenders' options to get the most affordable RV loan possible for you. But note that these lenders look at several factors when deciding to give you credit or not. Understanding The Role of Credit Score A credit score is among the factors that lenders use to evaluate how suitable you are to receive the loan. Since a credit score is based on credit history , which includes the number of your open accounts, total levels of your debts, and your repayment history, the lender will have an idea of how likely you are to repay the loan on time. Although it's only one component, credit scores can make or break RV financing. Find out how a good or bad credit score affects your chances for better rates and terms and your RV loan approval. Good Credit Score As with any loan product, having good credit usually works in your favor. A credit score around 700 or higher will make it easier and faster for you to get an RV loan. If you have such a high score, lenders are likely to perceive you as low credit risk. Thus, you will get better and lower rates for your loan. Bad Credit Score On the other hand, having bad credit doesn't necessarily mean you won't get approved for RV financing. But though it's not entirely impossible to get an RV loan when you have a low credit score, it can certainly limit your options. Many lenders may offer RV loans to borrowers with scores of 550 but with higher interest rates and income requirements. How To Improve Your Credit Score If you want to better your chances for good credit RV financing , but you're currently struggling with credit challenges, don't lose hope. There are several ways to improve your credit though it requires a great effort on your part. Instead of bearing sky-high interest rates and fees on your RV loan due to bad credit, consider the following to boost your credit score before you apply for RV financing. Review Your Credit Report The first step in improving your credit is finding out which factors affect your scores the most. To do this, you would have to get a copy of your credit report and review every item. Once you know what factor helps or hurts your score, you can better make changes to improve them. There are also instances where there are mistakes in your credit report, such as wrong account status, duplicated debts, and incorrect balances . These errors could drag down your score. By  checking your credit report , you can correct and remove them by filing a dispute. Pay Bills On Time Your payment history determines 35% of your credit score and has the biggest impact. Thus, the easiest way to boost your credit is to make payments on time. If you're behind on any payment, pay them as soon as possible. It will also help if you use automatic payment or calendar reminders to ensure you pay on time each month. Remember that lenders are interested to know how reliable you are in paying your bills. They consider your payment history as a good predictor of future performance. If you fail on this aspect, work on this as soon as you can. Reduce The Amount of Debt The amount of debt you have can also affect your credit score. If you're carrying multiple debts, it's better to pay them off before applying for RV financing. Paying off your outstanding balances can help boost your credit score since you're lowering your credit utilization. Note that a low credit utilization ratio tells lenders how well you manage your credit. Essential Points To Remember There is no shortcut to improve your credit score. It may take some time and effort before you can see the changes. Moreover, the negative information on your credit report may remain for a certain period. When you've done everything you could, all you need to do is wait until the negative items fall off. Takeaway Your credit score may not only affect your chances of getting RV financing . But it can also affect your financial health and life in general. When you have poor credit, you may not get the home and job you want since landlords and employers may run a credit check. Therefore, you must always take care of your credit score whether you're applying for RV financing or not.  Author Bio:  Lauren Cordell is a financial expert who writes in various entrepreneur magazines. Her writings are always packed with data and real-life experiences. In her free time, you'll likely find her reading books about business and personal finance.

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Things You Need to Know About Credit Scores for RV Financing

Are you looking to finance an RV? Here is what you need to know about credit scores to get the best RV financing.

Things You Need to Know About Credit Scores for RV Financing | CASH 1 Blog - News

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Things You Need To Know About Credit Scores for RV Financing

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Don't buy a new car. Read our tips and learn how to save money buying a used car.

Don&#39;t buy a new car. Read our tips and learn how to save money buying a used car.

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Looking for side hustles in Las Vegas? Make some extra cash with your car in Nevada with these profitable jobs.

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Do you love travelling, but can't seem to get the money together to take that dream vacation? Here are the best ways on how to save money on hotels at your favorite destinations.

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If you are a first time renter and have little to no credit, here are some great tips. Follow this guide to make your first apartment experience a good one.

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How Can First Time Renters Be Safe and Save?

Bad payment patterns can derail your path to financial freedom. Fortunately, these easy ways to develop better spending habits will get you back on track.

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Knowing how to store baked goods, homemade or store bought, will save you money. Freeze or store cupcakes, muffins, bread, bagels, cookies, empanadas and more.

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Storing and Freezing Baked Goods

There are a couple of different things you can do to make car maintenance a little bit easier on your pocketbook. These tips will help you save money on car maintenance.

Saving on Car Maintenance is Easy With These 3 Tips

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Saving on Car Maintenance Is Easy With These 3 Tips

There are ways you should prepare your vehicle for chilly months so you can save some money and avoid potential major repairs down the road.

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Tax Refund Not What You Expected?

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Living paycheck to paycheck is stressful and you need quick money. Find out how you can make money fast with these ideas and get yourself ahead of your bills.

7 Quick Ways To Make Money

To choose a cryptocurrency broker wisely, read this list of qualities that will save you from any complications or scams in the future.

Qualities to Look For in a Cryptocurrency Broker

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You don’t you have an emergency fund? Don’t sweat it, here are some great tips on how to build an emergency fund for any financial crisis that occurs.

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Read these tips on how to save some money while dating!

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How to Date on the Cheap

Make extra money from home. These are legit tips, not ‘get-rich-quick’ schemes or minor activities that only net you ten or twenty bucks a month.

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Here's an infographic to remind you that prevention and small actions can help avoid costly car repairs. Happy motoring!

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Here&#39;s an infographic to remind you that prevention and small actions can help avoid costly car repairs. Happy motoring!

Maintain Your Vehicle and Happy Motoring

Pet spending is at an all time high. Are you spending too much on your pet? Here some tips to save money...

Are You Spending Too Much Cash On Your Pet?

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Are You Spending Too Much Cash on Your Pet?

Check out these great ways to make money in Utah. Some of these ideas are good for quick cash, while others could become legitimate streams of income.

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American Spending Habits

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Do you have a what it takes to open a microbusiness? make money with these ideas.

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Could You Open a Microbusiness?

These Common Sense Tips Will Save You Money

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Vet bills can be expensive; can you provide your pet with the proper medical care? You can start saving money at the vet if you consider these simple tips.

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Save Money on Vet Bills

Do you think your work is horrible? Imagine the type of work you would have done back in the day. Check out these crazy jobs that no longer exist.

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Jobs That No Longer Exist

Check out our summer car maintenance checklist to avoid unexpected car repairs.

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Phoenix Summer Car Maintenance Checklist

Save Money and Freeze Poultry to save money.

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Save Money and Freeze Poultry

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Stop borrowing money from friends and family. Money issues can be a serious obstacle in a relationship. Any relationship.

Borrowing Money from Friends and Family? Read This First

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Borrowing Money From Friends and Family? Read This First

Simple changes to your daily routine could save you thousands of dollars a year. Here are our suggestions.

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Stop Wasting Money

Save money and learn the expiration dates of common household items.

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These Products Do Expire

Building budgeting skills take practice, however, creating a budget will help you make better decisions when it comes to shopping and spending money.

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Creating a Budget for Smarter Shopping

Tired of paying full price? This article about the best time to buy everything will help you save money.

The Best Time to Buy Everything to Save Money

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The Best Time To Buy Everything To Save Money

You really need to cancel cable to save money. The average cable bill in the states is over 100 bucks a month. Cut that cord and replace it with cheaper alternatives.

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Cancel Cable To Save Money

Let us show you how you can create a sound budget that allows you to take care of your obligations and enjoy your retirement life.

Retirement Budget: Here&#39;s How You Can Make It Work

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Retirement Budget: Here’s How You Can Make It Work

If you need a vehicle on your next vacay - Here's how to save money on car rentals. Read this article and learn to save money on your next car rental.

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If you need a vehicle on your next vacay - Here&#39;s how to save money on car rentals. Read this article and learn to save money on your next car rental.

How To Save Money on Car Rentals

We have assembled a list of tried and true holiday budget tips to help ease the burden on your bank account this season and seasons to come.

You Should Start Holiday Shopping In July

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You Should Start Holiday Shopping in July

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As annoying as budgets are to do, they are often a necessity in order to get from one paycheck to the next.

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The Need to Budget

Unplug these energy vampires and save electricity.

Turn off Vampire Electronics and Save Money

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Turn Off Vampire Electronics and Save Money

Winter is finally over, there are a ton of ways to save money in early Spring. Here's a handy list to help you trim the fat and prevent any unforeseen expenses.

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Winter is finally over, there are a ton of ways to save money in early Spring. Here&#39;s a handy list to help you trim the fat and prevent any unforeseen expenses.

Save Money This Spring

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Ready to Drop a Rock on Your Soul Mate? Save Some Cash in the Process

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Lauren Cordell

Guest Writer

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