CampMart | Types Of Bad Credit
Having bad credit or a low credit score can be influenced by different factors. You may have bad credit and not even know it until you apply for an RV loan. Most lenders approve or deny your loan application solely based on your credit score. What separates CampMart from most lenders, and the reason why we have a nearly 100% approval rate, is that we differentiate bad credit RV loans based on your specific situation. Read below to learn about the variety of RV loans CampMart approves.
One of the best ways to establish credit is by making years of consistent payments towards an RV loan. The problem which faces most first time buyers is that they usually have no credit history and are automatically deemed to have bad credit by most lenders. CampMart specializes in first time RV loans and has a nearly 100% approval rate because we look at the big picture, not just your credit score. As long as you make your payments as agreed, CampMart reviews first time RV loans in the tenth month and can rewrite the loan at a lower rate.
Subprime means that interest rates are higher than the prime rate, as the risk factor is higher. Someone carrying too much debt is often why RV loans are declined by traditional lenders. They view lingering debt, delinquent payments and a low credit score as bad credit. CampMart, on the other hand, realizes everyone deserves a second chance and views subprime RV loans as a great way to repair and rebuild bad credit. We often consolidate existing debts or extend additional cash through our cash back program. Most of the loans CampMart arranges are subprime loans, which have a nearly 100% approval rate.
Always paying in cash, never using a credit card and not carrying any debts may seem like a good idea but in reality, no credit history is considered by most lenders as being equivalent to bad credit. This is not the case with CampMart. At CampMart, we look at no credit RV loans as an opportunity for a customer to build their credit. Not only does CampMart have a nearly 100% approval rate for individuals with no credit history, credit rebuilding is just one of the benefits of teaming up with CampMart for your next RV or Trailer purchase.
Most lenders look at the self-employed as bad credit risks because of the instability of their income. The amount of paperwork that is involved for the self-employed to obtain an RV loan through traditional lenders is absurd. CampMart is able to cut through a lot of the red tape and get you approved immediately so you can continue to run your business. CampMart gets nearly 100% of the self-employed approved.
Having a bankruptcy on your credit report will have you automatically labelled as a bad credit RV loan risk by most lenders. However, CampMart understands that bankruptcy is often a new beginning and a bad credit RV loan can be the first step in rebuilding bad credit. CampMart has a nearly 100% approval rate for bankrupt individuals, even if they have yet to be discharged.
Immigration built this beautiful country of ours, yet most lenders look at newcomers to Canada as bad credit RV loan risks. CampMart realises that just because someone is new to Canada, does not mean that they have bad credit; it just means that they may not have established credit. CampMart has experienced a nearly 100% approval rate for new Canadians because we know how hard they work to create a new life in this great country.