Powersport Financing

Camper Financing

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Powersport Financing is your #1 choice for Camper financing & good or bad credit Camper loans due to our seamless application process and dedicated financing specialists. We offer competitive rates and flexible repayment terms, making Camper ownership affordable.

a man and woman standing next to a green camper

How Does Camper Financing Work?

Good and Bad Credit Camper Loans easy as 1,2,3

1. Application

Get approved from your phone

2. Choose Camper

Choose to buy from a private seller or from a dealer

3. Enjoy!

The Fun part!

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Estimate Your Camper Financing Payments

Find out your estimated Camper loan payments before starting by using our loan calculator.

Camper Financing Anywhere

Choose to apply online or come in to to an application

Fast Approval Process

In a couple hours we can have you approved for a loan

Trusted by Thousands

We have helped thousands of Canadians get approved for their Camper loan

Safe & Secure Application

With industry standard privacy controls your information is safe with us

Bad Credit Camper Loans

Powersport Financing has a dedicated team of bad credi specialists standing by to not only get you approved for a loan but to make sure we get you the Camper of your dreams!

Camper Financing Q&A

There are a few good camper financing options to consider in Canada. Banks and credit unions often offer RV loans at competitive interest rates. You may also want to check with a dealership to see if they have any promotional financing offers, which can sometimes be 0% for a certain period. Another option is to get pre-approved for a personal loan from an online lender like Fairstone Financial or Easyfinancial, which you can then use towards purchasing your camper. Peer-to-peer RV lending sites like Outdoorsy and RVshare also allow private owners to finance their RVs. Just be sure to compare all the options to find the best rate and terms for your situation.

To qualify for a bad credit camper loan in Canada, you typically need to meet the following criteria:

 

– Be a Canadian citizen or permanent resident

– Have a valid government ID and proof of income

– Have a credit score of 500 or higher

– Show ability to repay the loan through income and assets

– Provide collateral for the loan like the camper you’re purchasing

 

Lenders understand that not everyone has perfect credit. They will look at factors beyond your credit score, such as your debt-to-income ratio, job stability and down payment amount when considering your application. Having a co-signer with good credit can also improve your chances of getting approved. As long as you can demonstrate you can manage this new loan responsibly, getting financing for a camper with bad credit in Canada is achievable.

Yes, it’s highly recommended to get pre-approved before starting your camper shopping. Being pre-approved shows dealers and private sellers that you’re a serious buyer and have financing ready to go. It also allows you to know your budget and monthly payment ahead of time. You’ll be in a much stronger negotiating position if you have financing already lined up, versus trying to find financing after you’ve already fallen in love with a particular camper. The pre-approval process is quick and doesn’t obligate you to accept the loan. So take the time upfront to get pre-approved so you can shop confidently knowing exactly what you can afford.

Most lenders will want to see a minimum credit score in the range of 620-650 before approving camper financing. The higher your score, the better the interest rate you can qualify for. Anything below 600 will make it very difficult to get approved, while a score of 700+ will help ensure you get the best possible rate. In addition to your score, lenders will look at factors like your debt-to-income ratio, down payment amount, employment history and income stability. Focus on improving your credit and financial profile before applying. This will expand your financing options and allow you to negotiate the most favourable loan terms.

With bad credit, expect to pay higher interest rates on a camper loan in Canada. Here are some typical ranges:

 

500-599 credit score: 8-18% interest

600-649 credit score: 6-12% interest

650-699 credit score: 4-8% interest

 

The better your credit score, the lower your interest rate will be. Anything under 650 is generally considered bad credit, which equates to double-digit interest rates from most lenders. Having a cosigner with good credit can help you secure a lower rate. Reviewing multiple lender quotes will also ensure you get the most competitive bad credit camper loan rate possible.

When financing a camper in Canada, it’s important to budget extra for insurance beyond just the loan payments. Expect to budget approximately 3-5% of the total camper value for insurance costs annually. So for example, if you finance a $50,000 camper, plan on $1,500 – $2,500 per year for insurance. Exact costs depend on factors like: your driving record, chosen coverage and deductible amounts, camper age and type, and where it’s stored. Get quotes from multiple providers before purchasing to ensure you’re getting adequate coverage at the best rate. Properly insuring a financed camper is required by lenders to protect their investment in the vehicle.

There are a few fees to be aware of when financing a camper in Canada. Most lenders will charge an origination or loan processing fee, typically around 1% of the loan amount. There may also be documentation or underwriting fees of $300-$500. If you take out an extended warranty, add that cost to your loan. You’ll need to pay sales taxes and registration fees upfront to the dealership or seller. There also may be compliance, PPSA and lien registration fees rolled into your loan, around $100-$200. Finally, expect to pay interest charges over the duration of the loan. Ask lenders to fully disclose all fees so you can accurately compare options.

Making a down payment is highly recommended when financing a camper in Canada for several reasons. A 20% down payment will allow you to qualify for the best interest rates and loan terms. It also lowers your monthly payment by reducing the borrowed amount. You’ll build equity faster with a larger down payment as well. A down payment shows the lender you’re financially committed. Consider saving up to put down as much as you’re comfortably able to. Even 10% down can result in a better loan than zero down. Run the numbers to find the ideal down payment for your budget.

The size of the camper loan you can get approved for with bad credit in Canada depends on several factors:

 

Your income – Lenders want to see you can afford the monthly payments

Your credit score – The higher your score, the larger loan you may qualify for

Your down payment amount – The more you put down, the more lenders will lend

The loan term – Longer terms spread payments out over time

 

As a general guideline, with a credit score under 600, expect loan approval around $10,000 to $25,000 with strong income and a 20% down payment. With scores of 600-650, loan size may be $25,000 to $40,000. Income and down payment percentage are key. Getting a cosigner can also bump up the loan amount lenders will approve.

Currently, average camper loan interest rates from banks and credit unions in Canada tend to range between 5-8%. Rates are influenced by factors like your credit score, down payment, loan term, and overall financial qualifications. Those with excellent credit in the 700+ range can potentially qualify for rates at the lower end, around 3-5%. While borrowers with poor credit may pay rates at the higher end, around 8-12%. The best rates are typically for newer campers, shorter loan terms, and buyers who make large down payments. Compare options from multiple lenders to aim for the most competitive rate possible.

Fixed rate camper loans are generally the best option in Canada, especially when interest rates are low. An adjustable rate loan may start out with a lower rate, but it could climb significantly over the loan term as rates increase. This leaves you prone to the uncertainty of rising payments in the future. Fixed rates provide consistent payments you can reliably budget for through the full repayment period. Avoid potential payment shock down the road and go with a fixed rate. If rates do drop, you can always refinance later. The stability of fixed rate loans gives peace of mind.

Typical camper loan terms available from most Canadian lenders are:

 

– 12 months

– 24 months

– 36 months

– 48 months

– 60 months

– 72 months

– 84 months

 

Longer terms like 72-84 months allow for lower monthly payments, but you’ll pay more interest over the life of the loan. Shorter 12-36 month terms have higher payments but save on interest costs. Determine the loan length that best aligns with how long you plan to own the camper. There’s usually no prepayment penalty if you pay it off early. Consider your budget to decide the ideal term for balancing payments with total interest paid.

When applying for camper financing, have these documents ready for a smooth application process:


Proof of income – recent pay stubs, tax returns if self-employed

Government-issued ID – driver’s license, passport

Proof of address – utility bill, bank statement

Down payment funds – bank statements showing available cash

Camper details – make, model, year, mileage, VIN

Insurance quotes – to add camper to your policy

References – names and contact info of references

 

Also be prepared to authorize a credit check. Having all required documents ready demonstrates you’re an organized borrower, which can help improve loan approval odds and interest rates offered.

If you can’t get approved for a camper loan with bad credit in Canada, some alternatives to consider are:

 

– Asking a relative or friend to cosign or borrow from them

– Saving up and making a larger down payment

– Trading in an existing vehicle you own to use for a down payment

– Looking at cheaper used campers that require smaller loans

– Building your credit score for 6-12 months then reapplying

– Considering a secured loan using collateral besides the camper

– Exploring independent seller financing from sites like Craigslist

– Joining a peer-to-peer lending platform to borrow from individuals

– Delaying your plans until you can improve your credit situation

 

Though challenging, getting a camper with bad credit is possible with persistence and creativity. Weigh all your borrowing options and shop multiple lenders.

Here are some tips to get the lowest camper loan rates in Canada:

 

– Have a credit score over 700

– Put down at least a 20% down payment

– Choose a shorter loan term (36 months or less)

– Provide proof of stable income

– Only finance up to 80% of camper value

– Shop and compare rates from multiple lenders

– Consider credit union financing

– Look for manufacturer financing deals

– Have a strong history of making loan payments

– Pay down other debts to lower your DTI ratio

 

The better your credit and financial profile, the more negotiating power you’ll have to secure the most favourable financing terms from lenders.

Some top options for the best camper loans in Canada include:

 

– Your local bank or credit union

– Dealership financing promotions

– National lenders like Fairstone Financial, Easyfinancial and Lendcare

– Peer-to-peer lending through Outdoorsy and RVshare

– Manufacturer financing from brands like Winnebago, Jayco, etc.

– Insurance providers like Manulife Bank and TD Insurance

– Online comparison sites like Loans Canada and Ratehub

 

Thoroughly compare loan offers from multiple sources. Look for low rates, flexible terms, low fees and strong customer service. Read reviews of lenders as well. The best loan for your needs likely combines the lowest rate with best supporting features and service.

Be wary of potential camper financing scams and dishonest lenders in Canada. Watch out for:

 

– Upfront fees before approving any financing

– Requests to wire money or pay fees using gift cards

– Offers that seem too good to be true

– High-pressure sales tactics to sign loan documents quickly

– Offers from lenders located overseas or outside Canada

– Lack of contact information or physical address for the lender

 

Do your research and only work with reputable, well-known financing sources. Verify lender licenses and read reviews before signing anything. Understand all terms and rates in writing first. Avoid lenders who seem evasive or pushy. Be cautious sharing personal information. Seek financing pre-approval before shopping for your camper.

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