1. Can I apply
for credit online?
Yes, you simply need to complete the on-line credit
application and “Submit”. If you prefer
to apply by mail or facsimile, print out the adobe acrobat
form application and submit via fax to: 1-866-785-3223
or via U.S. postal service to: Pleasure Craft Lending,
PO Box 71485, Phoenix, Arizona 85050.
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2.What if I do
not wish to apply without knowing what my rate will
be?
See question #4’s answer also. If you are shopping
rates and would like more information about our lenders
current rates for the make and model RV you are interested
in, simple complete our loan application and a representative
will contact you to discuss rates and financing options.
There is no obligation and the application is free.
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3. Is my RV loan
going to be tax deductible?
Please contact a competent tax authority to review your
personal situation. When large sums of money in the
acquisition of debt are involved, it is always wise
to thoroughly examine all impact it could have on your
income tax. If the RV is going to be considered your
residence, there is a possible tax savings on the interest
paid.
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4. What are the
lenders current interest rates?
Rates for pleasure crafts vary and are subject to change
on a constant basis just as any other loan would for
a home or automobile. Interest rates also very depending
on the amount being financed, along with the year, mileage,
and credit rating of the applicant. If you are shopping
price from various lenders we encourage you to submit
a loan application for the latest information on rates
for the RV you have selected to purchase.
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5. Am I required
to have a down payment?
Most often a 10% minimum down payment is required by
the lender to show good faith in your commitment. The
lender will finance up to 90% of the total purchase
price including the sales tax on the vehicle.
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6. What lending
terms are available for the RV I wish to purchase?
For loans greater than $10,000, depending of course
on the age and mileage of the RV you are purchasing,
the lender will extend terms from 10 years up to 15
years in duration.
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7. Do you have
a stipulation on the loan amounts available to borrow?
The minimum loan amount is $10,000. There is currently
not a cap set for maximum amount.
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8. Do you charge
a pre-payment penalty if I decide to pay the loan off
early?
All loans are “simple interest loans” and
do not carry a pre-payment penalty. You can pay your
loan down in larger amounts than are specifically required
as a monthly payment by the lender, or you can pay it
off entirely at any time during the course of the loan.
Paying your loan down by making larger monthly payments
than are required will shorten the term of your original
loan and save you interest expense.
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9. How long does
it take to get a response from the RV lender?
A lenders response time with a decision is usually within
24 to 72 hours after receipt of your completed application.
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10. Do I have
to have the RV of choice chosen prior to receiving a
loan?
No, you can get pre-qualified for an RV loan amount.
Many customers obtain a pre-qualification approval prior
to shopping for their vehicle.
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11. What types
of RV’s can I finance?
Included in the RV category of lending are new and used
motor homes, van conversions if used for pleasure purposes
only, travel trailers and 5th wheels.
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12. Are there
loan processing or originating costs associated with
an RV loan?
Our lenders do not charge an application fee or points
that would otherwise be associated with closing on your
loan. However, there could be a small lien-recording
fee.
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13. Do you also
grant loans for refinancing my existing RV?
Yes, refinancing is a great option if you wish to lower
your original interest rate or monthly payment.
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14. What if I
am late on a payment?
Being late on a payment is not suggested, however, if
you are up to 10 days late, there generally are no late
fees charged.
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15. How will
I receive my funds if I am approved?
Once you have completed all of the necessary loan documents
and everything has been verified and approved the funds
will be issued to you and to the seller if appropriate,
or in the case of a refinance of your existing vehicle,
the funds will be disbursed directly to the current
lien holder.
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16. Do you offer
payment through automatic checking account deductions?
Yes, if you wish to have your loan payments deducted
directly from your checking account each month you will
simply complete a short form at the time of loan acceptance
and closing.
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17. Do I have
to have insurance prior to getting accepted for an RV
Loan?
RV insurance is necessary at the time of closing on
your loan to show the lien holder. Please contact your
insurance company, or look online for a reputable insurance
broker to help you with your insurance needs.
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