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RV LOAN FAQs

We have listed our most frequently asked questions with answers below. If you have further questions that are not stated here, please feel free to call toll-free at 1-866-685-3223 to speak with one of our loan representatives.

  1. Can I apply for credit online?
  2. What if I do not wish to apply without knowing what my rate will be?
  3. Is my RV loan going to be tax deductible?
  4. What are the lenders current interest rates?
  5. Am I required to have a down payment?
  6. What lending terms are available for the RV I wish to purchase?
  7. Do you have a stipulation on the loan amounts available to borrow?
  8. Do you charge a pre-payment penalty if I decide to pay the loan off early?
  9. How long does it take to get a response from the RV lender?
  10. Do I have to have the RV of choice chosen prior to receiving a loan?
  11. What types of RV’s do you finance?
  12. Are there loan processing or originating costs associated with an RV loan?
  13. Do you also grant loans for refinancing my existing RV.
  14. What if I am late on a payment?
  15. How will I receive my funds if I am approved?
  16. Do you offer payment through automatic checking account deductions?
  17. Do I have to have insurance prior to getting accepted for an RV Loan?

PLEASURE CRAFT LENDING

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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