• Boat Loans & Refinancing

• Airplaine & Helecopters

• RV's & Motorhome loans

• Low Monthly Payments

• Low Rates

Frequently Asked Questions:

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.

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.

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.

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.

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.

6. What lending terms are available for the RV I wish to purchase?
For loans greater than $20,000, 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.

7. Do you have a stipulation on the loan amounts available to borrow?
The minimum loan amount is $20,000. There is currently not a cap set for maximum amount.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

18. Does my credit score determine my interest rate to secure a boat loan from a marine lender?
Your Fair Isaac credit score is part of the interest rate determination when a lender reviews your loan for approval. The higher your score of course, the better your interest rate, and the more lending power you have in terms of dollars. If you do not know your credit score, and would like to review it to see what the lender will be looking at when making your loan decision, please visit True Credit prior to applying.

19. Do I need to choose the boat, or get the loan first?
You do not have to have the exact boat lined up for purchase, however, in order to have an idea of how much you will need to borrow you should shop around and get a value on the boat you are interested in purchasing. You can pre-qualify for a boat loan prior to choosing the boat to give you upfront knowledge as to what you can be approved for.

20. How do I start the process of obtaining a boat loan from a marine lender?
You simply complete an online application or print out a copy of the downloadable application using Adobe Acrobat and fax or mail it directly to the lender.

21. Am I required to have marine insurance at the time of my boat purchase?
The boat must be covered for property and liability prior to finalization of the loan stipulating the marine lender as the lien holder. There are many riders available to the insured, such as Hull Coverage, Protection & Indemnity, Watercraft Liability, All Rick, Specified Perils, Navigation Limits, Insured’s Deductible. Also available coverage includes Medical Payments, Personal Effects, Uninsured Boater, and Towing. For complete details on all of these Riders and Options please contact your insurance agent. Be sure to check out all available options and pricing prior to insurance activation.

22. Will the application information I provide be secure and private?
Yes your application will be secure. Pleasure Craft Lending and Boat Loan Locator use the most advanced secure technology available on the market today. Your data will remain confidential, safe and secure at all times. We restrict access to your personal information on a need to know basis to provide you the products and services available in the course of securing your marine loan.

23. What type of personal information will you need to collect from me once approved?
To expedite your marine loan application you will need the following information available to you: two years federal income tax returns and W-2’s, if self employed, your most recent financial statement along with proof of business ownership for 2 years via your corporate federal income tax returns, a copy of the boat purchase agreement, copy of any insurance binder, and anything else unique to your personal situation.

24. How long of a purchase term will I be offered?
The purchase term offered by the marine lender depends on several factors. A) the age and mileage driven on the boat B) the size of the loan C) your credit history. Rates and terms are determined after review of all critical information supplied by you and the seller of the boat. Terms can go up to 20 years on a purchase of $100,000 or greater, and 15 years on a loan amount of $25,000 to $99,999.00.

25. What type of loans do you offer?
Simple interest loans, wherein you are only responsible for interest on the unpaid balance of the loan.

26. Will I be required to have a down payment?
A marine lender generally finances up to 90% of the boat’s selling price, to and including sales tax and extras. Larger down payments may help you a lower interest rate on the balance of your loan.

27. What if I want to refinance my existing marine loan?
Refinancing an existing loan is a great way to reduce your monthly payments on your existing loan and or reduce your current interest rate.

28. Why finance instead of paying cash?
Paying cash liquidates assets whereas financing increases your financial flexibility. Additionally, you may qualify for IRS tax advantages on the interest paid.

29. What is U.S. Coast Guard Boat Documentation?
A system administrated through the U.S. Department of Transportation via the United States Coast Guard wherein boats are registered and mortgaged. In order to qualify for U.S. Coast Guard documentation, a vessel must be owned and operated by a US citizen. The Documentation Office of the US Coast Guard keeps an abstract of title on each documented vessel. This documentation states the vessels financial history and shows the chain of owners from time or original purchase. This Certificate of Documentation serves as a Certificate of Nationality and is also an authorization for the vessels use.

30.Do I have to live inside the U.S. to get a boat loan?
Only loan application from customers that are residence within the U.S. borders can qualify for a boat loan. Our lenders do not do business outside U.S. boundaries.

31. What type of aircraft can I finance or refinance?
We have the ability to locate financing and refinancing for any factory production aircraft built on or before 1970.

32. Can I finance a Helicopter?
Yes, financing of helicopters is a loan option, meeting the same criteria as other aircraft.

33. Does your financing program include experimental aircraft?
Unfortunately, at this time financing for experimental, home-built, antique, kit built, military surplus and ultralight aircraft is not part of our financing availability.

34. Can I obtain a loan for a corporation, LLC, or for lease-back?
Loans made to a corporation, LLC, or for lease-back are acceptable, but they are still made based on the individual’s credit history and will require a personal guarantee.

35. How long will it take to find out if I am approved of an aircraft loan?
Within 24 hours from the time of submission and receipt by the lender your loan will be decisioned.

36. If I am approved, how long will I remain qualified?
Your qualification will remain valid for up to 60 days from the time of approval.

37. Is the purchase of an airplane tax deductible?
There are definitely times when an aircraft purchase is tax deductible; however, we strongly recommend that you contact your tax advisor and or accountant to review your personal tax status situation.

38. Is an appraisal of the aircraft I wish to finance required?
In some cases a loan officer will require an appraisal of the aircraft prior to making a dollar value call on the loan depending on the loan size and aircraft type you wish to purchase. On other occasions it will only be necessary to provide a description of your aircraft including any special equipment, engine and airframe time along with the avionics to the lender for decision.

39. Can the sales tax on an aircraft purchase be financed?
In most cases, it is the responsibility of the purchaser to pay for sales and usage fees.

40. Can I get an aircraft loan to improve or upgrade my existing aircraft?
Yes, we offer aircraft improvement loans for overhauls and upgrades to your existing aircraft.

41. Am I required to have insurance coverage at the time of acceptance of the loan?
You will be required to maintain full ground and flight insurance as well as “Breach of Warranty Insurance” for the amount of the aircraft loan. Your chosen lender will be named as the “loss payee” on the title and will be protected by a “lien holder’s endorsement.”

We hope this answers most of your questions. If you have more, please don't hesitate to call, we would rather talk to you in person and make sure you understand all of the "ins and outs" !!!

Frequently Asked Questions:

RV Loan FAQ's

Boat Loan FAQ's

Aircraft Loan FAQ's