Our rates range from 6.24% to 19.95% based on a variety of factors including the amount you are financing, the age and type of RV or boat you are financing, your location, and your credit history. All rates offered are fixed APRs.
We offer terms from 60 months (5 years) up to 240 months (20 years) depending on the amount you are financing, the age of the RV or boat, and your credit history. We offer the longest term possible, as there are no prepayment penalties with any of our loans. This allows you to pay off your loan as quickly as you like while always having the option of the lowest payment. When you are approved, if you prefer a shorter term please ask your loan officer and they will work that out for you.
Do you offer Refinancing?
Yes, we do offer refinancing for those living in Delaware, Indiana, Kentucky, Maryland, Michigan, Ohio, Virginia and West Virginia:
-Minimum Amount Refinanced: $10,000
-Minimum Credit Score: 670
We will be rolling out a new refinance program for all other states soon! If you want to be the first to know when that program launches, please email Hello@MyFyUSA.com!
Is your website secure? Do you sell my information to other companies?
Yes, our website is certified secure by DigiCert. To protect the integrity of your information all communication between you, us, and our partners is encrypted using the latest standards for financial transactions.
Can I get pre-approved?
Yes, we do pre-approvals, however we need an example of what you are looking at so it can be reviewed by our lenders. Once approved, you can switch units and your loan officer will let you know how to make that happen.
Do I have to purchase from a dealer?
We are able to work with dealers and private party purchases. This gives you the freedom to find the best deal possible for the RV or boat that fits your criteria.
Can I buy out of state?
Yes, you can purchase from anyone in the United States as long as we are able to verify current ownership of the seller.
What are the minimum application requirements?
1. Minimum credit score of 550. 2. Consistent source of income. 3. $10,000 minimum loan amount. 4. No commercial uses or Full time use
Here are a few things that may disqualify an applicant: 1. Unverifiable or temporary income. 2. No programs available in Hawaii. 3. Multiple bankruptcies or currently open bankruptcy. 4. Large, outstanding collections. 5. Inability to afford monthly payment. (Typically Debt to Income (DTI) Ratio needs to be under 40% to 50%) 6. Accounts in forbearance (student loans, mortgage, auto loans)
Do you offer programs with no down payment?
While most of our lenders require a 10% to 15% down payment, we will consider 100% financing on a case by case basis.
Can I count my spouses income?
Yes, as long as your spouse is listed with you as a co-applicant on the application.
What happens after submitting the application?
You will receive your decision via email. While we are processing your application, review your confirmation email for any documents you will need to have prepared prior to closing. Once you receive your offer, your loan officer will discuss next steps based on your situation.
How long does it take after you apply?
We usually have a decision to you the same day. From application to closing, your loan could close as fast as the same day but can take longer due to other factors.
How long is my approval valid?
Credit pulls are good for 45-60 days depending upon the lender. We advise you to close at least 10 days before your approval expires to allow time for funding.
How long after I sign documents will I receive my funds?
Funds can be disbursed as fast as the same day. Any issues with your closing documents or missing insurance may cause this process to take longer.
What happens if the seller still has a loan on the unit?
If there is a lien, we will work out the details of the payoff with the seller and their lien holder. We pay off the lien directly to ensure a free and clear title for transfer into your name.
Can I get financed for a unit with a salvage title?
We are unable to finance units whose title lists them as salvage, rebuilt, flood damaged, or any other type of branded title.
What unit types do you finance?
We currently offer financing on the following unit types:
Boats
RVs
ATV
UTV
Cargo/Utility Trailers
Jet Skis/ Personal Watercraft
Motorcycles
Snowmobiles
Lawn Equipment
Open - Flatbed Trailers
Livestock Trailers
Car Haulers
Will this affect my credit?
A soft pull does not affect your credit score. However, to complete your application, a hard inquiry is required by law and can have a small effect on your credit score. For more information on how inquiries affect your credit, we recommend speaking with a professional credit consultant.
What credit bureaus do you use?
Any of the three major credit bureaus may be utilized depending on the lender you are matched with based on your situation.
Can I finance a boat motor only?
Yes! That is referred to as a repower. When you fill out the application, please include the details of the boat you are seeking to repower (year, make, model, model number If possible) and select "repower" as the unit class.
Can I qualify if I don't have a Social Security number?
Currently, all of our participating lenders require applicants to be US citizens or permanent residents with valid social security numbers. At this time ITIN's are not accepted.
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