Frequently Asked Questions
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Lending with USA Specialty Lending
Restrictions vary per collateral based on age, type, use, and ability to value the asset. Other restrictions based on income, expenses, delinquency, number of comparable credit lines, ability and history to pay on credit, etc. all factor in credit decisions.
All USA Specialty Lending loans require the applicant to set up an auto withdrawn payment.
There is no pre-payment penalty on any USA Specialty Lending Loan.
USA Specialty Lending does not charge additional fees. There may be collateral specific costs for the use of third party services involved to register, title, pay taxes, file US Coast Guard Documentation, perfect the lien, file Lender’s Single Interest insurance and/or utilize escrow. Borrower may be required to pay some, if not all, of these fees.
The approved loan amount is not inclusive of any additional fees. If there are additional costs in way of collateral specific fees, the borrower will need to pay these out of pocket.
For RV and Marine Loans, monies will be funded to the selling dealer/broker once closing guidelines are satisfied. For Aircraft, an escrow agent will be utilized to disburse funds once all parties are satisfied.
All USA Specialty Lending loans are made to individuals (members) only. We will not allow any collateral to be in an operating entity’s name. All loans USA Specialty Lending funds are for recreational purposes only. No commercial use collateral will be approved. Utilizing a Special Purpose Entity is allowed, where the collateral is the only asset in the entity and the entity is not for revenue/profit generating/earning endeavors. Special Purpose Entity requirements list can be found on our Resources page.
No. In order to close/fund the loan, membership to USALLIANCE Financial is required. If the applicant is not already a member, we will provide the appropriate steps to establish membership with the Credit Union (USALLIANCE Financial) before the loan is funded.
Establishing membership requires opening an account with the Credit Union (USALLIANCE Financial).
Aircraft, Marine, and Motorized RV all have differing requirements to close and fund the loan. Please refer to the Resources page to find the appropriate closing, insurance, survey/valuation requirements.
To make an informed underwriting decision, we will require information on both the applicant(s) and collateral being purchased. We have a list of Underwriting Requirements, based on collateral and loan size, posted under the Resources page.
Typically, the shortest term we offer is 60 months. For marine or RV transactions under $40,000, we may consider shorter terms.
Will USA Specialty Lending lend to applicants with prior bankruptcies, short-sales, foreclosures, liens, judgements, collections, or charge-offs?
We will, on a case by case scenario. Given that the applicant’s credit history since any derogatory report has been clean and reestablished with the applicant providing satisfactory explanations as to why the prior derogatory credit occurred. If the applicant is current delinquent, we will likely not consider the application.
Not at this time. Collateral is for recreational use only.
Can an applicant upload verification of income, driver’s license, collateral information, etc. on this site?
Any additional information for your application can be uploaded directly, through this site, by utilizing the Upload/Status link at the top of any page. It will require your Application ID # and the last four digits of your social security number.
USA Specialty Lending is a division of USALLIANCE Financial, a $1 billion plus financial cooperative that is over 100,000 members strong. USAlliance Federal Credit Union is dba USALLIANCE Financial.
Any vessel of five net tons or more (usually 25’ in length or greater) will be required to file U.S. Coast Guard Documentation. For smaller vessels, lien perfection through proof of lienholder on Title or UCC will be required.
We will help walk you through the process once approved. You are required to utilize a current member of the American Vessel Documentation Association to assist in lien perfection.
We like to keep the age of collateral, in model years, plus the term under 30 years. We may make exceptions for older vessels and rate will be priced on exception basis.
Yes, on an exception basis. Rates and terms will reflect this exception.
The vessel must have a head, galley, and berth to qualify. The age and condition of the collateral, represented by the survey, may also dictate the term USA Specialty Lending is willing to approve.
Only U.S. Citizens can obtain a marine loan if the collateral requires U.S Coast Guard Documentation. For non-U.S. Coast Guard Documented vessels, we may accept permanent residents on a case by case scenario.
We will guide you through the process of establishing escrow and filing of a FAA security agreement. Title must also be clean & clear. The upgrade your wings program will differ, please see subsequent FAQ specific to the program.
A perfected first or second lien position will be taken in the aircraft using an abbreviated filed FAA security agreement. For all second lien position loans, the lender in first position must acknowledge and approve the placement of the secondary lien.
We can offer to move you to our traditional refinancing program, which includes the full refinance of your current debt, and offers the ability to advance against your aircraft, for proposed changes. All traditional aircraft loans are subject to current USASPECIALTY Lending program guidelines and required documentation.
The sum of the age of the collateral and the term of the loan must not be greater than 60 years.
Aircraft must be represented in the VREF Guide and classified under FAR part 23. No experimental or light sport aircraft will be accepted at this time.
Funds will be deposited into a USALLIANCE Financial – MyLife Checking account for direct disbursement by the borrower to the repair or upgrade facility as the borrower sees fit.
An origination Fee of $300.00 will be capitalized to provide for: Title Search, Accident Incident Report, FAA Filing Fees, and Convenience.
Motorized RV Lending
Lien perfection for Motorized RVs will occur through proof on title or UCC filing, whatever is appropriate per approval.
We like to keep the age of collateral plus term under 25 years total. We may make exceptions if the collateral and applicants profile qualifies.
The RV must have a head, galley, and berth to qualify. Otherwise, maximum term is 180 months. The age and condition of the collateral may also dictate approved term. Loan amount may also be considered when determining appropriate loan term.
Yes, the loan amount and rate will be determined on an exception basis.
Currently, we only lend for Motorized RVs.
We may accept permanent residents on a case by case scenario.