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Leveraging Different Types of Financing Options

kgleich • September 7, 2020

Leveraging Different Types of Financing Options

Among the many details a customer cares about when buying a new boat or RV, getting the best possible rate for their financing is typically at the top of the list. For dealers, one of the main goals is getting a customer approved, regardless of their credit situation. Finance Solution covers both sides of that coin through proven experience and long-standing relationships with multiple lenders.

The Power of Multiple Lenders

If you’ve been reading this blog for a while, you’ll know many of the problems that in-house financing departments can face. Sure, it sounds nice to keep everything in-house, but this structure has a few inherent limitations.

“Flexibility and Customer Service” – The idea that an internal F&I department is inherently more flexible seems self-evident—the idea that you can just walk down the hall to ask a finance manager the status of a loan. But true flexibility means having a team at your disposal with the expertise to establish relationships with multiple lenders and nimbly negotiate the best rates for your customer.
“Controlling the Purse Strings” – This is an illusion as well. Sure, your internal department could technically approve any loan that walks through the door, but they would be unable to ensure that those loans would actually make money for the dealership. In fact, most if not all loans in that situation would probably be to the dealership’s disadvantage. Finance Solution, on the other hand, is able to close more loans than other outsourced providers (or individual lenders) while making financing a profitable part of your business.

New Boat Financing Options

Financing a boat is different than financing any other vehicle. They also have different insurance requirements, not to mention a stand-alone warranty market.

Navigating the process can be complicated. Many dealerships opt to recruit, hire, train, and retain an internal finance and insurance expert who specializes in boats. It doesn’t take a genius to realize that this can be an incredibly expensive exercise.

An outsourced F&I provider like Finance Solution takes all of that off of your plate. We don’t know your team, but we can guess what you’re good at: selling boats. Why focus on anything else?

Ongoing training and development take precious time away from other important areas of the dealership. At Finance Solution, F&I is all we do, so we’re up to date on all of the latest financing products that your customers can take advantage of. The end result: more approvals.

RV Financing Options

Recreational vehicles have been growing in popularity for years as people seek to get out of their urban and suburban habitats and see the countryside.

Since the beginning of the COVID-19 pandemic, this desire has only been magnified. Traveling the traditional way by staying in hotels and eating in restaurants isn’t safe right now. However, RVs present a tantalizing alternative.

That being said, the pandemic has also brought with it a new, more restrictive lending environment. Lenders are nervous about approving loans in this uncertain environment and there are several new restrictions on lending.

This is where an experienced firm like Finance Solution shines. Our track record of securing approvals speaks for itself, but that’s not all—it’s how we do it that really matters. By qualifying applicants and working with lenders we know, we’re able to secure approvals even in today’s challenging environment.

Only by working with a provider that can leverage multiple different lenders can a dealership hope to thrive in this current environment.

Secure More Approvals

Don’t Forget About Insurance

Though there may be increased demand for recreational vehicles in the current environment, it would be foolish to think of any business as “safe.” Part of that realization means having an ironclad service offering that guarantees customers have access to everything they need without anything falling through the cracks.

In that vein, our experience extends to insurance —critical on both the consumer and dealership side of the transaction. When both parties can be confident that all liability has been transferred from dealer to new owner, when all the t’s are crossed and i’s dotted on the loan, and when all appropriate warranties have been purchased and applied, there is nothing holding the new owner back from starting their adventure.

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