Navigating the Boat Loans Process
Finance Solution eliminates the trade-off of securing financing that is advantageous for the customer while dealerships move more units.
You’ve picked it out. Maybe you knew from the moment you saw it that you liked the cut of its jib, but there it is—the perfect boat. Before you can get nautical you have to get financial and this is where Financial Solution can help. Boat loan rates are very competitive and Finance Solution finds you the best rate and terms, and helps you navigate the murky waters.
The moving parts that come with financing a boat purchase can be thought of from two sides. First is the cost and trouble of hiring and maintaining an expert financing team to get your customers’ applications approved. Second is the actual process of securing the best terms for your customers.
Finance Solution is letting dealerships avoid the trade-off between high-cost internal departments and the peak of customer service.
When customers walk into the dealership, potentially ready to make that purchase, a few things might hold your salespeople back from closing a deal. The steepest obstacle is often finding the right financing to fit the customer’s particular needs. We’ve built the relationships with lenders necessary to get loans funded in almost any situation.
When prospective boat buyers are deciding whether they can afford the purchase, one of the biggest factors is the final rate of the loan. One of our trademarks is not only getting more loans approved than the competition (typically 20% more), but also securing the best loan terms available.
Many dealerships imagine that the best option when it comes to financing is to build out an in-house financing department. The problem, of course, is this entails recruiting, turnover, training, and other costs associated with having a staff. Plus, an internal staff doesn’t have the flexibility to scale up or down during busy seasons.
We have a track record of higher rates of application approval than other outsourced financing providers. Translation? More sales.
Step 1 – Fill out an application
If you are already at a dealership we partner with, they will provide you with the right paperwork. If not, you can begin your online application. All we need is the salesperson’s name and a buyers’ order or a purchase agreement number.
Step 2 – Get approval
We will bring your application for credit to a number of banks and negotiate the best rate and terms. The good news is that, when approaching new dealers, the first thing we do is ask for a list of denials they’ve had in the past. We’ve been able to demonstrate that 20% of them could have been approved with our negotiation skills.
Step 3 – Contract
If you accept one of our options, we contact the dealer and begin the contract process. Remember that the financing process can be as quick or as slow as you need it to be; we work on your timeline, not ours. We can get you an approval in a few hours if you need it.
When you apply for a boat loan, you want it to cover the vehicle you’ve chosen. When you purchase a boat from a dealership, you can see and touch it. If you purchase a boat online, in a place like Craigslist or Facebook Marketplace, you cannot see or touch your new vehicle. So how do you know if your new boat is real? You don’t. Transactions between individuals on Facebook Marketplace and Craigslist carry a high risk of fraud. That’s why we don’t secure loans for online boat transactions between individuals. We could face consequences for financing boat sales that turn out to be fraudulent, and most lenders avoid these transactions for the same reasons. If you go through a dealership when you buy your boat, you can access a loan more easily than if you buy online. Why? Because a transaction dealership is more likely to be legitimate.
Dealerships that outsource their F&I through Finance Solution regularly see a 20% bump in approvals and, by extension, units moved off the lot.