A recreational finance company such as Finance Solution specializes in securing financing for buyers looking to start their adventure right away. We help customers avoid the hassle that is often involved in dealing with lenders, and we help dealers by getting loans closed quickly before customers get frustrated and choose another dealer.
Make Recreational Vehicle Financing Easier
The best recreational vehicle financing offers a customized, personalized service that could theoretically be provided by an in-house team of professionals while mitigating extra costs such as salary and benefits.
An outsourced team offers two substantial benefits: Customers are served faster and more efficiently, and you don’t have to absorb extra costs and can leverage industry expertise. Recreational vehicles, boats, and motorcycles are financed differently from other vehicles, and an outside provider who knows the lending landscape can be an invaluable asset.
Serving Customers Better
The first advantage of a professional, outsourced recreational vehicle financing company is that we are better able to serve a customer’s needs than either an in-house team or if they are forced to work with a lender on their own. The goal here is to find the perfect financing solution for them, and experts in the industry will have a greater ability to close loans for more customers.
It comes down to relationships with lenders built up over the years. If a customer comes in with less-than-perfect credit and might otherwise be turned away when working through traditional routes, the professionals at an experienced recreational vehicle financing company will likely be able to find financing that works.
Making it more complicated than three simple steps is like showing your customers the door and inviting them to try another dealer. Once they pick a vehicle, it should be as simple as:
- Filling out an application
- Getting approved
- Signing a contract
The idea is to make it easy for customers to say “yes” and drive off the lot in their new RV. Making the process this easy for all customers isn’t always a simple task for in-house financing departments. The flexibility that a recreational vehicle finance company offers is the driving force behind more customers being able to afford your product.
Dealership Financing Services
Everything in this space comes down to your profit margins per vehicle sold. If your dealership is eating unnecessary costs, it’s going to be more difficult to turn a profit. Everyone understands that, but the real question is what are those unnecessary costs?
Some things are simply barebones requirements: sales and support staff, marketing, utilities, rent, licenses, and everything else you need to get your products onto the floor. Many dealers take the next step in assuming they can provide better customer service if they include an in-house financing department. Unfortunately, this couldn’t be further from the truth. Not only does this limit your ability to serve more customers, but you will also incur unnecessary additional costs such as salary, benefits, and commissions.
When you offer better service to more customers, it’s not just the buyers who benefit. A quick approval process for all customers is only possible when lending professionals have experience working with all varieties of customers. The bottom line is that you don’t want potential buyers getting frustrated with the process, walking away, and taking their money to another dealer. Shaving that approval process down from weeks to days or even hours means more secured business.
In recreational vehicle financing, customer service and dealer service are two sides of the same coin. If customers are happy with a quick approval and dealers are turning over inventory, that’s a win-win.
Mitigate Potential F&I Issues
With recreational vehicle and boat financing, there are a number of issues that can cost you money if they aren’t dealt with quickly or avoided entirely. These can range from customers rolling off the lot while you still have final legal responsibility for the vehicle to payment delays that are entirely avoidable.
However, if you are working with a team of industry professionals whose only job is to get customers approved correctly and out your door, you can mitigate your risk. Imagine a customer drives away in a brand new RV only to have it totaled in an accident at the first stoplight. That’s a horror scenario to be sure, but if the insurance wasn’t finalized correctly (and this happens more often than you might think), you may actually be liable. Just one of these occurrences per year—or every few years—is enough to cause a major hit to your bottom line. Avoid that by working with professionals.
Florida’s Top Recreational Finance Company
Finance Solution works exclusively with boat and RV dealers and has relationships with lenders that allow us to get loans approved and closed more quickly than other outsourced providers or in-house teams. Whether you are currently working with an outsourced F&I company, have an in-house team, or are just leaving customers to deal with lenders themselves, give us a call.