Episode 124 kicks off with a discussion of the record year for RV deliveries in 2016 and the record attendance at early RV shows across the country. When dealers are processing that many new RV sales, there are bound to be situations where uyers have unusual circumstances that may prevent them from being financed by traditional lenders.
Jan Kelly is one of the RV industry’s most revered trainers when it comes to finance and insurance rules and sales. She recently accepted a position at Newcoast Financial. She comes on the show to explain how Newcoast may be a good source for funding for some trickier loans.
What’s a tricky loan? People with higher loan to value on an RV that is being traded in, or perhaps there is a problem in the credit report with a settled real estate issue. Maybe the borrower owns a business, but the bank won’t include pass through income from the company in determining debt to income ratio.
Newcoast is not a sub-prime lender, she explains. Rather the firm helps qualify people with good credit who have unusual circumstances.
The loans may take some extra work and more documentation to get through the approval process. But, Newcoast Financial offers a way to wrap it up. One or two more sales a month could be a nice chunk of change for an RV dealership.
For more information on Newcoast Financial, dealers can email firstname.lastname@example.org.