RVDA’s Ingrassia: Reasons to Finance Through an RV Dealer – RVBusiness – Breaking RV Industry News
EDITOR’S NOTE: The following column by Phil Ingrassia, president of the RV Dealers Association (RVDA) that was originally was published in the April issue of RV Executive Today. It is posted here with permission.
As the spring selling season heats up, I often field calls from business or financial media about RV financing issues.
Based on RVDA’s well-publicized advocacy efforts over the years to protect dealers’ ability to arrange financing and provide other F&I products to consumers, one of the most common questions I get is: what are the benefits of financing the purchase through an RV dealer?
I tell them that financing an RV through the dealership offers several advantages compared to securing a loan elsewhere. Here are some of the main points I try to get across:
• Competitive Rates: Most RV dealerships have relationships with multiple lenders, which means they can potentially offer customers a wider range of loan options and potentially lower interest rates than they may find on their own.
• Convenience: By financing through the dealer, customers handle both the purchase and financing in one place, saving the time and hassle of shopping around for lenders and securing preapproval. Dealers can match consumers with the best financing option that fits their credit profile and budgetary needs.
• Streamlined Process: F&I professionals at the dealership are familiar with the ins and outs of RV loans. They can make the application and loan approval process smoother compared to dealing with another lending source that may not specialize in RV financing.
Protecting the Purchase
I also emphasize that an RV extended service agreement is a good investment for consumers’ peace of mind. Knowing breakdowns are covered after manufacturer and component warranties expire can be a big relief, especially when traveling to far or remote areas. Many extended service agreements now include roadside assistance, which can be a lifesaver in case of a travel mishap while on the road.
GAP insurance/waiver offered by the dealer is another way that consumers can
protect their purchase in the event of an accident or other event that could damage a financed RV. GAP insurance/waiver bridges the “gap,” ensuring an RV loan gets paid off or forgiven even if the main insurance policy payout falls short.
The Importance of the F&I Department
This issue of RV Executive Today features several articles on F&I topics that I hope you’ll find of interest. The RV industry is fortunate to have experienced banks, finance companies, insurance companies, and agents who partner with dealers to get RVs financed and protected.
I also want to give a shout out to all the F&I professionals at RV dealerships who significantly contribute to their dealership’s success by getting buyers financed and providing outstanding customer service.
Have a great spring selling season!
