Earlier this month, Punxsutawney Phil promised us just six more weeks of winter. With the spring season in sight, adventurers are planning their next excursion and specialty dealers are gearing up for their busiest season of the year.
If your lending institution is looking to expand your portfolio, it’s the perfect time to start ensuring you’ll be ready and available to accept new indirect loan leads for specialty vehicles.
Why Act Now?
The Busy Buying Season Is Just Around the Corner
Each year, the specialty vehicle market experiences a spike in demand in the spring and summer months. Customers are likely already shopping for the RVs, boats, motorcycles, or off-road vehicles they want. If you don’t have a lending solution in place by the time the market hits full stride, dealers may bypass you in favor of institutions that are already integrated into the sales process.
Dealers — and Customers — Want a Seamless, Integrated Experience
Customers today expect an efficient, technology-driven process from any organization they buy from. Recreational dealerships have been slightly behind the curve due to the niche market they serve, but they too are getting used to better technology throughout the sales, F&I, and service processes.
Dealers know to expect questions about interest rates, loan terms, incentives, and more from their adventure-seeking customers. In turn, they need lenders who communicate these details clearly and make decisions quickly when they submit loan applications.
Positioning Yourself for Growth in a Competitive Market
The demand for specialty vehicles will spike soon, and with it, the need for specialized financing. Most lenders already have some type of consumer lending program for RV, marine, and powersports purchases. However, many of these programs depend on the consumer to apply directly to the lender for a loan. When you connect with dealers to provide indirect financing, your lending programs are presented to the customer at the point of sale by the finance manager. This gives you an opportunity to convince new and existing customers to choose your institution over your competitors.
Filling a Gap in the Market
Many financial institutions — especially smaller banks and credit unions — don’t currently offer specialty vehicle loans. This creates a gap in the market that you can fill. By adding these offerings, you’re differentiating yourself from competitors who are still focused on traditional loans and positioning yourself as a forward-thinking, all-encompassing lender.
What You Need to Do
So how do you position yourself as the go-to lender for specialty vehicle financing?
- Integrate Into a Lending Portal: To streamline the process and improve dealer relationships, you’ll need to integrate your lending guidelines and documents into a digital portal. This allows dealers to easily access your loan offerings and submit applications directly, giving you a competitive edge.
- Provide Competitive Rates and Flexible Terms: Offering competitive interest rates and flexible loan terms will help you attract more customers and dealers. Be sure to tailor your offerings to the unique needs of specialty vehicle buyers.
- Build Relationships with Dealers: Establishing strong relationships with dealerships is crucial for success. By offering them a fast, seamless lending experience, you’ll become their go-to financing partner, helping you grow your market share in this sector.
Start Now to Get Ahead of the Peak Season!
By setting up your institution to accept and fund specialty vehicle loan applications, you’re in a prime position ahead of the busy buying season. Dealers are looking for lenders who are prepared, flexible, and easy to work with. Don’t let the busier season pass you by without getting on board. Take action now and watch your institution benefit from a new wave of customers and opportunities in the specialty vehicle space.
Speak with AppOne today and integrate your offerings into a lending portal with access to over 8,000 specialty dealers across the U.S. who can help position your institution as a key player in this market.
