We try to anticipate questions you might have about our PRODUCT / SERVICE and provide the answers here. If you need additional information send email to melody@financemytrailer.com
1. Is there any recourse to the Dealer with our Lenders?
No, all of our Lenders are non-recourse. Once you are paid by the Lender they will not request repayment even if the customer does not pay, any or all of the payments.
2. What are Rock Solid’s interest rates and terms?
The rate and term for each loan will vary from borrower to borrower, it is difficult to quote a standard rate. Rates can range anywhere from 7% to 19.95%. The term, depending on credit history and loan amount, range from 12 months to 180 months.
3. How do we apply for a loan thru Rock Solid?
Dealer or Borrowers can apply with Rock Solid Funding one of three ways:
Apply over the phone: (800) 607-1108
Fax application to: (800) 471-4842
Apply online: www.financemytrailer.com
4. How does the approval process work?
Once an application is received, we will review the Borrowers information, pull his and/or her credit report and then contact you to discuss the approval process and to verify all information is correct.
Good credit Borrowers can expect a pre-approval within 30 minutes, while sub-prime customers may take considerably longer, depending on the stipulations required.
5. How does the contract generation process work?
Rock Solid Funding’s knowledgeable staff handles the hard part. We will communicate with the customer directly to discuss approval information, including down payment, interest rate, term, and monthly payment, we handle the entire closing process of the loan. We prepare the required documents to finalize the loan and can either fax or email for signing. In some cases, we can deliver documents to the customer directly.
6. How does the funding process work?
Most of our Lenders fund from original copies of the contracts. After your documents are signed, you will need to keep a copy, send the customer home with a copy and send the originals to our office. Your loan will be funded within 24-48 hours from the time the original paperwork is received in our office. The funding process cannot begin until the original, signed documents are received by RSF.
7. What requirements are there for the Dealer with regard to titling of the trailer?
The title work is prepared exactly like a cash sale. The only difference is the MSO or title has the lien holder (Bank) listed at the bottom and the title application (where applicable) also has the lien holder recorded on it. All lenders require photocopies of these documents for funding.
If the customer lives out of state from the Dealer then Rock Solid Funding will collect all tax, title and license fees that are associated with registering and titling the unit. In this case the Dealer will send MSO or Title directly to Rock Solid for us to complete.
8. What types of Collateral do you finance?
We have the resources to finance several types of recreational use and business use units. This includes; RV’s, motor homes, travel trailers, boats, motorcycles, horse/livestock trailers, and cargo/utility trailers.
9. Is there a charge to the Dealer for loan processing?
No fees are ever charged directly to the Dealer. If there is a fee associated with the loan, it is always paid by the Borrower and is fully disclosed at closing and in writing.
10. What is the finance reserve and how do we split it?
Finance Reserve is the money that the lender pays the Dealership for originating a loan with the lending institution. It ranges from 1% to 5% of the amount financed, depending on the lender, it is paid in addition to the loan proceeds. We will invoice the Dealer asking them to pay us our portion of this money for our services, after the loan is funded, as noted in the Dealer agreement.
