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.
Unlike consumer financing, commercial financing does not add a trade line or any additional debt to the your personal credit. Too much personal debt can have a negative impact on your credit, making it tougher to find financing for any personal purchases you might want to make in the future. If you have a legitimate business and this purchase will be used for that business, commercial financing is probably the better option. Feel free to contact us to further discuss your best option.
We offer both consumer and commercial financing.
- Consumer financing is attached to your personal credit and is best used for personal purchases. For example, if you’re purchasing a trailer to haul your dirt bikes to the track for a fun track day, consumer financing is probably for you.
- Commercial financing is financing for your business. A simple question to ask yourself to determine whether or not you need commercial financing is, “will I make money by making this purchase?” If the answer is yes, your purchase is probably going to be used for business purposes and commercial financing might be your best option.
We have the resources to finance several types of recreational use and business use units. This includes: travel trailers, boats, motorcycles, non-motorized rv’s, horse/livestock trailers, and cargo/utility trailers.
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.
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.
Rock Solid Funding LLC’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.
Once an application is received, we will review the borrower’s information, pull his and/or her credit report, and then contact you to discuss the approval process and to verify that 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.
Do note that two years prior established installment history and some debt to income requirements may be required to qualify for approval. A co-signer may also be required.
The rate and term for each loan will vary from borrower to borrower, so it is difficult to quote a standard rate. Rates can range anywhere from 5% to 19.95%. The terms, depending on credit history and loan amount, range from 12 months to 180 months.
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 of the payments.