Outdoorsy is moving into RV financing.
The online RV rental marketplace will partner with Lead Bank, based in Kansas City, Missouri, to provide underwriting, refinancing and purchase loans in the RV space.
“Most RV owners never refinance their loans and do not take advantage of the low interest rates available in the market. This product helps Outdoorsy owners save hundreds of dollars a month,” Outdoorsy co-founder and CEO Jeff Cavins said. “We are excited to help put more money in the pockets of RV owners while also enabling them to earn extra income by listing their RVs for rent on Outdoorsy.”
Outdoorsy includes more than 40,000 RV owners in its marketplace. The company said its proprietary data on RV ownership, usage and monetization will enable the company to provide unique credit products traditional RV lenders do not offer.
In addition, Outdoorsy said it plans to work with RV dealerships to provide purchase loan options. “Outdoorsy plans to take on other financing and banking initiatives,” the company stated, “to help RV owners upgrade their vehicles, build out their rental businesses, and offer financial incentives for optimal RV owners operating their rental businesses on Outdoorsy.”
“We are ready to unlock a massive wave of new owners who originally walked away from dealerships offering unfavorable loan terms,” company VP of Product Anish Bhatt said. “We have heard this grievance from our customers and many of our most successful listers. Many want to buy a new vehicle and grow their rental business and their fleets, but there has not been a financially viable way to fund the costs. With the launch of our partnership with Lead Bank, I am thrilled to be able to offer industry-low interest rates that help make RV ownership and rental business dreams a reality.”
Outdoorsy cited its recent survey that found 90 percent of RV owners never shop around when getting a loan on their RV purchase. Many owners surveyed reported interest rates between 6% to 12%.
“Partnering with Outdoorsy and offering our competitive Banking as a Service (BaaS) solution to this RV-lending fintech ultimately gives more communities access to enjoy the great outdoors,” said Melissa Beltrame, chief marketing officer of Lead Bank. “Lead Bank continues to imagine how traditional community banks can serve new companies with compliant and innovative lending products, resulting in a win for the bank, a win for the company, and a win for the borrower. BaaS solutions enable companies like Outdoorsy to be able to offer their unique service at scale, and we are truly excited to be a part of this endeavor.”
More program details are available at outdoorsy.com/loans.