RECREATIONAL VEHICLE FINANCING
It’s a great time to be selling RVs! According to the RV Industry Association, wholesale RV shipments in 2017 reached their highest annual level on record at 504,600 units, which was a 17.2% increase over 2016. On top of that, the 2018 forecast is expected to reach 505,900 units, capping nine straight years of growth and resulting in the highest annual total ever for the RV market.
In addition to that great news, marketing to some new target audiences could help boost your sales. Millennials have been reviving the RV market, making up 38% of campers, despite only being 31% of the population. Although now that Wi-Fi, TVs, and other electronics are available in RVs… ‘glampers’ might be a better word choice. Also, Americans within that golden age range of 55-74 will reach 79 million in 2025, according to RV Business. That’s a prime market for potential RV buyers.
To support dealers in this growing market, Medallion Bank offers financing for new and used towable RVs, truck campers and motorhomes listed in the NADA guide. Providing recreational vehicle financing for your customers will help them feel much more comfortable making a purchase.
Recreational boating has also been an increasingly popular extracurricular activity. It’s exciting to see the estimation of the recreational boating market to surpass $230 billion by 2024 across the world, according to Global Market Insights. And even though those are global projections, North America is likely to dominate the boating market for at least the next several years.
That’s why we work with marine dealers to offer loans for boats 15 feet and larger listed in the NADA guide. We also provide financing for outboard engines (repower). Let’s work together to help your customers enjoy the water!
Trailers have so many various uses, it can be hard to determine an effective target audience. But because of the wide range of available options, you can offer trailers to suit any of your customer needs. And just like the RV and Marine industries, sales are looking good in the near future.
Although 2017 wasn’t a dramatic increase, trailer builders still produced about 1% more trailers than the previous year, according to Trailer Bodybuilders. Many trailer builders are benefitting from long-running trailer sales growth, reporting as much as a 16% increase in 2017 over 2016. This is a good indicator that you can expect more customers to be purchasing your trailers in 2018.
In order to support you and your customers, we finance cargo trailers, utility trailers, and horse trailers (personal and recreation use only) listed in the NADA guide or Horse Trailer Blue Book. Our dedication to our dealers has helped us to become the nation’s leading non-prime recreation lender.
ABOUT MEDALLION BANK
Medallion Bank specializes in non-prime consumer recreation loans (though we finance prime credit, too!). Using years of professional lending experience, Medallion works directly with dealerships and financial service providers to offer quality recreational vehicle financing for their customers, including those with past credit challenges. We offer:
Financing for units up to 15 years old
Loans range from $5,000 – $75,000
Fixed rate contracts and no prepayment penalties
Generous advances including back-end product financing