A crucial step in the trailer-buying process is when you consider your financing options for how you will actually fund the purchase. With all the different offers for financing, how do you know you are dealing with a reputable lender or getting a competitive rate? To make our sales process as seamless as possible for our clients, we’ve solidified relationships with financing companies we know offer superior service, great rates, and are firms with integrity. Today’s spotlight series will focus on one of our premier financial services providers, Rock Solid Funding.
Who is Rock Solid Funding?
For more than two decades, Rock Solid financial services has helped individuals secure consumer or commercial trailer and recreational equipment funding. As a financial services provider, Rock Solid shops the market for applicants and leverages its relationships with lenders across the country to find the very best rates and terms. Custom-fit loan or lease packages are masterfully created by Rock Solid loan specialists, especially made for the customers financing needs, credit, and personal financial situation. Rock Solid provides loans and leases for a variety of trailer and recreational equipment including:
- Cargo and Utility Trailers
- Horse and Livestock Trailers
- Travel Trailers
- Non-Motorized Recreational Vehicles
- Motorcycles
- Boats
We utilize Rock Solid Funding because of their commitment to being a firm of integrity, their commitment to their clients, and because of their demonstrated ability to find some of the most competitive rates available on the market.
Choosing the Right Form of Financing
Rock Solid financing comes in two different forms: consumer financing and commercial financing. It’s important to consider all the means with which your new trailer will be used because different forms of financing can impact your rate and ability to secure credit in the future. With consumer financing, the debt is bound to personal credit. This type of financing is used when the trailer or recreational equipment is not to be used in a form that makes money. When the equipment is going to be used in the employment of business operations and is expected to produce some form of return (usually monetary), commercial financing is the appropriate course. It’s important to consider how you’ll use the trailer, as too much personal debt can make it more expensive or even inaccessible when trying to get financed for a future purchase.
How to Get Approved for Financing
Getting approved for financing can seem a little like the spin of the wheel. You’ve found the perfect trailer and want to have it funded so you can haul it off the lot but may be worried about past hiccups on your credit report that might affect your ability to get funded. However, there are some super simple ways that you can improve the chances of getting your financing application approved and scoring a better rate and more competitive term.
- Be cognisant of your credit score & credit report: If you see something that’s not right, you can file a dispute with the credit reporting bureau which can increase your score. You’ll also see the positive and negative impacts that your various forms of credit have on your overall score. Need a lift? There are free tools out there to instantly raise your score like the Experian Credit Boost.
- Maintain low balances: carrying a low balance relative to credit limits shows creditors that you are financially responsible and helps you better manage servicing your existing debt.
- Don’t miss payments: missing a payment can really have a negative impact on your card. If remembering multiple payments each month is difficult, consider activating automatic payments so you never miss one.
- Get on a budget: show lenders you have the stability to manage your income and expenses. By keeping to a budget, you’ll be less likely to splurge on an impulse buy, helping you save money for necessities, pay down debt, and contribute to savings.
- Use a cosigner: when your credit score is not all that great, it may be beneficial to getting a better rate and terms to use a cosigner with good credit.
Simple changes with your personal finances can make a big difference in increasing your chances of getting financing at a good term and rate.
The Wide World of Interest Rates & Terms
The incredible low-interest rate environment we find ourselves in makes now one of the best times in modern history to secure a new loan. With recent cuts, the Federal Reserve has placed interest rates at historic lows. Since rates can vary widely from lender-to-lender, as a financial services provider, Rock Solid plays a crucial role in shopping rates and terms for clients to get the best fit for their given situation. Rates are highly dependent on an individual’s creditworthiness so it can be difficult, if not impossible to describe a standard rate. However, Rock Solid’s rates range anywhere from 5% to 19.95%.
Terms also play a crucial part to the loan as this is the amount of time you’ll be paying that interest rate. Longer terms can seem attractive for their low monthly payments but you will also end up paying more in interest than you would with a shorter-term loan. Rock Solid Funding can help you secure loans with terms as short as 1 year all the way up to 180 months.
The Funding Process
Rock Solid has introduced a streamlined application process in order to provide clients with a fast loan approval. The first step is to sit down with a loan specialist to discuss your options for the trailer or other equipment you would like to purchase. They will discuss your current financial situation and then go over some of the details of the different packages like rates and terms, expected monthly payment, and if a down payment is required. You will fill out an application whereby the application specialist will pull your credit report and may request additional documents. This pre-approval review can sometimes take as little 30 minutes for those with good or excellent credit. Once the final loan documents are generated, you will be invited to execute the document. After completing this and everything is finalized by the loan officer, funding will generally occur in 48 hours or less.
Rock Solid Financing For Consumers With Bad Credit
Never be intimidated to apply for financing when you have bad credit or a short credit history. Rock Solid Funding can work with credit scores as low as 530. Depending on the loan being sought and other factors, lenders may require additional steps for sub-prime applicants in the loan approval process like income verification or requiring that you apply with a cosigner. While rates and terms may be somewhat higher in these circumstances, there are still a wide variety of different loan packages that can still afford attractive rates when your credit happens to be somewhat less-than-perfect. It is never too late to start improving your credit, begin taking steps like those highlighted above to help add back points. Just a few notches of improvement to your credit score can spell better rates and terms when funding is sought.
Where can I see Rock Solid Funding reviews?
At Renown, we only partner with financial service providers like Rock Solid Funding that we know are firms of integrity and are accomplished professionals in their field. But whenever making an important purchase, it is important to have as much information as possible so you can make the best decision for your unique situation. Doing internet research is a great place to start when researching a financial service provider. However in a digital landscape rife with fake reviews, how do you know you are getting an unbiased viewpoint? To give consumers a completely unbiased review of their services, Rock Solid utilizes the third-party review platform, TrustPilot. TrustPilot independently garners reviews from verified customers in order to present a chance for consumers to provide honest feedback in a pressure-free environment. Rock Solid maintains an “Excellent” rating on TrustPilot with hundreds of verified reviews. Another place to see ratings is with the Better Business Bureau. Rock Solid has been accredited by the Better Business Bureau since 2016.
Ready to Begin Your Trailer Financing Adventure?
Our associates are some of the best in the business because they genuinely care about doing a great job everyday. This is just one small way that we honor God with the gifts He’s blessed Renown with. We don’t want to pressure customers just to make a sale and will gladly send you to a competitor if we can’t provide exactly what you need. No gimmicks, just genuine individuals united in our mission to be a company known for our unwavering integrity. When you’re ready to pull the trigger on securing financing for your Renown trailer, our sales associates can help walk you through the whole process. Call 888-287-3954, start a chat, email us, or use our contact form to get started.
You can also contact Rock Solid Funding directly to get your new Renown trailer financed. Their easy online application process can be completed anywhere you have access to the internet.