Outdoorsy launches a home loaner product with Lead Bank

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USA: The online RV rental and outdoor travel marketplace Outdoorsy has partnered with Kansas-based community bank Lead Bank to bring innovative RV loan solutions to the United States.

The partnership between Outdoorsy and Lead Bank marks a deeper advance in offering financial services that support RV, RV, trailer and rural vehicle owners. It starts with the launch of a home rental finance product that helps eligible owners take advantage of competitive interest rates.

Jeff Cavins, Co-Founder and CEO of Outdoorsy said, “Most RV owners never refinance their loans and do not benefit from the low interest rates available in the market. This product helps outdoorsy owners save hundreds of dollars a month. We’re excited to be putting more money in the pockets of RV owners while also enabling them to generate additional income by listing their RVs for rent on Outdoorsy. “

In a recent survey, Outdoorsy found that the majority of new and existing RV owners rarely compare interest rates when buying a loan. In fact, 90 percent of RV owners never shop when they get a loan for their RV purchase, with many RV owners taking out loans with interest rates between six and 12 percent.

Outdoorsy’s proprietary RV ownership and usage data – including the ability to monetize through its marketplace – enables the company to offer unique loan products to RV owners.

Outdoorsy VP of Product, Anish Bhatt, who joined the company’s executive team in April, is leading the product launch and overseeing Outdoorsy’s partnership with Lead Bank.

Bhatt said, “We are ready to unlock a massive wave of new owners who originally left traders with poor credit terms. We heard this complaint from our customers and many of our most successful listeners.

“Many would like to buy a new vehicle and expand their rental business and fleets, but there was no affordable way to finance the cost. With the start of our partnership with Lead Bank, I am excited to offer industry-wide low interest rates that will help make RV and rental dreams come true, ”he added.

In the second quarter of 2021, the RVIA [Recreational Vehicle Industry Association] reported that the RV industry set a new record for deliveries with 151,760 vehicles delivered. With interest in RVs growing and a significant backlog of orders expected to hit the market in the next eight to ten months, Outdoorsy has seen a sizable target market for the service.

The company is working with Kansas City-based Lead Bank to underwrite the loans and offer low interest rates to the industry.

Melissa Beltrame, Lead Bank CMO, said, “Partnering with Outdoorsy to offer our competitive Banking as a Service [BaaS] Ultimately, the RV rental solution for this fintech fintech provides more communities with access to enjoy the great outdoors. Lead Bank continues to envision how traditional community banks can serve new businesses with compliant and innovative credit products, resulting in profit for the bank, profit for the business and profit for the borrower.

“BaaS solutions enable companies like Outdoorsy to offer their unique service on a large scale and we are very excited to be part of that endeavor,” she added.

In addition to financing RV loans, Outdoorsy plans to partner with RV dealers to offer more loan financing options to consumers who want to buy RVs. Looking ahead, the company will be launching new funding and banking initiatives to help RV owners upgrade their vehicles, grow their rental business, and provide financial incentives for the best RV owners who use Outdoorsy to conduct their rentals.

The start of the new partnership builds on Outdoorsys’ growth phase in 2021.

In June, Outdoorsy announced it had bought $ 120 million.

At the same time, the company launched Roamly, its RV-focused Insurtech, which aims to transform the world of RV insurance by creating policies that remove the commercial use exclusion and allow RVs to be “rentable”.

Also in June, Outdoorsy participated in the $ 23 million Series C funding round from luxury glamping startup Collective Retreats, which marks the expansion of its outdoor experience portfolio.

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