Outdoorsy Financial Services will support the growing community of RV owners with refinancing services, RV purchase loans, and future offerings
AUSTIN, TEXAS (September 27, 2021) – Outdoorsy, the most-trusted global online RV rental and outdoor travel marketplace, today announced the launch of its newest business unit, Outdoorsy Financial Services, a lending arm designed to offer industry-low interest rates on RV loans.
Outdoorsy Financial Services will help support the growing community of RV owners and purchasers by offering a suite of lending services aimed to reduce monthly RV loan payments, thereby keeping more money in the pockets of RV owners while also enabling them to earn extra income by listing their RVs for rent on Outdoorsy.
In a recent survey, Outdoorsy found the majority of new and existing RV owners rarely compare interest rates when shopping for a loan. In fact, 68 percent of RV owners never shop around when getting a loan on their RV purchase, with many RV owners locking into loans with interest rates hovering anywhere from an average 6 percent to upwards of 12 percent.
“Most RV owners never refinance their loans and don’t get to take advantage of the low interest rates available in the market,” said Outdoorsy’s Co-founder and CEO Jeff Cavins. “We believe this refinancing offering, as well as the other services that will be provided by Outdoorsy Financial Services, will be critical new offerings for Outdoorsy customers and general RV owners alike.”
The Outdoorsy Financial Services team will be led by Outdoorsy’s VP of Product Anish Bhatt. Anish joined the Outdoorsy executive team in April 2021 to oversee the full range of services and tools that help owners manage, promote and grow their listings, as well as Outdoorsy’s new insurtech division Roamly.
“The launch of Outdoorsy Financial Services couldn’t come at a better time,” said Bhatt. “We’re about to unlock a massive wave of new buyers who originally walked away from dealerships offering unfavorable loan terms and I’m thrilled to be able to offer industry-low refinancing rates that help make RV ownership more accessible and assist current RV owners in keeping more money in their pockets.”
Outdoorsy Financial Services will start by offering RV loan refinancing services to help owners take advantage of competitive interest rates, with more lending programs to come in the future. Outdoorsy is partnering with Kansas City-based Lead Bank to underwrite the loans and offer industry-low interest rates.
“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. 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,” says Melissa Beltrame, CMO of Lead Bank.
This partnership will allow owners to spend less on their RV loan payments, keep more savings in their pockets, and have more income to invest in their current or future vehicles. RV owners don’t have to be renting their vehicles through the Outdoorsy platform to take advantage of this service.
In Q2 of 2021, RVIA reported the RV industry had set a new record for RV shipments with 151,760 RVs shipped. With the influx of interest in RV ownership and the massive backorder of RVs expected to hit the market in the next 8 to 10 months, Outdoorsy sees a sizable target market for this service.
In addition to refinancing, Outdoorsy Financial Services has plans to team with RV dealerships to provide additional loan financing options for consumers looking to purchase RVs. In looking to the future, Outdoorsy Financial Services plans to take on other financing and banking initiatives 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.
The launch of this new business unit builds on the success of Outdoorsy’s 145% YoY growth so far in 2021, following its best year on record in 2020. In June, Outdoorsy launched Roamly, its RV-focused insuretech division, aimed to transform the world of RV insurance by creating policies that eliminate the commercial use exclusion clause and allow RVs to be ‘rent-ready’.
To apply for a new RV loan or to learn more about what refinancing options are available to you, RV owners can visit www.outdoorsy.com/loans
Outdoorsy is the most trusted on-demand RV rental and outdoor travel marketplace on the planet. Founded in 2015, we have offices worldwide in the U.S., Canada, Australia, France, and the UK. Our mission is to mobilize the 54+ million idle RVs around the world to ensure everyone has the access, choice, and opportunity to safely enjoy outdoor experiences and travel while we empower RV owners to realize life-changing financial benefits. For more information, visit www.outdoorsy.com
About Lead Bank
Lead Bank is a community-minded, independent commercial bank recognized for its innovative approach to community banking and unique banking solutions that allows real people, real businesses, and their communities to thrive. Serving communities with treasury management and lending services, consumer client products, digital consumer banking, and innovative financial technology services, Lead Bank is the first choice for those looking for a future banking partner. Headquartered in Kansas City, Missouri, yet serving clients digitally throughout the United States, Lead Bank is known for being a small business advocate, having outstanding client service, and creating financial pathways for those, who in the past, have been financially unhealthy. 2020 member of the Global Alliance for Banking on Values (GABV), an international network of banking leaders worldwide committed to advancing positive change in the banking sector. For additional information, call (816) 220.8600 or visit http://www.lead.bank/