Aqua Finance launched a 90-day deferred-payment program in December 2019 to alleviate buyers’ payment stress during the holiday season, Vice President of Recreation Jim Anderson told Powersports Finance.
With the deferred-payment program, consumers who secure boat, RV or powersports loans through Aqua Finance don’t have to make a monthly payment for 90 days. However, interest continues to build on the loans.
“If I have all my Christmas credit card bills, and I need to get those taken care of, do I really want to throw a $300 or $400 payment [on a vehicle loan] in addition to the bills?” Anderson said. “Or can I get caught up on my Christmas bills and then be able to start my payments in February or March or April. That’s what [the program] allows them to do. It isn’t interest-free through that time, but it’s deferring the payment, while interest continues to accrue to that time.”
Aqua Finance, which is based in Wausau, Wisc., has seen originations “pick up” after starting the deferred-payment program and has received positive feedback from dealers and consumers, Anderson added. Aqua Finance has 3,800 dealers in its network.
