Ironhorse expands into RV financing

Powersports lender Ironhorse Funding is expanding into recreational vehicle financing and refinancing. Ironhorse Funding earlier this month began offering direct-to-consumer financing and refinancing for motorhomes and towable RVs, in addition to its previous online offerings of ATV, motorcycle, personal watercraft and side-by-side financing, Ironhorse Chief Executive Jon Krumdick told Auto Finance News. Entering RV financing was part of the company’s long-term vision, he said. “Ironhorse Funding's vision is to be the leading provider of full-spectrum financing solutions for enthusiasts and dealers across the powersports segment , including motorcycles, powersports, RVs and marine units,” Krumdick said. [caption id="attachment_58330947" align="aligncenter" width="1024"] © Can Stock Photo / welcomia [/caption] RV financing marks Ironhorse’s second lending expansion of the year . The lender also intends to announce an expansion of its marine offerings in the coming weeks, Krumdick said. Meanwhile, Ironhorse intends to expand its RV programs from 40 to 46 states by the end of the third quarter, Krumdick said. Their RV financing is available for prime and near-prime borrowers. “We anticipate that once our marketing programs are fully deployed, that RV applications will make up about a quarter of our direct-to-consumer applications,” he said. Ironhorse surpassed $200 million in assets under management on April 7, a 53% increase year over year, according to a company release. Operations for RV expansion While Ironhorse expands into the RV market, the company expects no disruption on the direct-lending side , Krumdick said. “Our refinance loan specialists work with all applicants whether they want to refinance a motorcycle, an off-road powersports vehicle or an RV,” he said. “The same team also assists consumers that are interested in getting approved for financing on motorcycles, powersports or RVs and purchasing from the dealer of their choice.” Still, Ironhorse expects some operational differences on the indirect-lending side with the addition of the RV financing programs, Krumdick said. “Today, we work directly with hundreds of motorcycle and powersports dealerships and offer one of the most competitive dealer finance programs available in the market,” he said. “However, at this time, we are not working with individual RV dealerships but are making our financing programs available to finance service companies that work directly with RV dealerships.” Octane Lending and US Bank also expanded into RV financing during the past year, with Octane expanding into RV lending in August 2022 , and US Bank expanding into omnichannel RV financing in April 2023 . Ironhorse will also offer protection products on the RVs it finances, like the protection products the lender offers with powersports, Krumdick said. “We offer GAP coverage, tire and wheel protection, and vehicle service contracts for RVs.” Powersports Finance Summit, a premier event for companies involved in recreational vehicle financing, returns October 25-26 at the Wynn Las Vegas. To learn more about the 2022 event and register, visit <a class="fui-Link ___1idfs5o f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh ftqa4ok f2hkw1w fhgqx19 f1olyrje f1p93eir f1h8hb77 f1x7u7e9 f10aw75t fsle3fq f17ae5zn" title="https://hubs.la/q01c82bx0" href="https://hubs.la/Q01c82BX0" target="_blank" rel="noreferrer noopener" aria-label="Link www.PowersportsFinance.com">www.PowersportsFinance.com .

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