How Rock Solid Funding Helps People Finance Their RVs 75% Faster
More than $15 billion worth of recreational vehicles are sold each year. From trailers to motorhomes, the market for recreational transportation is only increasing. According to Zion Market Research, the RV market is expected to reach $64 billion by 2024.
With millions of people looking to buy RVs, one of the largest barriers to entry is financing that vehicle or piece of equipment. Customers need to notarize a power of attorney so that financial services providers can negotiate loan rates on their behalf with a lender.
Up until recently, that process was done entirely in paper, occurring at either dealerships or asking those looking to finance RVs to visit their local bank or credit union.
Rock Solid Funding Chooses Notarize
For more than 20 years, Rock Solid Funding has led the RV financing space in helping dealers and customers finance their purchases. The average financing took hours to days to complete, with the customer having to notarize a power of attorney form that would allow Rock Solid Funding to negotiate the best loan rates on their behalf with a lender. This process would slow down the financing, and even lead to deals that fell through.
Then, one of their customers used Notarize to notarize that form entirely online, and a light bulb went off.
“We saw that our customers were using Notarize to notarize these forms in less than 15 minutes and we knew immediately we wanted to explore how we could standardize the entire process digitally,” said Eric Swink, Vice President of Operations of Rock Solid Funding. “We’ve done thousands of transactions with Notarize since, and have been able to shorten an hours-long process, and make it minutes. Ultimately, this means we can help customers get into their dream RVs faster.
Adding More Banks to Deliver Better Rates to Customers
As Rock Solid Funding doubles down on its digital strategy, it’s also helping its network of banks reimagine the way they do business. Because Rock Solid Funding is able to turn around financing forms 75% faster, banks are able to do more business with them, only increasing its reach for how it can deliver the best rates to its customers.
“By moving our process online, not only are we delivering a better, faster, experience for customers,” said Swink. “We’re also helping to prevent fraud. The video sessions are recorded, there’s extensive ID verification on the signer, and a lot more efficiencies that make a lender’s life easier. That’s why we want to send as much business through Notarize as we can.”
Are you a RV financing company that collects notarized documents? Get a demo of Notarize here.