What types of collateral do you finance? We have the resources to finance several types of recreational equipment. This includes: travel trailers, boats, motorcycles, rv’s, campers, full-time rv’s, motorhomes, horse/livestock trailers, cargo trailers, and utility trailers. In what circumstances will your customer’s loan application be automatically declined? Lower than a 570 credit score for boat, RV or cargo/utility trailers (excluding live in trailers which have a different credit score requirement) Enrolled in credit counseling Cannot work with any Bankruptcy status other than discharged (cannot be currently in bankruptcy or have a previously dismissed bankruptcy) Cannot finance Tiny Homes of any sort, even RVIA certified units Cannot finance park model trailer homes (live in trailers are welcomed, but must have physical address) Collateral cannot have a rebuilt or salvaged title Cannot finance Class B conversion vans that do not appear on NADA This list is subject to change based on available programs. This list IS NOT a full list of reasons why your customer’s application might be declined. It is just a list of some of the reasons why their application might be automatically declined. Is there a charge to the dealer for loan processing? No fees are ever charged directly to the dealer. If there is a fee associated with the loan, it is always paid by the borrower and is fully disclosed at closing and in writing. Can customers take loans out in their business name? No, all of our loans are personal loans. What requirements are there for the dealer with regard to titling of a trailer? The title work is prepared exactly like a cash sale. The only difference is the MSO or title has the lien holder (bank) listed at the bottom and the title application (where applicable) also has the lien holder recorded on it. All lenders require photocopies of these documents for funding. How does the contract generation process work? Rock Solid Funding’s knowledgeable staff handles the hard part. We will communicate with the customer directly to discuss approval information, including down payment, interest rate, term, and monthly payment. We handle the entire closing process of the loan. We prepare the required documents to finalize the loan and can either fax or email for signing. In some cases, we can deliver documents to the customer directly. How does the approval process work? Once an application is received, we will review the borrower’s information, conduct a soft pull of his and/or her credit report, and then contact you to discuss the approval process and to verify that all information is correct. Good credit borrowers can expect a pre-approval within 30 minutes, while sub-prime customers may take longer, depending on the stipulations required. Do note that two years prior established installment history and some debt to income requirements may be required to qualify for approval. A co-applicant may also be required. How do we apply for a loan through Rock Solid Funding LLC? Dealers can apply with Rock Solid Funding LLC in three different ways: Apply online using your dealer specific link. If you would like us to provide you with your link, please reach out to dealers@rocksolidfunding.com and we’ll email it right away. Fax application to: (800) 471-4842 Login to the dealer portal. If you would like to get set up with an account, please reach out to dealers@rocksolidfunding.com. The portal allows you to check the status of a loan by simply logging in. What are Rock Solid Funding LLC’s interest rates and terms? The rate and term for each loan will vary from borrower to borrower, so it is difficult to quote a standard rate. Rates can range anywhere from 7.99% to 19.95%. The terms, depending on credit history, collateral and loan amount, range from 36 to 240 months. How are funds distributed? Funds are distributed via ACH. What are your hours for processing loans? We are open from 8am-6pm CST, Monday through Friday and from 9am-5pm CST on Saturday. Closed on Sundays.
