Dealers working with Brown & Brown Dealer Services have exclusive access to a new national indirect lending platform offered by OneSource Financial.
The news was announced Saturday at Brown & Brown’s annual F&I school in Las Vegas.
The New York-based organization has been in business for nearly 25 years and offered RV lending regionally in the Northeast. For the first time, the company’s program will be available across the country.
“OneSource Financial is honored to partner with Brown & Brown to be part of the solution that gets families out camping,” OneSource President Sara Fagan said. “As the economic conditions continue to change, we adapt to what our dealerships are facing.”
The main lending program includes an advance of up to 135% of MSRP, with 240-month loan terms beginning with loans of $25,000. Debt-to-income ratios of up to 55% are accepted and there are no mileage limits, year limits or back-end restrictions.
“Our recent bankruptcy, first-time buyer, competitive advance, term allocation and self-employed programs give our dealers a competitive edge to be profitable and empower families to enjoy their dreams of RVing,” OneSource National Manager of Strategic Relationships Binoy George said.
The first-time buyer program funds loans up to $50,000. Consumers need to show a two-year job history and a minimum of 10% in cash down or trade-in equivalent is required. The program includes no fees for Brown & Brown dealers.
OneSource’s bankruptcy program has a maximum loan-to-value ratio of 125%. Consumers who filed for bankruptcy within the past two years need to have at least 10% cash down or trade-in equivalent. Consumers whose bankruptcy was longer than two years need 5% down.
