Advancial Federal Credit Union will “muscle up” its powersports financing program in 2017 by including side-by-sides and ATVs in its portfolio, Vice President of Lending John Kurtz told Powersports Finance.
Side-by-sides are a “hot market” right now, Kurtz said, and the overall credit scores seem to be higher than for motorcycle consumers.
“To an extent, I think there are more mature purchasers for this type of vehicle, and a good example are hunters,” he said. “What you find with hunters is a group of people with, typically, higher Fico scores, so you can do the loan at a higher yield and be safer with the risk.”
The Dallas-based credit union works with eight dealers, but plans to quadruple its dealer count by yearend 2017 after the new program rolls out in mid-January, Kurtz said, including the addition of Lufkin, Texas-based Ross Motorsports.
The dealership has a dealer agreement in process with Advancial, said Ryan Williams, finance manager at Ross Motorsports. “In my opinion, one can’t have too many bank and credit union partners; it’s just like another bullet in your gun basically,” Williams told Powersports Finance.