Huntington National Bank finances RVs and marine vehicles, but the lender has no plans to expand the program to include motorcycles and off-road vehicles, Managing Director of RV and Marine Finance Tom Wirth told Powersports Finance.
The bank, which works with 2,500 RV and marine dealers in 34 states, will likely expand its RV and marine business into new states before entering the powersports sector. “[Expanding into powersports] is probably not on the short list at this time, but we’re always trying to look for ways to capture more marketshare,” Wirth said.
For one reason, loans for RVs and marine vehicles are viewed by the bank as less risky than loans for motorcycles and off-road vehicles. “The credit quality of RV and marine customers is generally higher based on Fico scores, [and customers typically have] higher average incomes and more credit history,” Wirth added.
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However, the bank sees powersports as a potential opportunity to grow its business, in part because there is overlap between RV and powersports customers. “As our customers change, we may look at that a little bit closer in the future,” he said.
Huntington offers prime RV and boat loans for all types and models.