About lender
National Powersports Financing is a Canadian organization providing lending services. It is a Waterloo-based company that has been operating since 2017. It provides services all across the country, in every province except Quebec. The company offers loans for buying vehicles, refinancing clients’ vehicle loans, and provides services for adjusting contract terms. They specialize in financing specific types of transport like snowmobiles, motorcycles, boats, personal watercraft, and even RVs and travel trailers. From now on, the company provides personal loans and has a bankruptcy/proposal program that tells about the company's growth.
Features
The most significant feature of National Powersport Financing is that It specializes exactly on providing loans for buying specific types of transport like snowmobiles, motorcycles, boats, personal watercraft, and even RVs and travel trailers. Also, they give the customer a chance to choose which machine to buy: the new one or the used one.
Moreover, now they specialize also in bankruptcy and proposal programs and help clients to deal with the paperwork.
Pros and cons
Nevertheless, the cooperation with this company has its pros and cons.
Pros
Quick application. A customer can apply for the loan within 4 minutes;
Different types of applications. A client can submit the application by clicking the “Apply” button on the website or simply by calling the company’s toll-free phone number;
New or used. The client may apply for a loan to purchase a new vehicle or a used one;
The company provides the loans to all customers, even those who have bad credit;
Very high ratio of clients who were approved very quickly. The company has Canada’s highest approval rates, as it states on its Facebook page;
The bankruptcy registration takes only one day;
Developed social networks. The company has a Facebook account where they publish photos and thanks of their clients;
The company can process applications 24 hours / 7 days a week;
The company doesn’t collect any money from the client; all down payments go directly to the dealer or the private seller.
Cons
Poorly crafted website. Some buttons overlap the text, and also the website doesn’t contain enough information;
The company doesn’t work around Quebec;
The company doesn’t have a fixed APR; it depends on various factors.
As we see, the company has some advantages and disadvantages. The attention is focused on the simplicity of the loan approval. The company promises that the customer will receive the necessary amount in 4 days after filling all the forms. Also, they pay attention to the fact that they provide loans to people with bad credit. However, they have some significant disadvantages. For example, the company doesn’t provide any information about possible amounts or APR limits.
Loan conditions
Unfortunately, the company doesn’t provide any information on loan conditions. It would depend on several factors such as debt-to-income ratio, loan-to-value ratio, and credit score. National Powersports Financing declares that its interest rates are only slightly higher than a mainstream bank.
To apply, at first, the client must complete the application and get a pre-approval. Secondly, the client needs to provide proof of income (a recent pay stub), and after that, they will be able to buy the vehicle. Finally, after choosing the most suitable machine, the customer will have to send the company a copy of the “Bill of Sale” from the Dealer or a copy of the “Ownership” if it is a private sale. More importantly, the conditions are the same for self-employed people too. Also, each client has an interest rate based on their credit history. Therefore, the total amount given by the company depends on it.
Methods of loan funding
After dealing with paperwork, the company transfers money to the client’s bank account. According to the information from the website, if the company, it doesn’t take more than four days.
