Financing 101

Lakefield Financial Services has access to major national bank dealer finance programs as well as local lending institutions and, even alternate funding sources and leasing.   We can with several payment options and best of all, fast turnaround.  And we can do it all by fax phone and courier.  We’ll get your deal completed in record time so you can out and enjoy your purchase. On your recreational product purchase, would a walk-in branch bank provide

Ø      Fast, accessible service with quick turnarounds and follow-up

Ø      Highest approval ratings

Ø      Best dealer finance rates from major financial institutions and private lenders

Ø      Quick payment quotes and credit applications by phone, anytime

Ø      Lowest payments, best terms and longest amortization periods available

Ø      Deferral and 0$down financing 

Ø      Open simple chattel loans with no pre-payment penalties

Typically, when you go to your own bank for a loan, you may have to return several times and wait days for an approval, and even then they may not be able to match the term, amortization period or rate available to us from the dealer finance centers.  The dealer finance centers we deal with are geared to handle vehicle and recreational product loans by volume, with credit analysts right there.  We get immediate responses with all the additional information needed to get the deal completed quickly for you.  If you do end up getting a loan from your branch bank, it is likely going to be set up over a shorter term with higher payments secured by your personal assets, and may even be locked in with a prepayment penalty clause.  Even an attractive looking line of credit loan may sound like a good option at a reasonable rate, but consider that you would be putting your home up as collateral against a recreational product purchase.  The low monthly (often interest only) payment requirement in that case may also look attractive at the time, but unless you create a realistic payment schedule you would end up taking the longest period possible (indefinite) to pay out the amount borrowed and have paid an incredible amount in cumulative interest charges over the course of doing so.  Dealer financing provides the most flexibility possible with a scheduled payment plan to ensure the loan principal amount is reduced as quickly as possible.

Going through life, any number of things can happen that may negatively impact an individual’s credit rating.  We are not here to judge misfortune.  And we also believe that in many cases, people who have had the misfortune of having gone through a difficult credit situation shouldn’t be automatically judged a bad credit risk and excluded from a new purchase just on the basis of having a black mark on their credit bureau file.  For those individuals who have made an effort to manage outstanding credit issues and have them resolved while showing sound judgment with current credit obligations, we may still be able to find a way to get the deal done.  At the very least, we may be able to advise you about the steps you can take to proactively manage your credit and credit bureau information in order to regain your good credit rating.  It may take a little time and effort on your part, but once resolved, that recreational purchase can still be a reality.

Glossary of Finance Terms