What’s So Incredible About IncredibleBank?
It’s a good question. Beyond the name – reportedly inspired by a prior CEO’s “uncanny resemblance” to the title character in the 2004 movie The Incredibles – what makes this seemingly ordinary North Woods bank so extraordinary?
If you’re into ultra-luxury RVs, the answer is easy. IncredibleBank is incredibly good at financing them.
The numbers don’t lie. Within the ultra-luxury category – which includes Class A diesel coaches, professional conversions, specialty trailers and, of course, Prevost and other bus conversions – IncredibleBank is the leading lender by a wide margin. The bank’s current portfolio numbers some 600 customers, dwarfing their nearest competitor.
So how do they do it? Todd Nagel, IncredibleBank’s president and CEO, explains:
“There’s no secret. We do motorcoach loans because there’s a demand for them, and because we know and understand the customers. Typically, they are adventurers, travelers, ramblers – hardworking people who really enjoy life and can afford to make the most of it.”
Todd took IncredibleBank into the RV space over a decade ago when a customer wanted to finance a used Prevost he was buying from Dave Wall at The Motorhome Exchange. “We were looking to diversify our lending into the equipment niche, so we started doing some research,” he says. “We went to some industry shows, talked to owners and exhibitors, and found there was a real need at the high end of the RV spectrum.”
By 2016 business was booming, to the point where Todd wound up buying a coach for his own use – business and personal. “We started going to shows and events, like Prevost Prouds rallies,” he says. “The lifestyle was very attractive to me. Prevost owners tend to be very genuine people who are really fun to be around.”
Over time, he learned the nuances of what coach buyers wanted in terms of financing and tailored IncredibleBank’s offerings accordingly. “The key is flexibility,” he points out. “Our loan amounts range from $100,000 up to $3 million, and we offer a wide variety of terms to fit the borrower’s individual needs. A typical new coach loan carries a 20-year fixed rate, but many buyers will close it out in as little as 3 or 4 years.”
He stresses that most Prevost owners are sophisticated business customers who expect – and receive – an exceptional brand of service. “We guarantee turnaround times,” he says. “Once we have everything in hand, we can finish the process within 48 hours.”
The bottom line, he says, is to make the financing process as painless as possible.
“It’s my belief that financing a coach should not be arduous or time-consuming,” he finishes. “Owning a Prevost is all about fun. Buying one should be too.” As incredible as
that sounds, it’s what IncredibleBank does best.
