Couples with big dreams for a grand wedding but without the financial footing to make the fairy tale fly can get a preferred lending rate to finance the event thanks to a new partnership.
Rhode Island Rentals, based in Warwick, and Coastway Credit Union, based in Cranston, have teamed up to offer those who are planning an event with Rhode Island Rentals a preferred lending rate for home equity and unsecured loans.
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Jim Baldwin, sales manager at Rhode Island Rentals, said he’s been trying to promote the financing idea for the past 10 years.
“From a marketing standpoint, it’s an edge and no one else has really come up with it,” Baldwin said. “And it’s the kind of thing we’re hoping will take the pressure off the transaction end of the event. If we can help the customer find the money, it helps us get paid.”
The partnership between Coastway and Rhode Island Rentals means that anyone planning an event with Rhode Island Rentals can go to Coastway, apply for a loan, and receive a below-average lending rate based on their qualifications, said Kate Lowther, corporate marketing officer at Coastway.
Baldwin said his company provides tents, tables, chairs, linens and tableware for weddings, reunions and other events. But Rhode Island Rentals has a long referral list for florists, limousines, photographers and other services. Baldwin said he constantly directs clients to those services, the cost of which can pile up quickly.
“If you’re sitting with a bride and her parents, you can see them start to reel as the costs stack up in front of them,” Baldwin said. “It’s important to get them real numbers as quickly as we can.”
And if someone planning a party has those numbers and decides the only way it can happen is if they seek financing, Baldwin can now refer them to Coastway for help.
Lowther said people often go to the bank seeking financing for weddings and other large events.
“We absolutely do have people coming in here for event financing,” Lowther said, “because not everyone has their parents helping them with their wedding.” And by being able to offer Rhode Island Rentals customers a preferred rate, a couple financing a wedding might be able to afford more, Lowther said. The bank is marketing the preferred rate to anyone having a large event, she added.
And since Coastway doesn’t dictate how the unsecured loan or equity line can be spent, that means Rhode Island Rentals customers can use the funds to cover expenses, the services the company referred them to and other event-related expenses.
The relationship between the rental company and credit union is unique, says Elaine Barreca, public relations manager for the American Rental Association.
“Certainly, this type of partnership isn’t done on a regular basis,” Barreca said. “It’s not common, and it sounds like a wonderful idea.”
Baldwin said he typically deals with people who want to have their events at a high-end venue, like in Newport or on Block Island.
“At that level, the option of deductibility in terms of an equity loan or line is more attractive to that type of customer,” Baldwin said.
