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There’s nothing like hopping on your powersport ride and going out for a rip on the trails. Being out in the backcountry is the most satisfying way to spend your free time and allows you to enjoy this land’s beauty.

If you’re looking at getting a powersport vehicle or replacing your current one, you might need more stashed away in your bank account. Fortunately for all ATV enthusiasts everywhere,  qualifying for financing can get you out on your ride, even if your credit could be better.

The question becomes: How does one qualify for a powersports loan?

What is a powersports loan?

As the name implies, this is a loan that you would use to purchase a powersports vehicle. That can be an ATV, UTV, SXS, snowmobile, dirt bike, motorcycle, or watercraft. Whatever powersport you’re into, you can get a loan for it.

Does it have to be for a brand-new vehicle?

You can get powersports loans for new and used vehicles. The cost can vary between new and used, and many pre-owned rides are in excellent condition, so consider that when looking at the vehicles that might interest you.

Each has pros and cons; a new vehicle will be at its peak performance and won’t require heavy maintenance immediately or have any hidden damage like a used one might. However, a new ride has a much higher price tag, so a used one might be more within reach. 

Where do I get a powersports loan?

There are several ways to get a loan for a powersports vehicle, and all have pros and cons. Read on as we break it down for you.

Through a manufacturer

Many manufacturers in Canada work with third-party lenders to provide their ATV financing options. If you qualify, they will often have special deals like 0% APR for a certain number of months or longer terms, potentially from 72 to 84 months. 

Through a dealership

A powersports dealership usually has new and pre-owned vehicles on their lot, giving you plenty of choices. Their in-house financing is generally through a bank, credit union, or third-party lender. They will also examine your credit, income, and debt history.

Through a bank or credit union

You can go directly to a bank or credit union to apply for a powersports loan, so you’ll know how much you qualify for before shopping. They often have better rates, but they are very particular about meeting the requirements for approval. The bank will take a good hard look at your debt, credit history, and income before deciding to approve you.

Through an alternate lender

Those with bad credit that wouldn’t get past a bank or dealership can often find solace in an alternate lender. Your income and debt history are considered, but your credit score will weigh less than it can with others.

Eligibility requirements

There are three main requirements for getting a powersports loan: having a stable income, being a Canadian resident, and being the age of majority. If you’ve got all three of those, you’re well on your way to getting the loan for the powersports vehicle you’ve been eyeing.

Ready to ride?

If you’re looking for more info on powersports financing, contact us today at Breeze Financial Solutions! Apply now, and we’ll help get you on your way to the backcountry that much sooner!

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