Understanding ATV financing
ATV loans are an excellent way to turn your dreams into your reality.
We all know how fun ATVs (all-terrain vehicles) and UTVs (utility terrain vehicles) can be. They are very popular both for recreation and various work settings. The only setback is often the cost of buying one. Fortunately, financing the purchase of an ATV or UTV is very easy these days.
People seek financing for their purchases when they don’t have enough cash to buy their ATV or UTV outright. Let’s examine what financing means and just how it works.
Building Your Credit Score
Financing is an excellent way to build your credit rating to acquire future loans, credit cards, and mortgages. Credit cards, for example, you can get a credit card at 19 years of age; usually, these are with low spending limits. Over the years, you can increase your spending limit by building a credit rating. Your credit rating is established through the lending institutions you have used and how timely and consistent you paid off any loans. If you’ve never borrowed before, you won’t have a credit rating, but that doesn’t have to hold you back; with monthly payments, you can get into a vehicle of your choice so you can hit the trails.
Sounds like a “Catch 22”? Well, it certainly can be. Luckily, we are a reputable financial institution that works with many lenders. Whether you have an excellent credit rating, low credit rating, or none at all, we can help; and even make the process easy and stress-free.
The secret to having a good experience with your financial endeavor is to figure out what monthly payments you can honestly afford. Once you have worked out your budget, we can work with you to create a payment plan allowing you to get into the off-road vehicle you want.
Personal loans usually have fixed rates with regular monthly payments that remain the same amount over the entire duration of the loan.
ATV Financing with Personal Loans
There are even some personal loans that, aside from interest, do not have any other charges or fees. This style of loan helps lower your overall costs. The terms of length, the financing is however long it takes to pay the loan back completely. This is often calibrated in 2 to 6-year increments and depends entirely upon what you can afford for a monthly or bi-weekly payment.
The good news for ATV and UTV purchases is that the interest rate you would be required to pay for financing one of these vehicles is typically lower than credit card rates. Another benefit is that the prerequisites for securing ATV and UTV loans are simple, and the money to purchase your vehicle should be readily available. As well, most personal loans are unsecured, which means you don’t have to own a house or expensive car to provide collateral or security for your loan. Finally, if your loan payments are what the industry calls fixed (common for most personal loans), you will know beforehand exactly when you’ll be finished repaying your loan.
In summary, don’t put off buying that ATV or UTV you’ve been wanting. Check out your ATV financing options and hit the trails!
