An ATV can be a fun piece of equipment to ride. Getting a loan for an ATV can be more difficult than loans for cars or a college education, but there are several different ways to obtain loans. A good credit score can offer more financing options. If loans are difficult to obtain, save up the cash and purchase an affordable ATV. Read on to learn more.
Inquire about dealer financing if the ATV is to be purchased from a dealer. Examine the monthly payment amount, the financing rate and the term of the the loan.
Contact local banks, and inquire about interest rate, monthly payments and loan length.
Search on the Internet for ATV loans. Compare the interest rate, monthly payment and loan length with other loan sources.
Compare all of the loan sources and determine which one is the best loan by comparing interest rates, loan payment length and monthly payment amount. Prioritize the loans in order of preference.
Apply for the chosen loan by filling out the required paperwork. You'll need proof of purchase and/or title information on the ATV, proof of insurance, income verification, credit approval and driver's license information.
Include a large down payment to reduce the size and cost of the loan. If a loan is difficult to obtain, another option is to save up cash to purchase the ATV. Cash may take longer to collect, but there are no monthly payments to deal with.
Ride off and enjoy the ATV.
Tips & Warnings
- Save up more money for a down payment so you don't have to borrow as much money.
- Check to make sure there are no pre-payment penalties for early loan pay off.
- Applying for multiple loans could have a negative affect on your credit score.