Standard auto loans are a dime a dozen, but you might have to do some digging to get a powersport loan.
ATV loans through the manufacturer
If you purchase a powersports vehicle directly from the manufacturer, you might be able to secure a loan from them, too. Keep an eye out for sales events — you might find ultra-low APRs or cash rebates on specific makes and models, including:
You might need to have good credit to get a manufacturer loan, but you may be able to check your eligibility by prequalifying.
Online lenders
There’s a lot to like about online loans. They can be a convenient way to secure financing, even if you have a rocky credit history. But because online lenders are typically easier to qualify for, their interest rates may be higher.
There are two ways to get ATV financing with an online lender. The first is to get a loan specific to ATVs, UTVs and other powersports vehicles. The second is to take out a personal loan. Personal loans provide a lump sum of funds that you can use for almost anything, powersports included.
Banks that provide powersports loans
Some brick-and-mortar banks offer powersport loans for ATVs, UTVs and jet skis. Going this route can be great if you prefer an in-person experience. However, banks tend to have strict eligibility requirements, which could be less than ideal if you need a powersport loan but have bad credit.
Credit unions that offer ATV financing
Like banks, you might prefer getting ATV financing from a credit union if you like to do business one on one. You’ll have to become a member to get the loan, but it could be worth it. Credit unions tend to offer some of the lowest rates.
That said, not all credit unions offer ATV financing. Before you jump through hoops to join, you may want to make sure the credit union can provide what you need.
In-house dealership financing for ATVs
Getting an in-house loan from a dealer can be tempting, but this option may come at a price — especially if you’re working with a “buy-here, pay-here” dealer. While in-house financing is easier to qualify for, these loans often carry high APRs.
Rather than in-house financing, some dealers instead partner with banks and other third-party lenders. You’ll probably find this loan less expensive than an in-house loan, so it’s still wise to shop around on your own beforehand. That way, you can tell if the dealer’s loan is competitive.
