If you’ve ever ridden an ATV, you know nothing beats soaring through trails on your quad bike. However, quad bikes come at a price, and it’s not one everyone can afford.
You may be thinking that you may not be able to afford it.
The good news is that there are shops that are now selling quad bikes with financing. Here’s everything you need to know about getting a quad bike loan.
The Cost of Quad Bike Loans
Quad bike loans run anywhere from 0% – 25% APR. The bikes are typically more affordable than bigger vehicles, which means you won’t have to make a down payment. Quadbikes R Us offers quad bikes for sale with finance online, you will want to check them out and inquire about the terms.
Who Can Apply For A Quad Bike Loan?
Eligibility varies and it all depends on the type of quad bike you’re interested in and the lender. Typically, you’ll need to meet the following requirements:
- You must be 18 years or older
- You should earn a regular income that will meet your monthly repayments
- You should be a permanent resident or citizen
The Minimum Credit Score
You can find quad bike finance options for a variety of credit scores, but you’ll usually get a better deal with a credit score over 670.
Comparing Loan Deals
There are four main factors you should compare when looking for a competitive deal. These are:
- APR – the lower the APR, the less percentage of the balance you’ll pay in interest
- Eligibility – make sure you meet an option’s basic requirements
- Loan amounts – in-house financing often covers 100% of the value of the quad bike, whereas outside lenders tend to offer minimum or maximum loan amounts
- Length of the loan – aim for the shorted loan terms possible
Different Types of Quad Bike Finance
You can choose to finance your vehicle through the manufacturer or a lender. Dealerships usually offer a combination of financing and the options include:
- Unsecured loans -these loans usually run for 1 to 5 years and don’t require collateral. You do need stronger credit, though, to qualify, but you won’t risk losing any possessions.
- Secure loans – a type of loan that uses your vehicle as collateral.
- Manufacturer credit cards – there are a few manufacturers that offer credit cards, often with 0% APR for the first few months.
A Few Red Flags to Be Aware Of
You always want to ensure your lender is the real deal. Here are a few red flags to watch out for if you’re looking for quad bike financing:
- No credit check loans – these are loans that come with extremely high rates
- Guarantees – nobody should guarantee that you’ll be approved for a loan.
- Upfront payments – most quad bike loans don’t require a down payment. If a lender asks for an upfront payment, it could well be a scam.
Get Quad Bike Financing Today
Between personal loans and in-house financing, there are plenty of options to choose from when you want to buy a new or used quad bike. Online dealership financing is often the easiest option, just be sure to take note of the above points when shopping around for your loan.