ATV Financing: How Does It Work?

ATV Financing

Did you know that, on average, a brand new ATV costs around $7,000? ATVs are off-roading vehicles that allow you to get outside and explore. While you could rent an ATV, buying an ATV is the best way to go on adventures any time you want. 

If you have decided that you want to purchase an ATV but you don’t have the money, what should you do? Luckily, it is possible to get ATV financing. Keep reading to learn how ATV financing works so that you can get the ATV of your dreams!



How Does ATV Financing Work?

ATV financing should work the same way as any other loan. A financial lender will give you a loan to cover the cost of your new ATV. You will then be responsible for paying back the lender. 

In addition to paying back the money for the principal balance, you also will owe interest. The interest rate will be determined by several different factors, including the lender, your credit score, and the cost of your new ATV.

The loan that you get for your ATV will come with a fixed amount of time that you will need to make payments. This is referred to as the loan term. Typically, the shorter the loan terms, the more money you will save on interest. 

How Much Does an ATV Cost?

A new ATV costs anywhere from $3,000 to $15,000. If you can purchase an ATV outright without financing, you will save money because you won’t have to pay interest.

If you finance an ATV, the following factors will determine your total cost.

  • Price of the ATV
  • Interest rate
  • Loan term
  • Down payment 

When choosing to finance your ATV, be sure to compare the overall costs. You will want to pick the form of financing that costs you the least amount of money.

Keep in mind that you also may face additional costs if your ATV breaks down. A broken-down ATV will result in you buying new Honda ATV parts or other types of parts.

Different Types of ATV Financing 

There are several different ways to finance an ATV, and you should choose the option that works best for you.

Here are some of the most common types of financing for an ATV:

Bank Loan

If you want to get a loan from the bank to finance your ATV, you will need to apply for a personal loan. Because personal loans aren’t considered to be secured loans, you may end up with a higher interest rate. 

Dealership Financing 

Choosing to get financing from the ATV dealership might be your best option. They will be able to use the ATV as collateral to get you a lower interest rate. If you choose to go this route, watch out for scams or deals that could be too good to be true. 

Credit Card

If you don’t like the idea of getting a bank loan or dealership financing, you can always use a credit card. Credit cards typically have high interest rates so it isn’t recommended to put the cost of an ATV on just any credit card.

If you can find a credit card that has zero-interest payments for a certain amount of time, you can take advantage of financing your ATV with no interest. By paying the amount off before interest is applied, you can save money.

Are You Ready To Apply For ATV Financing? 

Buying an ATV is a big purchase that can allow you to have fun and explore the outdoors. If you want to buy an ATV but don’t have the money, financing could be the best option for you. Be sure to choose a loan that fits your needs. 

Did you enjoy reading this post about ATV financing? If so, check out more of our blog posts about vehicles and financing!