How to Get an ATV Loan

Riding an ATV can be extremely fun. Many people enjoy the challenge that comes with climbing hills in these vehicles or speeding up, especially if they love exploring rougher areas. Whether you’ve gone riding ATVs with your friends for the first time or you’ve just seen them in videos, you may be in love with them and want one of your own.

Unfortunately, an ATV is not exactly the cheapest thing to buy. So, what do you do when you’re dreaming of owning an ATV but cannot afford it? You can consider ATV loans. Here’s what you should know about them.

What Are ATV Loans?

An ATV loan is a type of personal loan for people who cannot afford an ATV and want to get one. They are similar to personal loans but are specific to ATV purchases. You can get them from banks, credit unions, or online lenders.

That being said, if you were looking into how to get a personal loan with no cosigner or with a cosigner to buy an ATV, you can opt for ATV loans. You may be able to find one with very good rates.

How Do ATV Loans Work?

When you think of ATV financing, think about car loan financing. It is the same thing, except you use the money for a different type of vehicle. A car loan will let you buy the passenger automobile you want, while an ATV loan will help you get that nice ATV you’ve been dreaming of for so long.

When you get an ATV loan, you will pay it off over the next few years in monthly installments. Some loans will also have interest, but if you choose the right type of financing, you can get very affordable monthly payments and interest.

It’s important to know that there are different types of ATV financing. You can get personal loans, but also retailer financing and credit cards.

How Much Do ATVs Cost?

ATVs will have different costs depending on several aspects. Once you know the exact price of the ATV, you can calculate how much you will pay in monthly installments.

So, if you want to be prepared when applying for an ATV loan, here’s a general idea of what prices you can expect for ATVs:

ATV Retail Prices

Each ATV model will have a particular price. Bigger models, made of high-quality materials may be pricier, while smaller ATVs made for younger people will have a lower cost.

Here are the retail prices of some ATV models you can find on the market:

• Crew 750 UTV Utility Vehicle 4×4 – $12,499.95
• Monster X 550cc ATV Four-Wheeler 4 x 4 Utility ATV – $4,979.95
• 2022 Polaris Sportsman 570 MSRP – $7,999
• Apollo Sniper 125cc ATV – $1,069.95
• SUZUKI KINGQUAD 400FSI Utility ATV – $7,149

The sum you need will depend on what type of ATV you want and the current retail price. Do your research properly to find an ATV that has a great price-to-quality ratio so that you can make the most of the loan.

Financing Options for ATVs

Maybe you’re still thinking about how to get a personal loan with a cosigner or no cosigner but haven’t decided yet. There are different types of financing for ATVs, which makes it quite difficult to choose.

To help you out, here are the ATV financing types available and their pros and cons:

Retailer Financing

Various retailers offer potential clients special credit cards or loans to be able to purchase an ATV. The manufacturer you’ll buy from will influence your retailer financing options. That being said, there have been some amazing offers in the past. Polaris used to offer a Visa credit card that gave you six months with 0% APR. Yamaha also had the same offer.

But keep in mind that after the end of the six months, the interest rate may explode.

Pros and Cons

What makes retailer financing so convenient is the fact that for a while, you may be able to enjoy 0% APR. It also lets you apply for financing directly at the dealership, making the process easier. And if you want to look around and find the best deal, then you’re in luck – some dealers work with multiple lenders to make this possible.

Sadly, there are a few downsides too. Your ATV will be used as collateral for the finances. Also, certain retailer financing types may keep you away from better deals for ATVs. After a few months, you’ll also have to deal with high interest.

Who Should Use Retailer Financing to Buy an ATV?

Retailer financing is great for individuals who have no problem with using their ATV as collateral for the loan. It’s also useful for those who want to get the ATV as soon as possible because they’ll have no third parties offering the financing. And if you qualify for the dealership’s many promotions through retailer financing, this alternative is also great for you.

Credit Cards

If you’ve already used credit cards in the past, then this financing method may be more convenient for you. At the same time, you should know that this alternative may be pricier. The average APR for credit cards at the moment exceeds 17%.

Pros and Cons

There are credit cards that come with low introductory rates. Not only that, but if you can get a card with no interest on purchases, you may be able to repay your ATV with no interest in as little as 15 months. It’s also easy to find a good credit card and apply for one online.

However, the majority of credit cards will come with high-interest rates if they have 0% APR. With credit cards, you also have to make a minimum payment only, which may extend the duration of the debt.

Who Should Use Credit Cards to Buy an ATV?

People who have a credit card with a low APR or can qualify for a no-APR card should consider this option for their ATV purchase. It also offers more flexibility, and if you want this, credit cards are perfect for you.

Personal Loans

Most people go for loans because they have good interest rates and are quite flexible most of the time. You’ll have to pay a fixed monthly installment for it.

Pros and Cons

Personal loans are unsecured, meaning you won’t lose your vehicle. Also, it’s easy to keep up with the monthly payments. If you have a good credit score, then you can get advantageous rates. Also, finding a good personal loan for ATVs is very easy.

It is not the best option for people with low credit, though, because you may get high interest rates. Some loans also have application or origination fees.

Who Should Use Personal Loans to Buy an ATV?

Personal loans should be considered by people who have a good credit history and who want a fixed schedule for repayments. Also, it’s perfect for those who want to have the money before shopping for their vehicle.

Read More

• Soft Inquiry Personal Loans: What They Are + Your Options
• How to Get a Personal Loan with No Cosigner
• No Prepayment Penalty Loan: The 3 Best Options
• The Ultimate Guide to Loan for Pilot Training
• Online Loans with Monthly Payments
• Personal Loan with a Cosigner

Final Thoughts

If you want an ATV but cannot afford it, you may want to consider an ATV loan. There are many offers available. Make sure to shop around for the best financing option and the best rates, though.

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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