ATV Financing in Ontario: How to Finance an ATV

ATV financing Ontario

According to the Canadian Off-Highway Vehicle Distributors Council, 2020 saw record monthly increases in ATV sales. ATVs allow drivers to experience off-trail adventures they want, but they do come with a substantial price tag.

If you want to join the ranks of ATV owners, financing the purchase may be the last hurdle you need to get through.

Read on for the options you have for ATV financing in Ontario.

Consumer Vehicle Loan

When people think about buying a vehicle of any kind, this is the kind of loan they usually consider. With a consumer vehicle loan, the money you receive is tied to the purchase of the vehicle. This means that if you default, the ATV is repossessed.

Usually, a loan of this type is secure and comes with better rates because the lender has protection with the collateral.

Keep in mind that even if you are pre-approved for a larger amount of money, the loan will be for the money you need for the purchase of the specific ATV you want.

When you go to a dealership, these kinds of loans will likely be the ones that you are offered. They may even have incentives, like no money down or 0 percent interest rates for a period of time.

Do your research, however, before doing this through a dealership to make sure the rates are competitive with those a bank loan can offer.

Credit Card Loan

Another option for ATV financing in Ontario is to go with a credit card loan. Most people can apply for one of these and dealerships can make it a simple process on the spot.

You need to be certain the interest rates are reasonable since credit card loans can be tricky. They are long-term loans, usually with higher interest rates than other loans, meaning you will end up paying more for the ATV in the long run. Compared with a vehicle loan, a credit card loan have double the interest rates.

Dealerships may also not want to charge the entire purchase on the credit card because this means a fee of three percent for them.

Personal Loan

A personal loan allows you to get financing for whatever you need. It is a loan that is made to you, without being tied to any particular purchase. If you want an option that does not use the ATV as collateral, then this is the right one.

Personal loans can be a bit more complex during the application process. You will need to have a reasonable credit score. The higher the score and the higher your personal assets, the better the interest rates will be.

You can get this kind of loan through a bank, credit union, or an online lender.

Shop Around for the Right ATV Financing in Ontario

When considering the options you have for ATV financing in Ontario, we can help.

Contact us today to get approved for a loan.

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