Can I get a personal loan for a quad bike or an ATV?
Quad bike and ATVs are available for a range of prices, averaging from around $700 to nearly $20,000. Finance is available in a multitude of forms and from a variety of lenders.
Some loans may work better for you than others, so it’s important to shop around and weigh up your options carefully before making a purchase.
A lender will analyse your credit history, score and income information, to estimate as to what risk you pose as a borrower and whether you can afford the repayments, before you can qualify for a quad bike or ATV loan.
Where can I get quad bike finance?
Whether you’re looking for a quad bike for work or leisure, there are financing options out there that will hopefully suit your needs. Different lenders will often have their own eligibility requirements and will offer different types of finance. Loans for quad bikes are usually have the option to be repaid between one and seven years.
Some quad bike and ATV financing options are:
Unsecured personal loans: Unsecured loans aren’t secured with any collateral; usually a valuable asset. In the case of an ATV or quad bike loan, this would likely be the vehicle itself. Because they are unsecured, these types of loans pose more risk to the lender and therefore tend to have a higher interest rate than secured personal loans. An unsecured loan may be particularly useful if you are considering a second-hand quad bike/ATV, as lenders could have less inclination to consider second-hand quad bikes for security.
Secured personal loans: Secured loans are secured by an asset. If you choose to use your quad bike as a security on the loan, it means that if you were to default on your repayments, a lender could claim your bike as payment, to cover the cost of the loan. Usually, however, lenders will give fair warning before doing this. Once your debt is settled, you will own the bike outright.
No deposit quad bike loan: Some lenders offer deposit free quad loans, depending on the cost of the bike and on your circumstances. This means that if you don’t have any cash saved up in order to purchase your quad bike. Beware though, you could end up paying more interest over the life of the loan than you have to. A no deposit quad bike loan can mean higher monthly repayments, and/or a longer repayment period.
Motorcycle dealership finance for quad bikes and ATVs: Many dealerships will have their own financing structures in place for their customers. Some of these might even offer zero per cent finance deals. If this is the case though, you’re likely going to end up paying full retail, and this is likely going to be non-negotiable, which can cost you more than if you had paid a small amount of interest. You know how it is; if it looks too good to be true, it probably is.
Credit card: Putting it on the plastic can often be the most straightforward and convenient method of purchase for many people, and it could allow you to get your bike faster than other financing options. If for example you need your ATV for work purposes, this might be a viable option for you.
You may be able to find a low rate credit card that suits these purposes. But bear in mind that credit cards can be the shovel that digs you into bad debt. Consider whether you can afford the monthly repayments and analyse the fees and interest rates closely.
- Look at your incomes and outgoings and work out what you can afford to repay so you have a good idea of what kind of loan, and loan term, you’re looking for.
- Compare, compare, compare. Make sure to your research in order to find the best deal for your circumstances.
- If you have bad credit, there are ways in which to help improve your credit rating. Having a good credit rating will enable you to access lower rate loans.