Tips on Financing a Powersports Vehicle
While financing a powersports vehicle is common practice, many buyers are unfamiliar with the various hoops they’ll need to jump through in order to get the loan they need. If you’re in the market for a powersports vehicle and think financing may be the perfect option for you, be sure to read our article below. In it, you’ll find a number of helpful financing tips to ensure you get the loan you need for your new powersports vehicle.
Your Credit Score
To ensure you get the best loan available for you and your powersports vehicle, be sure to take some time to raise your credit score as high as you can! While there are a number of ways to do this, one of the easiest methods is to simply make regular purchases and payments on a credit card you already have. If you have old debts or reporting errors in your credit history, taking the time to call your bank and have them removed can also increase your score in as little as a month. While working to raise your score, be careful not to open or close any lines of credit as this will show negatively on your reporting history.
Secured or Unsecured?
When applying for financing for your new powersports vehicle you may be offered both secured and unsecured loan options from various lenders. While secured loans are easier to qualify for, and often have better terms and interest rates, they will require your new powersports vehicle to be put up as collateral. If you were to miss a number of loan payments, your model could be repossessed by your lender. Unsecured loans don’t have this stipulation, so the vehicle is yours the moment you take it off the lot. However, these loans can be difficult to qualify for if you have a low credit score.
Looking for more helpful financing tips? Then consider stopping by our location here in Perris, CA, and speaking with one of our helpful staff. They’ll be happy to offer advice or help you apply for financing with us here at Langston Motorsports, as well as give you a tour of our impressive collection of powersports vehicles for sale. We also proudly serve the nearby areas of both Temecula and Orange County, CA, and look forward to seeing you soon at Langston Motorsports!