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UTV Financing And You

May. 14 2021 Buying Guide By Langston Motorsports

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UTVs are a great machine for any number of uses, from farm and landscaping work to thrill rides through nature. But despite their compact size, these machines are still a pretty big investment, so consider financing to help you stretch your dollar! We here at Langston Motorsports want to help you get the UTV of your dreams, so we’ve put together some tips for financing your UTV purchase. To learn more, or to see the UTVs we have for sale, contact our store in Perris, California, today!

Budget

Your first step in any big purchase is to create a firm budget. Crunch some numbers to see how much money you can spend on a down payment and how much you can afford to pay monthly. Do some browsing online to figure out the ballpark price of the UTVs you’re interested in, then compare that to your budget. You’ll likely need to spend 10-20% of the sticker price as a down payment, and you’ll need to factor in things like interest rates, regular maintenance, fuel, and gear, as well.

What They’ll Need

Lenders will need a bit of info from you to see if you qualify for the loans they offer. Some of that information includes:

  • Credit score and history.
  • Debt-to-income ratio.
  • Size of your down payment.
  • Age and quality of the vehicle you’re looking at.
  • Price and value of the vehicle.
  • Any applicable trade-in information.

You’ll want to have all of this information prepared before your meeting to keep things smooth.

Credit Score

Like we mentioned, credit score is going to play a big role in whether or not you get that loan. While you calculate the budget, do your research, and gather your information, do what you can to boost your credit score to give you a better chance at obtaining the loan. Buying small items and paying the bill promptly can help, as can trying to get rid of old debts. 

Even if your credit score isn’t where you want it, don’t worry. There are plenty of lenders who can work with that, and different types of loans are easier to obtain on low credit scores.

The Right Lender

There are loads of options for lenders out there. Banks and credit unions are easy places to start, but some dealerships also do financing of their own. Our staff at Langston Motorsports can also help you in that department, whether you’ve got a deal in mind or just have some questions about the process.

Ready to get started? Contact us at Langston Motorsports to learn more, or to see our UTV inventory. We proudly serve the people of Temecula and Orange County, California—let us serve you today!