Are you looking to get golf cart financing instead of paying for your golf cart outright? There are a few different ways you can finance your new ride. You’ll want to know your options since some can leave a bad taste in your mouth. And if you’re not careful, you could end up paying way more than the golf cart is worth with finance charges.
Here are a few different ways you can get golf cart financing to make your ride a sweet one.
Financial institutions and Banks
- Secured loan– Your banks and credit unions will provide a loan where your golf cart is used as collateral for the loan. Many lending institutions claim they will loan on as low as $1,000 and for as low at 4.5%.
You’ll want at least a 660 credit score for this. Make sure to check out our used golf cart checklist if you’re going the used golf cart route.
- Unsecured loan- If you don’t want to use your golf cart as collateral, then you’re essentially looking for a personal loan or unsecured, which can have a higher interest rate: as much as 13%
If you already have a credit card with a high enough balance, then you can just use the credit card to pay for your new ride. You’ll want to make sure you can handle the new monthly payment with the interest rate that your credit card has. This will make it easier to get the golf cart and to keep you from having buyer’s remorse.
Golf Cart Dealerships and OEM Financing
All the major golf cart manufacturers and dealerships will offer financing. Just do a little shopping around to find the best interest rate for your credit score. You also want to look at their service department and location to make sure you’d be happy using them if you need repairs done on your golf cart. Also make sure to get familiar with golf cart maintenance and troubleshooting checklist.
Also look for year end interest rate specials when they’re trying to move a lot of older models to make room for the newer ones.
Check the fine print on these contracts. There are usually up front fees that they charge for the financing so make sure you loo at the APR to see that actual interest rate you’ll end up paying over the life of the loan.
Bad Credit Loans
If your credit is less than stellar and you’re looking to secure financing, you can go with the buy here, pay here places or with the creditors who specialize in the bad credit sector. Just know that you’ll likely pay a higher interest rate because of it. No worries though. Just focus on paying down the loan as quickly as you can.
If they can’t help you either, then you’ll want to focus on building up your credit score. Work on paying things consistently if you can pay down your debt. And check your credit reports to see if there are any items that are wrong. Many financial institutions get things wrong on your report and just by challenging certain items, you can get them removed.
Loan Repayment Insurance and Protection Plans
Once you get financing, you’ll want to look at the option of loan repayment insurance. For a small fee you can have confidence if something happens with your job that they can cover your payments full or partially until you’re able to get back on track with it.
To close this out, just focus on finding the financing that is right for your needs and keep track of the fine print when comparing your options for financing a golf cart.