Typically, financing a golf cart is easy. It helps to have a minimum credit score of 650 to get funding from a bank. However, many golf cart local dealers offer “Buy Here Pay Here” which allows them to finance a golf cart even with a subpar credit scores (or without credit approval required at all).<\/strong><\/p>\n\n\n\n But with either problem, it doesn’t have to be hard to finance a golf cart. In this article, we will talk about how you can finance your used or new golf cart, whether an installment loan or down payment is necessary, and how long you can finance a golf cart.<\/p>\n\n\n\n An installment loan is going to be the best bang for your buck when financing your new ride. Places like Sheffield Financial<\/a> have a finance department that makes the process infinitely easier. Or you can check out the calculator on their site to help you make an estimation on what the loan terms would be.<\/p>\n\n\n\n If you’d like a little riskier and pay higher fees, you can get a financing plan from your regular credit card and pay it off on time. Traditionally, I would get a newer card that has a “minimum spend” on it where I would get a truckload of points just for using the card. Or get one that has no interest at all for a certain amount of months. This will negatively affect your credit score since it is an unsecured debt, but will still get you one of those new electric golf carts you have your eye on.<\/p>\n\n\n\n Other options can be Yard Card<\/a>, Roadrunner Financial<\/a>, and Freedomroad Financial that you can get from new E-Z-Go Dealers. These places are member FDIC and they will tell you the minimum and maximum amount of money you can get with a loan.<\/p>\n\n\n\n As a general rule, you can finance a golf cart anywhere from 24 to 60 months. The amount of months you can finance a golf cart largely depends on your credit worthiness. Simply put, a higher credit score the better.<\/p>\n\n\n\n Other available financing options can include weekly and bi-weekly payments. This obviously depends on your ability to make the payments. For me, it is much better to get from under the “cloud of debt” when investing in a new or preowned golf cart.<\/p>\n\n\n\n Usually, the online application process, regardless of who you use, is free. Meaning worst case, you can apply and just see what happens. No company can force you to take out the loan. So be smart about it and really look at your situation.<\/p>\n\n\n\n This is subjective as it depends on your situation, but anything under 7% interest rate would be considered a good rate. Exceptional financing offers could include an annual percentage rate below 3%.<\/p>\n\n\n\n Please be very careful of higher interest rates above 7% as at that point it is not really worth your credit hit and you will end up losing out on more money long term. Think of it this way, it is cheaper to borrow money under 7% since your normal investments are getting at LEAST a 7% to 9% return in the stock market year over year. That is also assuming you have a lot invested in safe assets like index funds.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n This will make it easier to get the golf cart and to keep you from having buyer’s remorse.<\/p>\n\n\n\n![\"golf](\"https:\/\/golfcartgo.com\/wp-content\/uploads\/2018\/05\/golf-cart-financing-300x229.jpg\")
<\/figure><\/div>\n\n\n\nWhat kind of loan do you get for a golf cart?<\/h2>\n\n\n\n
How many months can you finance a golf cart?<\/h2>\n\n\n\n
What is the best golf cart loan term?<\/h2>\n\n\n\n
Financial institutions and Banks<\/h2>\n\n\n\n
Credit Cards<\/h2>\n\n\n\n
Golf Cart Dealerships and OEM Financing<\/h2>\n\n\n\n