ATV Loans for Bad Credit Applicants

August 10th, 2010 admin Posted in Personal Financing No Comments »

All Terrain Vehicle Loans With Bad Credit RatingIf you have extremely poor credit, and you want to get a new loan for an ATV, then you are not alone this time of year (summer 2010). Millions of Americans are eyeing up brand new, and used, All Terrain Vehicles in their local dealership windows, and at the same time, they have poor credit ratings. Having really bad credit in 2010 is not surprise, since we are still in the midst of the Great Recession. You can do something about it though.

Get an ATV Loan Using Your Car or Truck for Collateral

You can break down and give the bank or ATV, Snow Machine, or Motorcycle dealership your vehicle as collateral. This is usually enough security for loan approval, as long as you have some outright equity in the vehicle (and hopefully the vehicle is not a big piece of junk waiting for the wrecking yard tommorrow. I know – it’s like eating crow in a way to have to use a car title loan to buy an ATV. It’s not like anybody has to know your are using your truck or tractor as collateral – it’s between you and the dealership.

One thing that can be quite annoying is that many city people think an ATV is just a play thing, when in fact, an ATV is a hard cold necessity on the farm. ATV’s are used for riding fences, herding cattle, finding stray animals, and even rescuing someone who is lost out in the field.

Getting Approved for an ATV Loan Using a Cosigner

You can always find a cosigner to help you get approved for you ATV loan. This is really hard to do for a grown adult well over the age of 30 years old. There is the pride factor that comes into play and the prospective borrower doesn’t want anyone to know they are having money trouble, and need help with a loan cosigner. You have to get over your silly pride if you want finally get the funds you need, and the ATV you need (or just desire, because let’s face it – they’re a whole bunch of fun too!)

ATV Loan for Over $5000 Dollars

Now if you are planning to borrow money to buy an ATV from a bank, this is a good choice. The interest rate you get from the bank is lower than the interest rate you are paying with the dealership. The ATV merchants know you are “hot and heavy” to buy a brand new ATV, and they are hot and heavy to move their floor models out of the store and on to the fields so they have more room for the next year’s inventory.

If you want a brand new ATV with all the bells and whistles, you likely won’t be able to take delivery on it for a month.

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