Some of you may be thinking about getting a new ATV. This can be quite tricky, especially if you have a bad credit score. A bad credit score means you’ll have a hard time securing a loan to make a big purchase. It’s important to remember that all hope isn’t lost even if you have a bad credit score. Indeed, there are ways to finance your ATV purchase even with bad credit. If you want to learn more about how you can do this, here are a few financing options that you’ll want to consider if you want to buy a new ATV.
Get a Qualified Person to Co-Sign Your Loan
Another way to mitigate the effects of bad credit is to get a co-signer to vouch for you. If you have a bad credit rating, having someone else with a good credit rating co-sign your loan may convince a lender that they can trust you to pay them back. Now, don’t be surprised if people are not as willing to help as they’ll effectively be taking on a lot of risks if they choose to co-sign your loan.
Consider a Trade-In
When it comes to financing for your ATV, a little creativity goes a long way. And while it’s not exactly a financing option on its own, trading in your current ATV for a new one can improve your chances of getting financing. By taking some of the principal costs off the top, your loan amount will be lower and more likely to be approved. Additionally, trading in an ATV that you still owe money on will eliminate that payment, freeing you up for your new commitment.
Utilize Personal Loans
A personal loan is a type of loan for personal use. Personal loans can be used for a variety of purposes, including paying off debt, making renovations to your home, planning your dream wedding, or buying a new ATV. Personal loans can be offered by banks, credit unions, or online lenders. The money you borrow is typically repaid over time with a small fee. Different types of personal loans may be offered by different types of lenders.
Inquire for Layaway Options
Some dealers offer layaway in place of a true financing option. Layaway is perfect for patient buyers who can’t afford to pay for their ATV all at once. Layaways entail that you won’t take your ATV home until it’s fully paid for. The upside to this is the payments will be interest-free and you can make payments as frequently or infrequently as you choose. This option is best if you’ve exhausted all of your options and yet still fail when it comes to securing a loan.
We hope this article proves to be useful when it comes to helping you secure a loan even if you have a bad credit score. As you can see, there are a slew of different ways to go about doing this. When deciding which option to go with, it would be best to assess how it will affect your short-term and long-term finances.
If you’re looking to get bad credit ATV loans in Canada, it’s best to speak to loan specialists who can give you the best options — that’s where we come in. Get Approved Canada is a team of loan specialists who can help you with your next auto, personal, or mortgage loan. We work with all credit types to get you the lowest interest rates and provide you with the best payment options. Learn more about how we can help you today — apply for a loan now.