Tips for Financing Your Powersport Vehicle
If you’re looking to finance your powersport vehicle but you aren’t sure where you should begin, keep reading to discover helpful advice and financing tips we’ve put together. Then, when you’re ready, you can head over to our location in New Windsor, New York, and grab your dream model off our lot!
Credit Score
Getting a loan for a powersport vehicle isn’t always as easy as financing a house or car. These vehicles aren’t considered necessities so it’s important to have your finances in order before putting in any applications. One of the most important components of getting a good loan is your credit score. We encourage you to try and get your score above 650 before putting in any applications. One of the easiest ways to raise your credit is by paying bills on time or reimbursing old debt.
Budget
Many buyers believe they don’t need to set a budget if they’re having their powersport vehicle financed, but this isn’t the case. Before you start shopping it’s important to set a monthly budget for your future loan payments to avoid going into debt. Simply calculate your monthly income and expenses and subtract them from each other. What you have left can go toward your loan payments.
Down Payment
Even with a loan, you’ll likely still be required to pay a down payment anywhere from 10 to 20 percent of your vehicle’s sticker price. Before you go shopping be sure you’ve got a little money saved up for this payment. An easy way to do this is to set up an automatic funds transfer from your checking to your savings account. Just be sure you’re leaving yourself enough money to pay your usual monthly expenses.
We hope this advice will prove to be helpful as you shop for your perfect powersport vehicle, and search for the best loan available. If you’re located nearby in Newburgh, New York we hope you’ll visit Moroney's Motorsports for all of your powersport or financing needs!