Tips on Financing a Powersports Vehicle

By some estimates, up to 70 percent of all powersports vehicle purchases involve some kind of financing. If you’re a part of that 70 percent, you’ll want to do what you can to get the best possible financing terms. Luckily, this guide from the experts at SoCo Powersports LLC has the information you need to prepare for your loan application.

Raise Your Credit Score

A credit score is a metric used by lenders to assess how likely you are to repay your loan. A higher credit score will not only make lenders more likely to give you a loan, it may even qualify you for better terms. Your credit score goes up when you do things like pay your bills on time. If possible, try to raise your credit score to at least 650 before you start applying.

Save Up

In most cases, you’ll be required to make a down payment of about 15-20% of the vehicle’s total value before you’ll be given a loan. Larger down payments often mean better loan terms, so start saving up as early as possible. 

Research Lenders 

Different lenders have different rules concerning who they will loan to and when, as well as which terms are available to which borrowers. If you want to get the best possible loan terms, it’s usually worth it to do some research into different financial institutions to learn more about their policies. We recommend applying to multiple lenders so that you can better compare their terms against each other. 

Get your powersports vehicle financed at SoCo Powersports LLC in Pueblo, Colorado. We also carry new and pre-owned powersports vehicles, along with offering powersports parts, servicing, and trade-ins. We’re proud to serve communities like Colorado Springs and Lamar, Colorado.