ATV Loans and ATV Financing | Finder Canada

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ATV loans: What you need to know

How to get ATV financing for your new off-road vehicle.

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Driving an ATV through a shallow river

Anyone who’s ridden an all-terrain vehicle, or ATV for short, knows that there’s nothing like tearing through trails on a quad. But if you don’t have cash lying around to buy a new ATV, you’re going to need ATV financing.

Compare ATV loans in Canada

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
Loans Canada Car Loans
$500
0% to 29.99%
3-96 months
300
Employed for at least 3 months, min. income of $1,800/month
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
Car Loans Canada
$7,500
3.99% to 29.95%
12-84 months
300
3+ months employed, min. income of $2,000/month
Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Canadian Auto News
Canadian Auto News
$7,500
4.49% to 29.90%
12-84 months
300
3+ months employed, min. income of $2,000/month
Answer a few simple questions to get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Canada Auto Finance
$500
4.90%-29.95%
3-96 months
300
3+ months employed, min. income of $1,500/month
Canada Auto Finance is a broker that connects borrowers with partnered local lenders. Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
Carloans411 Car Loans
$500
1.90% to 19.99%
Up to 72 months
300
Employed for 3+ months, min. income of $1,600/month
Get connected with suitable lenders through CarLoans411. Finance your next car, van or truck with loans available in amounts from $500 to $50,000. Check eligibility for this loan through LoanConnect.
LoanConnect Car Loans
$500
10.00% to 46.96%
6-60 months
550
No min. income requirement
Get access to 25+ lenders through LoanConnect's brokerage. Receive pre-approval in as fast as 60 seconds and get your funds in as little as 24 hours.
Fairstone Secured Personal Loan
$5,000
19.99% to 23.99%
3-10 years
560
Have an established credit history and own your home
Fairstone offers secured personal loans up to $35,000.
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Compare up to 4 providers

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$50,000
3-60 months
No application or origination fees
300
Go to site
More Info
Loans Canada connects borrowers to lenders offering both secured and unsecured personal loans in amounts from $300 to $50,000. Submit one application to get rates from multiple lenders across Canada.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$20,000
6 months - 5 years
None
560
Go to site
More Info
Fairstone offers unsecured personal loans up to $20,000
Mogo Personal Loan
9.90% - 47.42%
$35,000
9 months - 5 years
NSF fee - $20 - $50
540
Go to site
More Info
Mogo offers loans up to $35,000 on flexible terms.
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 10.00%-46.96%
$50,000
3-60 months
No application or origination fees
300
Go to site
More Info
LoanConnect is an online broker that matches borrowers to lenders offering loans in amounts from $500 to $50,000. Get approved for multiple loan offers from different lenders in as little as 60 seconds with any credit score.
Cash Money Installment Loan
46.93%
$10,000
6 months - 5 years
Vary across provinces/territories
560
Go to site
More Info
Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
LendDirect Personal Loan
19.99% - 46.93%
$15,000
No end dates
None
560
Go to site
More Info
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
$10,000
1-5 years
None
300
Go to site
More Info
LendingMate offers loans to Canadians with poor credit with no credit checks. Co-signer required for application.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$35,000
3-10 years
Varies by province
560
Go to site
More Info
Fairstone offers secured personal loans up to $35,000.
Magical Credit Personal Loan
19.99% - 46.80%
$20,000
6 months - 5 years
A single administration fee of $194 for $1,500 loans and up
300
Go to site
More Info
Magical Credit offers unsecured personal loans in amounts up to $20,000.
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Compare up to 4 providers

How much do ATV loans cost?

Since ATVs are often less expensive than other larger vehicles, you typically don’t have to make a down payment. Therefore, the interest charged on your loan is your primary cost. Since everyone’s financial circumstances are unique, there’s no magic number for everyone. Thankfully, once you have basic information about your loan, you can easily calculate the cost before proceeding with the ATV purchase.

ATV loan rates by credit score

The table below shows what type of APRs may be offered by lenders relative to different credit scores. Note that the actual APR you’re offered may differ – this is just a representative example.

Credit typeCredit scorePossible APR
Excellent760 o 9000% to 3%
Very good725 to 7593% to 5%
Good660 to 7245% to 8%
Fair560 to 6598% to 12%
Poor300 to 55912% +

Lower credit can also affect which loan terms you qualify for. Generally, you’ll need to have at least good credit to qualify for longer terms. Other factors like your debt-to-income ratio can also factor into your rate.

I have bad credit. Can I get financing?

Bad credit ATV loans do exist; it’s simply a matter of finding the right lender. Once you find a lender, expect to encounter high interest rates. Lenders do this because people with poor credit are at a higher risk of being unable to pay back their loan. Before applying for an ATV loan, do what you can to improve your credit and financial position. In addition, maintain patience because it can take time to find a lender willing to work with your circumstances.

Keep in mind that there is no minimum credit score for an ATV loan. Each lender has differing standards when it comes to requirements and application processes.

How to qualify for an ATV loan

Eligibility can vary depending on the lender and type of vehicle you’re interested in. However, you typically need to meet the following criteria to qualify for ATV financing:

  • Regular income. Steady, stable income from employment is generally preferred over irregular, seasonal, self-employment income.
  • Age of majority. The minimum age to take out a loan is either 18 or 19 depending on the province or territory you live in.
  • Canadian resident. Most lenders require that you be a resident of Canada with a valid, permanent Canadian address.

How to find a competitive deal

You can find a competitive deal by comparing these four main factors:

  • Eligibility. Write off any options that you don’t meet the basic requirements for.
  • APR. A lower APR means you’ll pay a smaller percentage of the balance in interest and fees.
  • Term length. Find the shortest loan term you can afford to lower the overall cost without struggling to make monthly repayments.
  • Loan amounts. Most in-house financing options cover up to 100% of the value of your vehicle, while outside lenders might have minimum and maximum loan amounts.

How to choose the most favourable loan term

Most in-house ATV loans come with terms from 24 to 72 months. Unsecured personal loans often come with terms from 6 to 60 months.

A longer term can give you lower monthly repayments, but you’ll end up paying more in interest. A shorter term might save you on your total loan cost, but it’ll up your monthly repayments. To get the best of both worlds, use our calculator to find the shortest term length you can afford.

ATV financing calculator

Use this calculator to figure out your monthly payments based on loan term, APR and loan amount.

ATV loan monthly payment calculator

Calculate how much you could expect to pay each month
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
$ %

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare ATV loans now

Based on your loan terms...

You can expect to pay back $ per month

This breaks down to...

$ in principal and $ in interest charged, with a total cost of $ Compare ATV loans now

Tips for comparing ATV loans

  • Make sure you’re eligible first. While many dealers have options for all credit types, there’s a chance your credit score or income type doesn’t fit the bill. Ask about eligibility requirements before anything else so you don’t waste your time.
  • Request quotes. Many manufacturers only advertise the lowest possible rate on their websites, which only the most creditworthy borrowers actually qualify for. Many manufacturers and online lenders allow you to pre-qualify for financing. This gives you an estimate of the rates and loan amounts you are eligible for without impacting your credit or receiving the loan just yet.
  • Compare APRs with the same term lengths. The longer your loan term, the more you pay in interest. An APR of 1.9% might not be as favourable as you thought if it comes with a longer term when compared to a higher APR, shorter term offer.
  • Ask questions. Personal loans aren’t as regulated as other financial products, so you might not be able to find all of the information online. Go directly to the source if you have any questions by calling the customer service line, shooting an email or using your lender’s live chat feature to get answers to anything that’s unclear.

What to watch out for

Want to make sure your lender is legit? Watch out for these red flags when looking for ATV financing:

  • Guarantees. No lender can guarantee that you’ll be approved for a loan. If you come across one that does, there’s a chance it’s a scam.
  • No credit check loans. Often these loans come with even higher rates compared to credit check loans.
  • Upfront payments. Most ATV loans generally don’t come with a down payment. Any lender asking for money before you get your funds could be running a scam, especially if they’re in the form of gift cards or money orders.

What are the types of loans available?

Financing an ATV is possible through a lender or manufacturer. Dealerships usually offer a combination of lender and manufacturer financing with the following options:

  • Secured loans. This is a term loan that uses your vehicle as collateral, which you pay off over one to five years.
  • Unsecured loans. This is a one to five year term loan that doesn’t require collateral. You’ll need stronger credit to qualify compared to a secured loan, but you won’t risk losing your ATV.
  • Manufacturer credit cards. Some manufacturers offer credit cards, often with low promotional APRs for the first six months or longer.

How to finance with a dealer or manufacturer

Getting financing directly from your ATV dealer or manufacturer is a popular lending solution. With this style of financing, you’re required to use your vehicle as collateral.

Manufacturer financing

Some dealers offer financing directly from the manufacturer, which allows them to offer promotions like cash rebates or 1.99% interest for the first 6 to 12 months on credit cards. This is typically a strategy to move old ATV inventory or unpopular models.

Third-party financing through a dealership

Many dealers offer ATV financing through a third-party lender, such as a bank or credit union. These can sometimes be less costly than manufacturer financing, but you might have a difficult time qualifying for a competitive loan if you don’t have excellent credit.

Representative example: Jayden buys a new ATV

Jayden, a resident of Ontario, wants to buy an ATV for summer vacation. After doing some research, he heads to a nearby dealership, where he finds a 2020 Kawasaki Brute Force 300 priced at $4,300.00. Jayden makes a 10% down payment of $430.00 and heads to his local bank to get an auto loan to cover the remaining $3,870.00 + $559.00 HST on the purchase price. Because Jayden has a solid credit history, he is approved for a $4,429.00 ATV loan with competitive terms.

Cost of new ATV$4,300.00
Loan typeAuto loan (term loan)
Loan amount$4,429.00
Interest rate (APR)4.90%
Loan term3 years
Additional fees4.00% origination fee ($177.16)
Payment$132.54 monthly or $61.11 biweekly
Total loan cost$4,771.44 with monthly payments or $4,766.58 with biweekly payments

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

How to finance with an outside lender

Don’t want to risk losing your vehicle? Taking out an unsecured personal loan is another option. You can apply for these online or through your local bank or credit union. Online lenders tend to get you your funds faster and don’t have strict credit requirements like many banks.

1. Personal loans

Some lenders have restrictions on how you can use your funds, though many don’t have any policies about recreational vehicles. Like with dealership financing, you’ll need good or excellent credit and a steady income to get approved for the most competitive rates and higher amounts.

2. Bad credit ATV financing through private lenders

Certain lenders work specifically with borrowers who have bad credit. However, these loans usually come with higher rates to offset some of the riskiness of the loan.

Warning signs to watch out for with ATV financing

Want to make sure your lender is legit? Watch out for these red flags when looking for ATV financing:

  • Guarantees. No lender can guarantee that you’ll get approved for a loan. If you come across one that does, there’s a chance it’s a scam.
  • No credit check loans. Often these loans come with even higher rates than you would get if you have a credit check.
  • Upfront payments. Most ATV loans generally don’t come with a down payment. Any lender asking for money before you get your funds could be running a scam, especially if they’re in the form of gift cards or money orders.

Common ATV types and brands

  • Sports ATV. These quads are designed for fun. They’re faster, lighter and can absorb shock better than their counterparts. They’re typically less expensive too.
  • Utility ATV. If you’re hauling cargo through rough terrain, a utility ATV is what you’re looking for. It can handle a heavier load and is typically more stable than a sports ATV.
  • Side-by-side. Also known as SxS or UTV, these vehicles allow you to ride with another person or carry a heavier load.

Used vs. new ATVs

Before you buy a new ATV, consider whether you want a new or used vehicle. Both come with benefits and drawbacks.

New ATVs

New ATVs can be more expensive, but don’t require as much upkeep in the beginning. They can come with lower APRs when you finance, and you don’t risk having hidden damaged parts that could set you back. However, you could end up having to pay for major repairs on an already-expensive vehicle if it gets totaled.

Used ATVs

Used ATVs are generally much cheaper. Rather than paying thousands of dollars, it’s possible to find used ATVs for around $3,000. While rates might be higher, you’ll still end up paying less – or you might not even need to get a loan to cover the upfront cost.

This means that if you damage your vehicle, it’s less of a big deal. It could also be a good option for first-timers who don’t know how much they’re actually going to take it out. But there’s a chance you’ll need to replace some parts and spend some serious time in the garage.

Top brands to consider

BrandCost for 2021 modelsSeries
Polaris$2,799 – $17,999Outlaw 70 EFI, Sportsman 570 Ultimate Trail LE, Scrambler XP 1000 S
Honda$3,199 – $12,099Fourtrax Foreman Rubicon DCT EPS Deluxe, TRX 90X
Can-Am$10,299Outlander
Yamaha$3,599 – $12,299Kodiak 700, Grizzly EPS, Raptor 90

Bottom line

Between in-house ATV financing and personal ATV loans, you’ve got lots of options to choose from. Dealership financing might be easier, but you have fewer options to explore – and you could find more competitive rates elsewhere.

Get started on your search by checking out our personal loans guide to learn more about how they work and compare lenders.

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