Powersports loans: Finance your next ATV, boat, motorbike & more
Compare Canada powersports financing interest rates, terms and eligibility requirements to find the right powersports loan for you.
From motorcycles and dirt bikes to ATVs, snowmobiles and jet skis, powersports vehicles let you explore all sorts of terrain. But these adventure machines often don’t come cheap, so you might need powersports financing to help you get behind the wheel (or handlebars) of your next vehicle.
But where can you get a powersports loan, what rates and terms can you expect and is bad credit powersports financing available? Keep reading to find out.
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Key takeaways
- You can get powersports financing through a loan search platform, at the dealership or from a bank, credit union or alternative lender.
- Canada powersports financing interest rates range from 0% to 29.99%, and while you can get bad credit powersports financing, high interest rates apply.
- You’ll need to compare interest rates, fees, down payment requirements, loan terms and repayment flexibility when choosing a powersports loan.
What are the interest rates of powersports loans?
Powersports financing interest rates in Canada can be as low as 0% and as high as 29.99%. You’ll typically need strong credit to qualify for a 0% financing offer, and you’ll need to check the fine print for details of any limits or fees that may apply.
The interest rate you get will depend on factors like your credit score, debt-to-income ratio, income and employment situation. If you have bad credit, you’ll only qualify for a high interest rate.
How to get powersports financing
There are three options to consider if you’re searching for a powersports loan in Canada.
1. Through a loan search platform
My Auto Approval and other loan search platforms let you compare and choose powersports loan offers from multiple lenders. Each platform works with its own network of lenders, allowing you to fill out a single application and get matched with loan offers from those lending partners.
Loans for good and bad credit are available, while terms and repayment schedules vary depending on the lender you choose. You can typically apply and get approved within 48 hours, and loan amounts of up to $75,000 (approximately ) are available.
2. Through your dealership
Applying for a powersports loan at a dealership is a quick and convenient financing option. Dealerships are partnered with banks, credit unions and alternative lenders to provide a one-stop shop when you want to buy and finance a powersports vehicle.
Dealership financing offers loans for buyers with good or bad credit, and you can take advantage of special promo interest rates and discounts. Zero-interest financing may be available on specific models for a limited period of time, but you’ll need strong credit to qualify for this type of offer.
3. Directly from a bank, credit union or alternative lender
You can also apply for powersports financing from the financial institution of your choice.
Traditional lenders like banks and credit unions offer some of the lowest fixed interest rates around, but their strict eligibility requirements mean you’ll need good to excellent credit to qualify. Credit unions also focus on a specific region, so you may need to be a resident of a specific province and become a credit union member to qualify. Terms of up to seven or 10 years are available, but longer loan repayment periods are available if you’re buying an RV.
Alternative lenders tend to have more lenient eligibility requirements. This means you may be able to qualify for bad credit powersports financing, but your loan will come with a higher interest rate. Online lenders also tend to offer quicker approval and funding than banks and credit unions.
Can you get powersports financing with no credit?
Yes, it’s possible to get powersports financing with no credit, but not from banks and credit unions. If you apply for dealership financing or from a specialist powersports lender, you may be able to qualify for a loan even if you have a limited credit history.
To increase your chance of approval, make sure you have:
- A steady income. Lenders will assess whether you have sufficient income to afford repayments. Being steadily employed for an extended period will also boost your chance of getting approved.
- No NSF transactions. If you can demonstrate that there have been no NSF transactions on your bank account for six months or more, this will reassure the lender that you can reliably make on-time payments.
- A larger down payment. The more money you have saved to put down upfront, the less you need to borrow and the better your chance of approval.
Can you get powersports financing without a credit check?
You may be able to get no credit check powersports financing from some lenders, but once again, you may not be able to get funding from traditional lenders like banks and credit unions.
Some alternative lenders and specialist powersports financing companies may offer no credit check financing. They will instead look at your income and employment situation to decide if you qualify for a loan.
The downside is that you’ll need to accept a higher interest rate, which could significantly increase your total repayments over the life of the loan. “No credit checks” is also sometimes used as a marketing tactic by scammers and predatory lenders to lure in unsuspecting borrowers, so do your research to make sure you’re dealing with a legit lender.
Can you get powersports financing with bad credit?
Yes, bad credit powersports financing is available—but not from all lenders.
Unless you have a good to excellent credit score (around 660 or higher), you likely won’t qualify for financing from a bank or credit union. But there are several powersports financing companies and alternative lenders that are willing to offer powersports loans for bad credit.
These lenders will check your employment situation, income and debt-to-income ratio to determine whether you will be able to afford loan repayments. Bad credit powersports financing generally comes with higher interest rates, and the lender may also require a larger down payment before approving your loan.
Types of powersports vehicles you can finance
From on and off-road motorcycles to ATVs, side-by-sides, snowmobiles, jet skis and boats, powersports loans can be used to purchase a wide range of land and marine vehicles. Many lenders also class RV loans as powersports loans. For a detailed look at how RV loans work, check out our detailed RV financing guide.
To give you an idea of how much you may need to borrow, the table below shows approximate price ranges for popular powersports vehicles.
| Vehicle | Price |
|---|---|
| ATV | $3,000 – $25,000 |
| Side-by-side | $15,000 – $60,000 |
| Motorcycle | $3,000 – $45,000 |
| Dirt bike | $2,000 – $30,000 |
| Snowmobile | $4,000 – $30,000 |
| Boat | $1,500 – $1 million or more |
| Jet ski | $5,000 – $30,000 |
Financing a new vs used vehicle
Buying a pre-loved motorcycle, ATV, boat or jet ski? The good news is that powersports dealerships and lenders offer used powersports loans. However, there may be a limit on the age of vehicles eligible for financing—for example, the lender may only provide financing for vehicles that are less than 10 years old.
Used vehicles are generally less expensive than new ones, so used powersports loans have shorter terms. They also come with higher interest rates than if you’re buying a new vehicle, and lenders will often require a larger percentage of the total purchase price as a down payment.
How to compare powersports financing
Keep the following factors in mind when searching for a powersports loan.
Secured or unsecured
Check if the loan will be secured or unsecured. A secured loan requires you to provide an asset as collateral, such as the powersports vehicle you’re buying. Providing collateral reduces the risk for the lender, so you’ll qualify for a better rate. The downside is that the lender could repossess your vehicle (or whatever assets you provide as security) if you default on the loan.
Loan amounts
Check to see if the lender’s minimum and maximum loan limits suit your borrowing needs. Depending on your financial situation and the lender you choose, you may be required to provide a down payment of 10% to 20% of the purchase price.
Interest rates
Powersports financing interest rates in Canada range from 0% to 29.99%. The rate you qualify for will depend on your credit score, income, employment and financial situation.
Fees
Check the loan agreement for details of any administrative or origination fees that apply. Remember to check the APR (annual percentage rate) when comparing loans—this takes into account the interest rate as well as fees, showing you the true cost of a loan.
Loan terms
Maximum loan terms vary between lenders, but terms of up to 20 years may be available for expensive purchases like RVs. Smaller loans more commonly come with terms ranging from two to seven years. While a longer loan term means a smaller monthly repayment, it also means you’ll pay more interest over the life of the loan.
Repayment flexibility
Check if you can choose a repayment plan that suits your income frequency. Can you also make extra repayments any time and pay off your loan early without penalty?
Bottom line
There are multiple powersports financing options in Canada, including options for bad credit. Compare powersports loans to find financing that suits you, and start your next exciting adventure on land or water sooner.
Frequently asked questions
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