Scooters are a relatively inexpensive way to get around a city with lots of traffic and limited public transportation, but that doesn\u2019t mean they\u2019re affordable for everyone. Most provinces and territories in Canada require you to have insurance for your motorized scooter before you head out on the roads. In addition to paying for gas, safety equipment and storage, the costs can add up quickly. If you\u2019re looking for scooter financing, keep reading to find out about the available financing options and what you\u2019ll need to apply.<\/p>
There are three main choices when you\u2019re looking for scooter financing options: leisure vehicle loans from financial institutions, personal loans and dealer financing.<\/p>
Banks and credit unions offer scooter financing in the form of a leisure vehicle loan. They offer some of the most competitive interest rates, but you need good to excellent credit score (above 650) to apply. Loan terms are typically up to 7 years.<\/p>
Most personal loan providers allow you to use your funds for any legitimate purpose, including scooter financing. Personal loans typically range in amounts from $1,000 to $50,000 \u2014 which is plenty of money to purchase a scooter or moped. Terms tend to range from 3 \u2013 60 months, and interest rates run from 6.99% to 35% depending on the lender and your personal financial situation.<\/p>
Typically, no. Lenders tend to group financing for smaller vehicles like scooters and motorcycles under unsecured loans<\/a>. On the other hand, auto loans are secured loans<\/a> that use the vehicle purchased as collateral.<\/p><\/div><\/article><\/a>Compare online personal loans for scooter financing<\/h4>
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