Anyone who’s ridden an all-terrain vehicle (ATV) knows that there’s nothing like tearing through trails on a quad. But if you don’t the cash to buy a new 4X4 lying around, you’re going to need some financing.
ATV loans can run from 0% APR to over 25% APR. Since ATVs are often less expensive than other larger vehicles, you typically don’t have to make a down payment, so APR is the main cost you should be concerned with.
ATV rates by brand
The easiest way to compare the cost of an ATV loan is to look at the APR, which is the interest and fees expressed as a percentage. Here’s how some of the top brands compare in June 2019:
Brand
APR
Yamaha
15.99% – 23.99% plus offer
Polaris
0% promotional APR for the first six months, 16.24% – 25.24% after
Honda
Starting at 0.99%
ATV loan rates by credit score
Credit type
Credit score
Typical APR
Very Good
740–850
2%–11%
Good
670–739
12%–15%
Fair
580–669
15%–28%
Poor
0–579
29%+
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.
Fair and poor credit applicants can sometimes find long-term options, but with high interest rates that can make the loan incredibly expensive if you don’t pay it off early.
Got a vehicle in mind? Use this calculator to figure out how much your monthly repayment will cost with different loan terms and rates.
Am I eligible 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 requirements to qualify:
Regular income. You generally need to earn enough to comfortably meet your monthly repayments.
Over 18. The minimum age to take out a loan is 18 in most states. It’s 19 in Nebraska and Alabama, 21 in Mississippi.
US citizen or permanent resident. You might have to find a personal loan with a cosigner if you’re here on a visa.
What’s the minimum credit score for an ATV loan?
You can generally find ATV financing options for all credit score ranges. However, you’ll generally get a better deal if your credit score is above 670 — what most lenders consider to be “good credit.” You’ll have even more options if your score is 740 or higher.
How to finance an ATV with a dealer or manufacturer
Getting financing directly from your ATV dealer or manufacturer is a popular way to pay for a new vehicle. Here, you’re required to use your vehicle as collateral.
1. Manufacturer financing
Some dealers offer financing directly from the manufacturer, which allows them to offer promotions like rebates or 0% interest for the first six months or a year on credit cards — often strategies for moving some of the less-popular models.
2. Third-party financing through a dealership
Many dealers offer financing through a third-party lender — like 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.
3. Bad credit dealership financing
Some offer “buy here pay here” options for bad-credit borrowers, which don’t involve a credit check but can come with higher rates and hidden fees or unnecessary add-ons.
How to finance an ATV 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. ATV financing
Some personal loan providers like Capital One and USAA also offer ATV financing, which works more like borrowing from a dealership. Here, you’ll need to know the make and model of your vehicle, as well as the estimated cost. These loans tend to be secured.
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 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 are generally much cheaper. Rather than paying thousands of dollars, it’s possible to find used ATVs for less than $300. 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.
You can find a competitive deal by comparing these four main factors:
Eligibility. Write off any options you don’t meet the basic requirements for.
APR. A lower APR means you’ll pay a smaller percentage of the balance in interrest and fees.
Term length. Find the shortest loan term you can afford to lower the overall cost without struggling with monthly repayments.
Loan amounts. Most in-house financing options cover up to 100% of the value of your vehicle, while outside lenders might minimum and maximum loan amounts.
How to choose the most favorable loan term
Most in-house ATV loans come with 36- to 60-month terms. Unsecured personal loans often come with a wider range of terms from 12 to 72 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.
4 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 just 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 can actually qualify for. But many manufacturers and online lenders allow you to apply to prequalify to get an estimate of the rates and loan amounts you can expect with no effect on your credit score.
Compare APRs with the same term lengths. The longer your loan term, the more you pay in interest. That 2.9% APR might not be as much of a savings as you thought if it comes with a longer term than higher-APR shorter-term offers.
Ask questions. Personal loans aren’t as regulated as, say credit cards, 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 any area that’s unclear.
You can finance your ATV through a lender or manufacturer. Dealerships often offer a combination of lender and manufacturer financing with options that include:
Secured loans. A term loan that uses your vehicle as collateral, which you pay off over one and five years.
Unsecured loans. A term loan with one to five-year terms that doesn’t require collateral. You’ll need stronger credit to qualify than a secured loan but don’t risk losing your car.
Manufacturer credit cards. Some manufacturers offer credit cards, often with a promotional 0% APR for the first six months.
Warning signs 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 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’d had 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.
Top ATV brands to consider
Check out how these top ATV brands compare.
Brand
Cost for 2017–2018 models
Series
Types of financing available
Yamaha
$2,099–$10,899
Raptor, YFZ, Grizzly, Kodiak
Yamaha credit card
Textron
$2,999–$9,999
Alterra, Mudpro
Installment loans through Sheffield Financial and Roadrunner Financial, Yard Card credit card
Polaris
$2,099–$27,499
Polaris ACE, General, Ranger, RZR, Scrambler, Sportsman, Youth
Installment loans through Sheffield Financial, Synchrony Financial and Performance Finance; Polaris Visa Card credit card
Honda
$3,049–$16,699
FourTrax, TRX, Pioneer
Term loans through Honda Financial Services, Honda Powersports credit card
Arctic Cat
$2,999–$12,999
Alterra, 150, DVX, XT, Mudpro, 500, VLX, XC, TBX
Term loans through Sheffield Financial, Freedomroad Financial and Roadrunner Financial
3 common types of ATVs
Sports ATV. These quads are designed for fun. They’re faster, lighter and can absorb shock better than their counterparts. They’re also typically less expensive.
Utility ATV. When 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 let you bring another person or carry a heavier load than a utility ATV.
You can, but it won’t be cheap. That’s because lenders typically consider customers with bad credit to be high-risk borrowers. Some have credit cut-offs, meaning that you won’t be able to qualify. If you do qualify, expect a rate around 20% or higher.
Dealership financing for bad-credit customers
Many dealerships for top manufacturers offer financing for lower-credit customers through Roadrunner Financial. These typically come with APRs ranging from 2.9% to 20.9% — competitive for that credit range — but require a down payment of up to 20%. Terms range between 6 and 72 months.
If you’ve had trouble getting approved in the past, it might be tempting to go with a lender that promises no credit check. However, at best these can be highly expensive loans, and at worst, scams.
Bottom line
Between in-house financing and personal loans, you’ve got lots of options to choose from when it comes to paying for a new or used ATV. Dealership financing might be easier, but you have less 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.
Frequently asked questions
It’s possible. But rather than looking into no credit check loans, you might want to apply with a cosigner. Some in-house financing options like Roadrunner allow you to apply with a cosigner. You might also want to check out your cosigner-friendly personal loan options.
You can. ATV wheels can set you back several hundred dollars a piece, which adds up. You can typically get financing either through the manufacturer or by taking out a personal loan.
MSRP stands for manufacturer’s suggested retail price. You probably saw MSRP when checking out models on a manufacturer’s site. It means that dealerships might charge a different price, though you can expect something in that ballpark.
It depends on your loan term. These can run anywhere from 12 to 72 months — or one to six years. With some lenders, you might be able to save on interest by paying off your loan early as long as there aren’t any prepayment penalties and you loan doesn’t come with precomputed interest.
Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
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we currently have an atv loan that we have been paying on for over a year now, we got into a serious financial bind and would like to know how much it would effect our credit scores to let it go back?
What negatively affects your credit score is non-payment. If you are going to bring back the ATV to zero out the loan, it may help increase your score. You may however want to review your credit report and see what opportunities you could fix to get your score higher. Hope this helps!
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we currently have an atv loan that we have been paying on for over a year now, we got into a serious financial bind and would like to know how much it would effect our credit scores to let it go back?
Hi Haleigh,
Thank you for reaching out to Finder.
What negatively affects your credit score is non-payment. If you are going to bring back the ATV to zero out the loan, it may help increase your score. You may however want to review your credit report and see what opportunities you could fix to get your score higher. Hope this helps!
Cheers,
Reggie