Powersports Loans and ATV Financing
Get a lower rate on ATV financing by shopping with multiple lenders at once
| Lender | User rating | Best for | Starting APR | Term | Amount | |
|---|---|---|---|---|---|---|
|
ATV loans with rate discounts | 8.99% | 24 to 60 months |
$5k – $50k |
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|
Excellent customer service | 7.99% | 36 to 84 months |
$2.5k – $40k |
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|
ATV loans with no fees | 8.24% (with autopay) | 24 to 84 months |
$5k – $100k |
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|
Same-day ATV loans | 8.99% (with discounts) | 24 to 84 months |
$5k – $100k |
||
|
Fair credit | 7.74% (with discounts) | 24 to 84 months |
$1k – $50k |
Powersports loans and ATV financing at a glance
Best for: ATV loans with no fees – LightStream
- No fees whatsoever
- Has rate matching program and customer satisfaction guarantee
- Could get your loan the same day you apply
- Can’t check interest rates without affecting credit score
- Must have good to excellent credit
- No due date extensions
You won’t have to worry about fees if you get a LightStream powersports loan — not even for late payments. This online lender has other unique benefits, too, like Rate Beat. If a competitor offers you a lower rate while you’re loan shopping, LightStream could beat it by .10 percentage points.
LightStream doesn’t approve fair or bad credit. You also can’t prequalify for a loan. That means you have to take a hard credit pull to check rates. This could drop your credit score by a few points.
LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:
- At least five years of on-time payments under a variety of accounts (e.g., credit cards, auto loans)
- Stable income and ability to handle paying their current debt obligations
- Savings, whether in a bank account, investment account or retirement account
You must also have a valid Visa or Mastercard credit card to accept your loan, but only for verification purposes. LightStream will not charge your card.
Best for: Same-day ATV loans – SoFi
- Most applicants get their loan the same day
- Free 30-minute financial planning session with a certified professional
- 0.25% rate discount for autopay
- May need to pay an optional origination fee to get the lowest rate
- Doesn’t approve bad credit
SoFi isn’t the only lender that offers quick loans, but it does have a long application cutoff time. As long as you e-sign your documents by 6 p.m. ET, chances are good that you will get your loan the same day SoFi approves you. LightStream, for instance, only gives you until 2:30 p.m. ET.
SoFi’s origination fee is unique. The fee isn’t mandatory, but SoFi may ask for one in exchange for a lower rate. Ask for offers that do and don’t include an origination fee to see which option will save you the most.
You must meet the requirements below to get a loan from SoFi:
- Age: Be the age of majority in your state (typically 18 years old)
- Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or asylum-seeker, for instance)
- Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
- Credit score: 680+
Best for: ATV loans for fair credit – Upgrade
- Accepts credit as low as 580
- Can add a co-borrower if you’re having trouble getting approved
- Loans start at $1,000.00, which could be perfect for a cheaper, used ATV
- Charges an origination fee on every loan, regardless of your credit score
- Will need to wait at least one business day to get your loan
- Even though you can get approved with fair credit, expect high rates
It might take a little more work (and higher rates), but getting ATV financing with fair credit is possible. Take Upgrade — it only requires a credit score of at least 580 to qualify. If you do qualify but you can’t afford the rate, consider adding a co-borrower with excellent credit.
Upgrade charges a mandatory origination fee. Some lenders only charge these if you have bad credit, if they charge them at all.
To qualify for a loan through Upgrade, you must meet the requirements below:
- Age: Be at least 18 years old (19 in some states)
- Citizenship: Be a U.S. citizen, permanent resident or live in the U.S. with a valid visa
- Administrative: Have a valid bank account and email address
- Credit score: 580+
How does powersports financing work?
When you finance a powersports vehicle — whether it’s an all-terrain vehicle (ATV), utility task vehicle (UTV), motorcycle or jet ski — you’ll use a loan instead of paying up front. You may need to make a down payment, depending on the type of financing you get. Then, you’ll pay back what you borrowed in equal monthly payments, plus interest.
ATV financing can be a great way to get that toy out of the showroom and into your driveway. Still, always use an ATV loan calculator before signing your contract and think beyond the sticker price. Consider the total cost of ownership, including potential insurance, maintenance, gear and any possible financing fees.
Personal loan vs. manufacturer financing vs. dealer financing
In this article, we’re focused on financing an ATV with a personal loan. But personal loans aren’t always the best choice for some, and other options do exist. Here’s what they are and how they’re different.
Personal loan
Best if you don’t want to make a down payment or want to borrow additional money to cover things like gear or a pull-behind.
Personal loans are disbursed as a lump sum of cash. This cash is sent to you, not the dealer or seller. Instead, you’ll use the money to pay for your ATV. You can also borrow above what your ATV costs to cover things like safety gear or a pull-behind trailer.
Many personal loan lenders require at least good credit (670+) to qualify and very good credit (740+) to get the best rates. That doesn’t mean you won’t qualify with a score lower than that (especially if you shop for bad credit ATV financing) but the loan might be hard to afford.
Credit scores aside, personal loans can be more expensive than manufacturer financing. That’s because personal loans don’t use your ATV as collateral while the other options do. In trade, you’ll get a huge benefit — no down payments.
Pros
- No down payments
- Does not use your powersports vehicle as collateral, so no repossessions
- Quick approvals and simple process
- Can use funds for nearly anything
Cons
- Can’t get special financing like 0% APR deals like you would with the manufacturer
- Might be tempted to spend the money on things not related to your ATV
- If you qualify with bad credit, rates will be high
- Can come with expensive fees, especially if you have bad credit
Manufacturer financing
Best if you qualify for a special financing deal, like 0% APR, with your ATV’s manufacturer.
Manufacturer financing is when you get your loan from the company that makes your ATV, such as Kawasaki. This type of ATV financing works like an auto loan. You might need to make a down payment, and your ATV serves as collateral. The manufacturer can repossess your ATV if you fall behind on payments.
If you’ve got your eye on an older model ATV, manufacturer financing might not work. You have to buy from an authorized dealer. That also means no private-party sales.
Manufacturers rarely disclose their credit score minimum. You’ll have to talk to the dealer or prequalify to see if you’re eligible.
Pros
- 0% APR deals, rebates and other incentives during sales events
- Can finance and purchase your ATV in one step
- May be able to add extended warranties and service packages
Cons
- Need to buy from an authorized dealer
- Can repossess your ATV if you miss enough payments
- Might need to make a down payment
- Often, special financing deals only apply to brand new ATVs
Dealer financing
Best if you’d rather have the dealer do the loan shopping for you.
If you’re buying an ATV from a dealer or store, such as Tractor Supply Company, dealer financing might be an option. With this, the dealer will take your information and send it to their lender network, or the retailer will offer exclusive financing options, such as a store credit card. In a perfect world, the dealer will then show you the loan with the lowest rate (although that’s not guaranteed).
Dealer financing is convenient, but convenience can come at a cost. Keep an eye out for documentation (or “doc”) fees, admin fees and other extra charges.
Pros
- Dealer handles most of the work
- Can gain access to lenders that only work with dealers, not buyers
- May be able to add extended warranties and service packages
Cons
- There’s no guarantee that the dealer will pick the loan with the lowest rate
- Some dealers charge fees to cover the cost of doing your paperwork
- Have to use your ATV as collateral
- Might require a down payment
How to find an ATV loan with LendingTree
According to a LendingTree study, using our platform to shop around for a personal loan could save you an average of $1,659 in interest. We’ve been America’s premier loan marketplace since 1996. Here’s how to tap into our network and get banks to compete for your business.
1. Tell us what you need
Fill out one quick online form to gain access to our network of lenders (America’s largest).
2. Get free offers
Get offers from up to five lenders at once, with no impact to your credit score.
3. Compare and win
Choose the best offer and we’ll help you apply.
How to qualify for an ATV loan
If you’re struggling to get a powersport loan or ATV financing, you might need to improve your credit score. You can’t fix your score overnight, but small steps in the right direction can make a big impact over time.
Get free, personalized recommendations on how to improve each of the factors that affect your credit score with LendingTree Spring. We’ll show you how your credit stacks up and what to do to boost your score.
Pay down existing debt
Credit utilization measures how much revolving credit you’re using compared to how much you have available. Examples of revolving credit include credit cards, home equity lines of credit and personal lines of credit.
If you’re using 30% or more of your available revolving credit, you may want to pay down your debt before applying for more.
Avoid hard credit pulls
Almost every lender you formally apply to will check your credit with a hard credit pull. Hard credit pulls ding your score, so only apply for new credit or loans when you absolutely need to. Also, take advantage of the rate shopping window. All hard credit pulls completed in a 14-day period only count as one.
Pay on time
Payment history accounts for 35% of your FICO score, so paying your bills on time is essential. Keep an open line of communication with whoever you owe. If needed, ask about relief programs if you’re having a hard time. These could help get you back on track and minimize damage to your credit.
Frequently asked questions
It can be hard to get ATV financing with fair or bad credit. If you do qualify, the high rates might not be worth it.
Most legitimate ATV loan lenders cap their rates at 35.99%. This isn’t generally considered predatory, but it’s still high for a non-essential purchase, like an ATV. It might be better to wait and work on getting your credit score to at least 670. Then, you might qualify with more lenders, better rates or both.
There is no set credit score you’ll need to purchase an ATV. Each lender has its own criteria. Out of all the lenders on this list, Upgrade accepts the lowest score (580+).
Manufacturers and dealers don’t usually publicize their credit score requirements. You’ll need to prequalify with them for more insight.
ATV loans that are personal loans (the type on the list) don’t require you to have insurance. Manufacturer financing and dealer financing do require full coverage insurance. These loans use your ATV as collateral. Lenders will typically require you to protect their collateral with comprehensive and collision coverage.
When it comes to law (rather than loans), most states don’t require ATV insurance. But some trails or parks might. Even if insurance isn’t required, consider adding liability coverage anyway. This will help protect your assets if you hurt someone in an accident and they sue you.
Our methodology
We reviewed more than 35 lenders to determine the overall best powersports and ATV loans. To make our list, lenders must offer loans that can be used for powersports vehicles and ATVs with competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:
Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.
According to our standardized rating system, the best powersports and ATV loans come from Achieve, Discover, LightStream, SoFi and Upstart.