Tips on Financing a Golf Cart

Golf carts are extremely useful in getting around quickly, regardless of whether you’re on the fairway or a campus. Though they’re compact and relatively affordable, seeking financial assistance to purchase one can minimize the initial payment. If you’re looking for options to get your golf cart financed, visit Van Wert Carts, and connect with our finance experts. We can help you create a convenient finance plan to match your budget and show you a wide inventory of golf carts to choose from. We are located in Van Wert, Ohio, but proudly serve our customers from Decatur and Fort Wayne, Indiana. But, before you visit us, here’re a few factors that you’ll want to consider:

Types of Loans

For starters, there are two types of loans that you can qualify for–secured loans and unsecured loans.

If your credit score is low, you may want to opt for a secured loan. This type of loan has a higher loan limit, longer repayment terms, and lower overall rates. However, this will require you to use the golf cart as collateral, which the lender can repossess in case you default on your loan.

An unsecured loan is a better option for people with a higher credit score. You can opt for this type of loan if you want shorter repayment terms without collateral. However, if you default, you’ll be subject to penalties, lowered credit scores, and even lawsuits.

Make a Budget

Now that you know about the types of loans, you’ll want to make a budget. This will help you narrow your search for golf carts with models that you can easily afford. Use financial calculators to determine the amount of money you can afford to pay towards a loan each month. Compare this to golf cart prices to see how much one costs. Remember to include other costs, such as insurance, accessories, and maintenance, among others.

Save Up a Down Payment

You will likely be required to make a down payment of around 10-20% of the full cost of the golf cart. As a good practice, you’ll want to pay up as much upfront as it’s convenient to you in order to pay less interest on subsequent installments. Save up the amount ahead of time, so you can give it to the dealership at the time of purchase.

Check Your Credit Score

Lenders will want to look at your credit score before approving your loan request. If yours doesn’t qualify as exceptional, you’ll want to increase it by paying off a few credit cards. To get your golf cart financed, you’ll have to show the lender that you’re fiscally responsible.

Find Insurance

Another factor that lenders will want to consider is the insurance package that you’ve lined up for your golf cart. Find a package that’s affordable and provides you coverage for everything you need.

On this note, we’d like you to visit Van Wert Carts and speak with our finance experts. We are in Van Wert, OH, but happy to serve our friends from Decatur and Fort Wayne, IN.