Kait ScirriWhen it comes to financing powersports vehicles like motorcycles, dirt bikes, UTVs/ATVs, speedboats, and jet skis, it can be challenging to get a loan if your credit is less than perfect. Luckily, there are a few lenders that offer loans or leases for these types of vehicles to people with bad or no credit. Lenders that provide financing to borrowers with bad credit will often ask for more money down, and they will likely require proof of employment or other information to show that you’re a reliable borrower. We have more details about these lenders below.
Table of Contents
Things to Consider Before Financing a Powersports Vehicle
Before applying for or signing a loan/financing agreement, you should consider your financial situation and the risks of taking out a loan. While you may be approved by the lenders listed below, it’s a good idea to take a look at your monthly budget and determine whether you can successfully meet the required payments for the loan. If you are employed, have manageable monthly payments (or you have paid off any other debts), and you can meet the monthly payments associated with a new loan, you will be better prepared to avoid issues with repayment.
If you have trouble repaying the loan, know that your credit score will be negatively impacted and that you may face steep fees or repossession. Before accepting a loan, take care to consider the lender’s payment policies, late payment fees, interest rates, total payoff amount, and early payoff options.
Interest rates are often higher for bad credit/no credit loans than for traditional loans, so you may also want to consider improving your credit score before purchasing a powersports vehicle. The major credit bureau Experian recommends paying bills on time, paying off existing debts, and checking your credit report for inaccuracies to improve your score.
Powersports Vehicle Financing and Loan Options for Those with Bad Credit
While getting approved for financing may seem unlikely if you’re saddled with bad credit, some places offer financing specifically for those in this type of financial situation. Below, we’ve compiled the list of places that offer powersports vehicle financing options for those with bad credit.
Approval Powersports (ATV, Motorcycle, Snowmobile, UTV, and Jet Skis)
- Financing available: Loans or lease-to-own
- Rates and terms:
- Interest rates on loans vary depending on credit
- Loan terms vary depending on credit
- Low APR for lease-to-own
- Eligibility:
- Must make a minimum down payment (amount varies depending on vehicle price and credit score)
- Approved credit
- How to apply: Fill out the online application. You’ll need to have your personal information, vehicle information, and employment information handy to complete the application.
- Find out more or apply
Bright Power Sports (Motorcycle, ATV, Snowmobile, and Other Powersports Vehicles)
- Financing available: Loans
- Rates and terms:
- No added fees
- One fixed interest rate for the life of the loan
- Loan terms vary depending on credit
- Eligibility:
- Must make a minimum down payment (amount varies depending on vehicle price and credit score)
- Approved credit
- How to apply: Apply using the online application, including the vehicle information, your personal information, employment information, and four personal references. A Bright Power Sports representative will contact you regarding your loan approval amount.
- Find out more or apply
MotorSportLoan (Motorcycle, ATV, UTV)
- Financing available: Loans
- Rates and terms:
- Loan amounts vary from $7,500 to $35,000
- Loan terms vary but may be available up to seven years
- Eligibility:
- Credit score of 550 or above
- All unpaid accounts must be less than $5,000
- No outstanding child support or alimony payments
- Must not be enrolled in consumer counseling
- Any bankruptcies must be discharged
- Debt to income ratio cannot exceed 45%
- Minimum 10% down
- 5-year-old maximum age of the vehicle
- Collateral must be listed in NADA and be for recreational use only
- How to apply: Complete the online application, including the vehicle information, your personal information, employment, and income information. A Motor Sport Loan representative will contact you regarding your loan approval amount.
- Find out more or apply
My Financing USA (Boats)
- Financing available: Loans
- Rates and terms:
- Loan terms vary but may be available up to 12 years
- $10,000 minimum loan amount
- $75,000 maximum loan amount
- Eligibility:
- 2006 model or newer
- Minimum 10% down
- Credit score of 550 or above
- Proof of income
- Maximum boat length around 28 feet
- How to apply: Complete the online application.
- Find out more or apply
Powersports Vehicle Financing and Loan Options for Those with No Credit
Bad credit isn’t the only roadblock you might face when trying to finance a powersports vehicle. Having little or no credit history can also make it difficult to get approved. Below, we’ve compiled the list of places that offer powersports vehicle financing options for those who haven’t established much credit yet.
LendingTree (Snowmobiles, Jet Skis, ATVs, UTVs, and other Powersports Vehicles)
- Financing available: LendingTree, itself, is not a direct lender. The company will collect your information and show the list of current powersports vehicle financing options (usually loans) available through different lenders.
- Rates and terms:
- Loan terms vary from 24 to 60 months
- The amount of your loan will vary based on factors such as the price of the vehicle you wish to finance, your income, the amount of your down payment, and your credit score
- Fees and interest rates will vary by lender.
- Eligibility:
- Proof of income
- Subject to a credit check — minimum credit score requirements vary by lender
- How to apply: Fill out the form on LendingTree’s website to compare current powersports vehicle financing options.
- Find out more or apply
Our article has more information about LendingTree’s lending practices.
RC Hill Honda Powersports (Motorcycle, ATV)
- Financing available: Loans
- Rates and terms:
- Loan terms vary depending on credit, the amount financed, and the vehicle being financed
- Low/competitive APR
- Eligibility:
- Proof of employment/income required
- Four personal references required
- How to apply: Complete the online application, including the amount you would like to finance, the vehicle you would like to finance, and your preferred loan terms.
- Find out more or apply
In Summary
If you’re looking to purchase a powersports vehicle but have bad or no credit, there are financing options available. There are companies that offer loans and lease-to-own options for popular powersports vehicles, including jet skis, UTVs/ATVs, snowmobiles, and motorcycles, even if you have bad credit. Places like Approval Powersports, Bright Power Sports, MotorSportLoan, and My Financing USA offer financing specifically for customers with poor credit. If you have a limited credit history, LendingTree and RC Hill Honda Powersports will work with you to find the best possible loan options. When applying for loans or financing, it’s best to have a clear idea of the loan’s terms, the lender’s policies, the monthly payment amount, and the total payoff amount so you can avoid financial risks.
Katie Spence
Lindsey Desmet
Sonya Bateman
Kathrina Bognot
William Lipovsky
Erika Crawford
Cathy Desmet
Loren Eaton
Joseph Cho
Maria R. Riegger, Esq.
