Tips for Financing Your Powersport Vehicle

A powersport vehicle is a great investment! Whether you’re needing to get a job done or are looking for a bit of adrenaline in your life, these vehicles can do it all. However, few people have the cash on hand to buy one of these vehicles straight off the lot. If you’re not interested in saving for the next few months, you should take a look at our financing guide below. We’ve got a great financing department at our location in Hayward, California and you can even submit an application online, here. 

Prep

 While we understand you don’t want to wait to purchase your powersport vehicle, there are a few things you’ll need to do before looking at models or submitting applications. Firstly, you’ll need to check your credit score. You can do this for free with most reporting agencies, and you’ll want to try and aim for a score of 700. If your credit isn’t great there are still plenty of options available. However, your rates won’t be as good and there may be added stipulations. If you can try to raise your credit score by paying bills on time and reimbursing old debts.

The most important step in preparing to finance your powersport vehicle is to budget your monthly income. The financing calculator on our website can help you with this! You’ll also want to note how much you make each month, and what’s delegated towards your expenses. The money leftover from your expenses can be put toward your monthly loan payments and will set your budget. However, don;t forget that this entire amount won’t all go towards your payments. You’ll also need to set some of this money aside for emergency savings and monthly spending money.

Getting Started 

Now that you have your finances in order you can start looking for a vehicle! We don’t advise selecting a model before setting a budget, but you will need to have one in mind before you start applying for loans. As you shop, remember to keep a few key features you’d like your model to have in mind. This should keep you from overspending on unnecessary features you may not need, or walking off the lot with buyers remorse because your vehicle doesn’t meet all your needs.

Now that you’re got a model selected you’ll want to start applying for loans. You can apply for as many loans as you like, but remember that each one will lower your credit for a short period of time. It isn’t possible to submit more than 5 loan applications at a time without hurting your loan rates. There’s a number of financial institutions out there that will offer you a loan, so it’s important that you apply with multiple lenders to ensure you’re getting the best rates. Once you’ve selected your loan and lender you can sign on the dotted line and finally purchase your powersport vehicle! 

We here at East Bay Motorsports want you to have the best loan available! We hope this guide has been helpful to you and that, when you’re ready, you’ll head over to our dealership to grab your new powersport vehicle. We have an amazing sales team and financial services department and proudly serve the California bay area.