Financing A Golf Cart
A golf cart is a compact, convenient, and relatively affordable way to get around quickly, whether you’re on the fairway or a campus. But even these tiny vehicles can cost a pretty penny, and gathering up the funds to buy it all at once can be difficult. We here at Dever Golf Car Sales want to make sure you get what you need when you need it, so we’ve put together some tips for financing your golf cart. If you want to know more, or you just want to see our golf carts, contact our stores in Lexington and Louisville, Kentucky, today!
First: Budget
Like with any purchase, a set budget will help you stick to something you can reasonably afford. Crunch some numbers and see how much money you can afford to pay towards a loan each month, then compare that to golf cart prices to see how much one costs overall. Don’t forget to factor in insurance, accessories, storage, fluids, and other maintenance!
Down Payment
Most loans require a down payment equalling somewhere around 10-20% of the full cost. It’s always good to pay as much up front as possible to pay less interest on later installments. Make sure you’ve saved up this amount so you can give it to the dealership at the time of purchase.
Credit Score
Your credit score will affect what loans you’ll qualify for. If yours isn’t exceptional, it can help to pay off a few credit cards before starting the purchase process for your golf cart. This will help raise your score and show lenders that you’re responsible with your money.
Insurance
You’ll probably need an insurance package lined up before you qualify for a loan, since many lenders check for one. Look over your options to see what’s affordable and still provides reasonable coverage. Make sure you’ve got everything you need!
Types of Loans
There are two main types of loans you can qualify for. A secured loan is easier to obtain with low credit, and they have high loan limits, long repayment terms, and lower overall rates. However, the lender will often use your golf cart as collateral, so defaulting on your loan can get the cart repossessed.
Unsecured loans require higher credit scores, have shorter repayment terms, and higher rates. On the plus side, they won’t take your golf cart if you default on the loan. There are still consequences, however, including but not limited to penalties, lowered credit scores, and even lawsuits.
We hope this guide helps you find the loan that gets you your dream golf cart! If you have any questions, don’t hesitate to call us at Dever Golf Car Sales. We proudly serve the people of Lexington and Louisville, Kentucky—let us serve you today!