Golf carts have evolved from simple golf course companions to versatile vehicles for neighborhoods, resorts, and even street-legal transportation. If you’re considering purchasing one, you might wonder, “Can you finance a golf cart?” The answer is yes!
Golf cart financing offers flexible ways to make owning a golf cart or golf car more affordable. Many are surprised to learn that financing is readily available, regardless of credit score. Whether it’s for neighborhood cruises or golfing, cart financing can make ownership a reality. Let’s explore financing options, terms, and what you need to know to get started.
Table Of Contents:
- How Can You Finance a Golf Cart?
- Factors Affecting Golf Cart Financing
- Special Financing Offers
- Steps to Finance a Golf Cart
- Considerations Before Financing
- Beyond Golf Carts: Other Financing Options
- The Role of Customer Service and the Service Department
- Conclusion
How Can You Finance a Golf Cart?
Several financing paths exist for golf carts. Let’s break down the common financing options.
Dealership Financing
Many golf cart dealerships offer in-house financing. This convenience allows you to handle the purchase and financing at once. Club Car financing, for instance, is often available directly through authorized dealers. These financing offers can streamline the process for buyers.
Dealerships may offer promotional deals like 0% APR or low monthly payments. Always review the loan terms and compare them with other lenders. Some dealerships may offer deals for a revolving credit card program.
Bank and Credit Union Loans
Traditional banks and credit unions offer personal loans or recreational vehicle loans for golf carts. These institutions may offer competitive interest rates. This is especially true if you have a good credit score or existing relationship with them.
Be sure to explore all your options and compare their rate offers to see which lender best fits your needs.
Online Lenders
Online lenders specialize in recreational vehicle financing, including golf carts. They often offer quick approvals and competitive rates. RoadRunner Financial, for example, provides specific golf cart loan term options with varying loan terms.
Factors Affecting Golf Cart Financing
Several factors influence getting loans golf cart financing. Understanding these helps you make informed decisions.
Credit Score
Your FICO score is key for eligibility and interest rates. Higher credit scores usually secure better loan offers. However, options exist for various credit impacts, even with minimum credit. Don’t let concerns over minimum credit score deter you from checking what options are available to you.
Down Payment
A down payment impacts financing terms. Larger down payments often lead to lower monthly payments and better interest rates. Some lenders may require a minimum purchase or minimum down payment, while others don’t.
Loan Term
Cart loan terms range from 12 to 84 months. A longer-term loan reduces monthly payments but increases the total interest paid. A shorter-term loan increases monthly payments but reduces overall interest.
| Loan Term | Monthly Payment Impact | Total Interest Impact |
|---|---|---|
| 12-36 months | Higher | Lower |
| 48-60 months | Moderate | Moderate |
| 72-84 months | Lower | Higher |
Special Financing Offers
Manufacturers and dealers frequently offer special financing for golf carts. These promotions can save you on interest. For example, E-Z-GO, through their Yard Card program, sometimes offers specific terms.
- 0% APR with 36 monthly payments.
- 2.99% APR with 36 monthly payments.
- 3.99% APR with 48 monthly payments.
- 4.99% APR with 60 monthly payments.
Sheffield Financial also provides multiple options to help finance your next golf car. Offers often require a minimum purchase and might include fees, so carefully examine the loan offer terms. Keep in mind the total cost over the loan term. The loan calculator available can provide illustrative purposes for potential monthly payment options and overall cost. Rates vary based on individual credit scores, the FICO score range, and your down payment.
Steps to Finance a Golf Cart
Follow these steps to finance your golf cart. Use our advice to guide you along the journey of finding and securing a golf cart.
- Check your credit score: Knowing your credit situation helps you understand expected rates. You should check to see what your FICO score is. A higher credit score gives you access to better loan rates and terms.
- Prepare Documentation: Be ready with proof of income, identification, and any required down payment.
- Set a budget: Decide on comfortable monthly payments. Check if your monthly payment works for your finances.
- Research golf cart models: Identify the desired golf cart type and price range. You might even want to consider how to service it if needed and search for a service department.
- Compare lenders: Explore cart lenders like dealerships, banks, credit unions, and online lenders. Golf cart lenders offer a range of programs for financing. Many people find that traditional loans through banks and credit unions often result in the best terms and rates.
- Use a Loan Calculator: Estimate your monthly payments and ensure they fit your budget.
- Get pre-approved: Seek pre-approval to avoid impacting your credit score. Understand the impact credit score plays during financing.
- Negotiate the price: Negotiate the golf cart price and financing terms. A higher purchase price could lead to higher payments.
- Review the terms: Thoroughly examine loan documents before signing. Understanding how much your payment will be if you opt for longer term financing could greatly benefit your ability to make a payment.
- Close the deal: Finalize the purchase and enjoy your new golf cart.
Considerations Before Financing
Consider these factors before financing a golf cart.
Insurance
Lenders often mandate insurance on financed golf carts for protection. Insurance costs vary, so include them in your budget. The cost of insuring a street legal vehicle might differ compared to non street legal carts.
Maintenance Costs
Factor in ongoing maintenance, such as battery replacements, especially for HP Li-Ion batteries. Your maintenance needs will also change based on where the cart is driven and how often you use the golf car. The better you care for the golf cart and battery, the fewer service requirements and potential expenses you could avoid. Be sure to do your research to understand the long-term cost of your purchase.
Usage Restrictions
Some agreements restrict golf cart usage, such as limitations on public roads or private property. Be sure to look through these considerations for how your financing can affect where you can drive your golf car. Sometimes, off-road usage could void financing and or any agreements.
Resale Value
Golf carts depreciate. Consider the future financial impact if you plan to sell or trade it in.
Beyond Golf Carts: Other Financing Options
Many cart lenders also offer financing for other items, such as lawn mower financing or similar equipment. Programs like the revolving credit card program cover multiple purchases, providing versatility for enthusiasts.
The Role of Customer Service and the Service Department
Good customer service and a reliable service department are crucial when financing a golf cart. They ensure your purchase and maintenance process is smooth, minimizing long-term financial impact.
Conclusion
Financing a golf cart is definitely possible. Various financing options exist, making golf cart ownership achievable. Whether you want a basic model or a luxury cart, explore financing to turn your golf cart dreams into reality.
Shop around for the best rates and terms, considering your long-term budget. By understanding your financing golf cart options and doing your research, you’ll be riding in your new golf cart soon.
