Hello All!

I need help in locating a place that will finance a good used or new ATV for someone who's credit is not that great.
I would really like to get my daughter one for christmas but due to past health problems ithas put my credit in a bind. I have secure job of over 10 years, good salary, and can put a down payment of 10-20%. If anyone has any info that deals with atv's and individuals with past credit problems please let me know, it would be greatly appreciated.

Thanks and God Bless,
Jeff

 

Unfortunately, almost all credit programs work on a sliding scale that is mostly based on your FICO score. Even if you read the fine print in the ads for the low introductry dealer financing, they will list several % rate ranges that are based on your credit history. It all boils down to the fact that if your credit history is bad - for whatever reason - it's going to cost you much more to finance. That's just the way it is and you can't really blame the lending institutions for doing things this way.

The best way around the bad credit/ high interest trap is to form a financing plan that is 'safe' to the lender. A high down payment is one possible solution. Another way is to use an equity line on your home (assuming that you own your home and have some available equity in it). Home equity loans can be had for as low as 4% and even with a poor credit rating are usually secure enough to keep the interest rates in the single digit range. The money from a home equity loan can be used for any purpose so there is no problem with using it to buy an ATV. The other big advantage is that the quickest way to repair poor credit is to establish a good history with your new credit.

Jaybee