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Applying for an ATV Loan


Not quite a golf cart, not quite a motorcycle—ATVs (or All-Terrain Vehicles) are popular recreational vehicles for consumers from all walks of life.

Some consumers use their ATVs to haul firewood and help with yard work. Others use them for weekend trail riding or off-road exploration, while others use them for extreme sports and races like ATV motocross. Regardless of how you plan to use your all-terrain vehicle, applying for an ATV loan from the right lender can make all the difference.

While you can purchase an ATV with money from a personal loan, an ATV loan is a specific type of recreational loan for purchasing an all-terrain vehicle. The first step in your application process should always be to research financial institutions to find the best pricing and best options for your situation.

While you’re researching recreational loans, take a look at AFCU’s offerings—we can help you get the ATV of your dreams at a great rate.

Get Approved

Applying and getting approved for an ATV loan is similar to securing other types of loans—having a good credit score, knowing your budget, and saving up for a healthy downpayment are all good steps to take before you apply for an ATV loan.

Collect Documentation

Before a financial institution hands you money, they’ll want to verify that you are who you say you are and you can afford to repay your loan. Each financial institution sets its own policies for what documentation they require to underwrite a loan, but in general, you should anticipate being asked to provide:

  • Government-Issued ID like a driver’s license or passport
  • Proof of Income such as recent paystubs or past year’s tax returns (potentially both, at your lender’s discretion)
  • Proof of Residency like a utility bill with both your name and address on it
  • Information about the Vehicle like the make, model, year, price, and ATV insurance policies

How Long Are ATV Loans?

If you’re buying a house, typical loan terms hover around 15-30 years (although they can be either longer or shorter, depending on the lenders’ policies). By contrast, an ATV loan tends to range from 2 to 6 years, about 1/5 the length of a home loan.

Do Your Research

Your lender will want to know as much as they can about you before they approve your loan. Likewise, you should know as much as you can about your lender before you apply. These are some factors that can vary from lender to lender:

  • Interest Rate. One of the most apparent differences between lenders is the interest rate they offer borrowers. You should always research multiple financial institutions to see which organizations offer the best interest rates for ATV loans.
  • Loan Term. While the interest rate is a major factor in choosing a financial institution, the amount of time you’ll be paying that rate should be a factor as well. ATV loan terms can vary from institution to institution, so pay close attention to each lender’s programs. Use an ATV loan calculator to get a better picture of how your interest rate affects your payments over time.
  • Loan Fees. Be wary of financial institutions that charge the best loan rates for ATV loans while disguising the actual cost of the loan with hidden fees. Costs like origination fees and prepayment penalties are typical for lenders, but the amounts of these fees can vary significantly.
  • Lender Reputation. Always look for a lender that’s well-trusted and well-respected in their community. A financial institution with a solid reputation and a long history in your area is preferable to a newer, less reputable organization.

Next Steps with Arkansas Federal Credit Union

A recreational vehicle like an ATV can completely change your leisure time, your recreation, and your productivity. Standing between you and this opportunity is approval for an ATV loan.

Before applying for a loan, always do your research and find the best ATV loan rates from the best organization.

Arkansas Federal Credit Union has a long track record of successfully serving Arkansas residents, workers, and their families. By staying committed to our community and offering competitive rates and convenient terms, we can help you turn your ATV weekend dreams into ATV weekend realities.Apply for an ATV loan today to see what ATV loan rates you qualify for.

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Call us at 800.456.3000 or visit your local branch.