Financing a Golf Cart
Golf carts have grown in popularity for use both on and off the golf course. Whether you need one for your business or for personal recreation, it’s helpful to understand your financing options. Continue reading to learn more about budgeting and financing for your own golf cart!
Start With a Budget
As with any purchase, it’s essential to set a realistic budget and determine what features are absolutely necessary. There are many different golf cart models to choose from, so it’s helpful to do some research and decide what you need from your cart!
Different features, such as electric models or upgraded tires, can contribute to the asking price of the golf cart. This means you should be specific about what you want and give yourself an appropriate budget for those models.
Along with creating a budget for the initial purchase, remember to consider the cost of interest, maintenance, storage, and other ownership costs you may encounter over time.
Start Saving and Check Your Credit
Once you determine what type of golf cart you want and the features you need, you can begin saving for a down payment! Even if you choose to finance your purchase, having a down payment will help lower your interest rate and reduce your total loan amount.
Along with saving up for a down payment, it’s important to have an idea of what your credit score is. Lenders will base their approval, interest rate, and terms on your score and credit history.
Research Insurance and Local Regulations
When you’re thinking about buying your own golf cart, you may overlook the cost of insurance. However, many lenders and local laws will require your cart to have coverage! This is especially important if you intend to make your golf cart street legal or if other people will often be operating it.
As you shop around for the best insurance policy, it’s also worthwhile to take a look at your local golf cart regulations. Some areas will require special permits, licensing, and fees. If you have grand plans to ride around town, make sure there aren’t any restrictions that would dampen your purchase!
Owning a golf cart can be a lot of fun and it can also be a great investment for your business. Knowing how to budget, save, and finance your purchase can make ownership easier to accomplish. Our team at Golf Cars of Louisiana is here to help you with the buying process! You can visit us in Baton Rouge, Bossier City, or New Orleans, LA. We proudly serve Monroe, Shreveport, and Denham Springs.