Tips to Get Your Golf Cart Financed

If you’re searching for some handy information on financing your golf cart purchase, you’ve arrived at the right place. As your local powersports vehicle dealer, we at Golf Cars of Louisiana know a thing or two about financing a golf cart. That’s why we have created this guide to highlight the key points you’ll want to consider when getting your vehicle financed.

Read on to learn more, and for more financing assistance, visit Golf Cars of Louisiana. We’re in Bossier City, Baton Rouge, and New Orleans, LA, where we happily welcome our patrons from Monroe, Shreveport, and Denham Springs.

Set Up a Budget

Planning a budget is integral to making a sound financial decision. This helps you narrow down your options to the models you can afford and avoid falling for a vehicle that’s out of reach.

Research your options to see how much an average golf cart costs, then see if you are comfortable paying a down payment and a few monthly payments. If you want, you can speak with a financing specialist at Golf Cars of Louisiana to see what options you can try out. It’ll be wise to include funding for insurance, storage, fuel, maintenance, and any aftermarket accessories for your golf cart.

Down Payment

Down payment is the amount of money you’ll need to pay upfront when getting your golf cart.

As you may know, most loans require a down payment that’s about 10-20% of the total cost of the vehicle. That's why you must consider the amount in your budgeting plan. When paying a down payment, you’ll want to hand over the highest amount possible, as that will lower the interest on monthly installments.

Credit Score

Your credit score plays a huge role in the type of loans you’re eligible to apply for. A higher credit score means that you are responsible with your money, and your lenders will be happy to offer you a collateral-free loan.

Insurance

Next, you’ll need to have an insurance package lined up before you qualify for a loan. You’ll want to go with an option that provides you with the maximum coverage at an affordable price.

Loan Types

There are two categories of loans that you can apply for—secured and unsecured.

Individuals with low credit can opt for secured loans. These have higher loan limits, longer repayment terms, and lower overall rates. To qualify for these loans, you’ll need to use your golf cart as collateral, which your lender can repossess if you default.

On the other hand, you’ll need a higher credit score to opt for an unsecured loan. This type of loan features shorter repayment terms and higher overall rates. Though you won’t need to use your cart as collateral, defaulting on the loan can result in penalties, a lowered credit score, and in some cases, even lawsuits.

We hope this guide helps you find the perfect financing option for your golf cart. For more information, connect with our experts at Golf Cars of Louisiana. We are in Bossier City, Baton Rouge, and New Orleans, LA, and we proudly serve those from Monroe, Shreveport, and Denham Springs, so stop by today.