You have just had an experience like no other — extreme UTV off-roading. Your body is still vibrating with the adrenaline rush, and as soon as those wheels started kicking off the dirt, you decided to purchase one as soon as you got home.
However, you are on a limited income, and your credit score is not that good. So, your only available options are to either get a loan or rent a UTV once a month, which might be more expensive in the long term.
A personal loan is the most convenient path most of us follow for financing a vehicle. Unfortunately, a short-term loan due by the end of the month is every person’s nightmare.
And, the lowest rates of interest on such payment plans are as vicious as they get. Therefore, a long-term loan is the better alternative, as it provides you with a larger amount of loans, more reasonable interest rates, and the comfort of paying it off over an extended period of time.
There are a lot of options out there, but a bad credit score is what might be standing between you and that UTV. Nonetheless, financing options have diversified in recent years with the increasing popularity of ATVs and UTVs. As a result, those options have become lenient in offering loans to those with bad credit.
So, we have compiled a list of services that can connect you with several potential lenders that can offer you a loan to purchase that UTV, despite your bad credit score.
Our Picks of the Best UTV Loans with Bad Credit
- CashUSA: Best for UTV Financing with Bad Credit & Editor’s Pick
- BadCreditLoans: Best UTV Loan Rates
- Personal Loans: Best Online Lender for UTV Financing
- Credit Loan: Best UTV Financing Specials
Our Reviews of the Best UTV Loans for Bad Credit
The good news is that you might still be qualified for a loan even with bad credit. Lenders that specialize in loans for people with bad or low credit scores offer these alternative options.
Instead of the traditional evaluation process, where bad credit would automatically disqualify you, these lenders use progressive algorithms to estimate your request based on other factors. They assess an applicant’s qualification by taking into consideration aspects other than bad credit, including steady employment, net income, if you rent or own your home, existing properties, expenses, and overall debt.
There are plenty of lenders that offer loans to people who have a poor credit score, but you must set your expectations on plausible amounts. The loan amount you should be going for should be small enough for you to afford.
Moreover, personal loans are a lucrative and ongoing business because of one reason — the interest. For these types of loans, interest ranges from 5.99% to 35.99%. But, the good news is the terms for payoff are longer than traditional bank loans, and some of them may even go up to three years.
When it really comes down to it, the only way to avoid the downsides that come with poor credit is to increase it. However, that is easier said than done. Nonetheless, anyone with bad credit should try to do as much as possible to ameliorate their scores before requesting an installment loan, as a mere increase of 20-30 points will definitely get you better rates.
An important piece of advice would be to always keep up with your credit and read through your report attentively to catch any inaccuracies or errors. Errors on credit reports are not that uncommon, and they might cause bad credit because of calculation mistakes.
Correcting those mistakes would automatically improve your score. If you catch any mistake, you can fill out a discrepancy report with the reporting agency for the incorrect entries and back up your claims with some form of evidence.
But, if you are still adamant about your UTV and want to receive a loan despite your poor credit history, you should really know what you are signing up for. Always make sure to read the offer and the associated terms from the beginning to the end, then read it again, and only sign after you fully understand all aspects. But, it is worth asking yourself one important question before going through all of this trouble — can you afford it?
Personal loans are a convenient payment plan for anyone in need of some additional funds in a short amount of time. A personal loan, in simple words, is a basic installment loan that will be repaid over an extended period with an agreed-upon number of scheduled payments and a small interest rate, known as APR.
The process is fast and discreet, and you can submit a request online in the privacy of your home and receive an immediate response.
And just like that, a single online application on one of these platforms will present you with several potential lenders interested in offering you a personal loan for that UTV. These lenders operate under networks of alternative financing plans, and each market would propose different financing.
#1. CashUSA: Best for UTV Financing with Bad Credit & Editor’s Pick
Loan Amount: $500 to $10,000
Interest Rate: 5.99% – 35.99%
Loan Term: 3 to 72 Months
CashUSA is a famous platform that gets over a million applicants every month, as the rating suggests. This platform can connect you to a huge network of lenders with fairly simple eligibility requirements.
Anyone over the age of 18 with a checking account in their name and a steady net monthly income of at least $1,000 can apply. The platform gives importance to the urgency of time and an applicant’s privacy.
Loan amounts can start from $500 to $10,000, with interest rates ranging between 5.99% and 35.99%. The loan can be conveniently repaid over an extended period starting from only 3 months to as long as 72 months.
Loan decisions are made in minutes, and funds can be deposited in your bank account as soon as one business day. Exact details on the amount and terms will be provided by the lender based on the applicant’s financial history and accountability.
The online loan request is free, and it would only take a couple of minutes to complete. In addition, all of your personal information is protected through industry-standard encryption and security measures.
Filling out the form is easy, and it is similar to the many applications you have filled out before. The first step asks you to provide some basic information, such as your name, email, zip code, marital status, and the requested loan amount. In the second step, you need to fill out further details regarding your employment and financial history.
These details also include your home address and phone number, whether you rent or own your home, and how long you have lived there. These are followed by your job specifics, including the title of your job and company, the employer’s name, your net salary, how long you have been working there, and any other additional sources of income.
Lastly, you will complete and submit the request after the final step, where you provide information about the bank you deal with, your account number, your social security number, and identity credentials such as a driver’s license or state ID.
Soon after filling in those details, you will be getting your loan offers from multiple lenders. Each offer clearly spells out all of the necessary details, including the terms and conditions, that you should read very carefully.
If the offer is suitable for you and the monthly payments and interest rate are reasonable, then you can accept the offer by e-signing an agreement form to the terms and conditions. CashUSA operates so quickly and efficiently that the loan would be deposited in your bank account within the next business day.
CashUSA tries to make your entire loan experience as comfortable and user-friendly as possible. They have even set up an online portal where you can electronically submit your monthly payments. The autopay feature offered by the portal is even a better feature to ensure you make timely payments.
If you were deemed unqualified for a personal loan, then you may also be eligible for other methods of financing found on the platform, such as debt relief, credit repair, and related services.
The rule of thumb is not to jump on board to the very first offer you receive. Instead, make sure to do your research and understand what you are signing up for. Additionally, several online loan calculators are available to give you a breakdown of the payments you will make.
If you are unsure about what all of this financial jargon means, you can contact CashUSA’s customer support for clarity. Overall, make sure you take your time and do not rush into accepting an offer. Lenders will always be available, and the loan is not going anywhere. But, agreeing to an offer you cannot afford will worsen your credit and disqualify you from any future personal loans.
- Rating of 4.7
- Loans from $500 to $10,000
- Loan decision in minutes
- Funds directly deposited in your bank account
- Must earn $1,000 a month to qualify
#2. BadCreditLoans: Best UTV Loan Rates
Loan Amount: $500 to $10,000
Interest Rate: 5.99% – 35.99%
Loan Term: 3 to 60 Months
BadCreditLoans is the best option for those with really bad credit. As the name suggests, this platform is dedicated to people with an exceptionally poor credit history. The good news is their services are available 24 hours a day, 7 days a week. In addition, the lenders on this platform vie for your business, which increases your chances of getting your loan approved.
BadCreditLoans is a popular choice because the way they operate is a little different. In addition to personal loans, they also include tribal lending and peer-to-peer, or P2P, loans.
These types of loans are sometimes preferred over the more conventional ways. This is because they operate with lower overhead, and their services are cheaper. The interaction becomes a win-win situation for both the lender and the borrower since the loaners can earn higher commissions while borrowers are presented with lower interest rates.
This website is all about inclusivity. The diverse lenders, credit union, or bank that is connected to BadCreditLoans even allows individuals with bankruptcy or repossessions to still qualify, making this platform unique.
However, it is always good to use an online loan calculator to have an overall idea and projection about your repayment plan. By inputting the terms, interest rate, and loan amount, the calculator will show you an estimation of what types of offers are up ahead (and if you can afford them).
The procedure to apply is free, easy, and straightforward, and the best part is that it is done completely online, from the application to receiving your funds. The service also makes sure to protect the personal information you share with advanced encryption technology.
Furthermore, the website is very user-friendly and allows you to navigate and fill in your information smoothly. They take pride in their transparency, which they should, as they have no hidden service costs.
In just three simple steps, a free online form on the website will determine if you are eligible for a loan offer. The form you have to fill out should also be familiar. You will simply have to provide some background information about you and your financial past and meet some basic eligibility criteria. This includes having a steady job, a valid email, and a personal checking account in your name, as well as being over 18 years of age.
Loans can be as little as $500 or as large as $10,000, and the borrowed amount would ultimately depend on your financial history. Repayment terms are also reasonable enough to allow you to enjoy your daily life without struggling to make ends meet. The repayment duration can be as long as 60 months, while interest rates range from 5.99% to 35.99%.
A few mouse clicks, and you will be presented with several of these offers. Decisions are made quickly, and the funds can be deposited into your account once your offer has been approved.
But, we cannot stress this enough — ensure you read through the terms and conditions thoroughly before you agree and e-sign any type of offer.
Here is an example of what a lender’s offer might look like:
Borrow $3,000 for 24 months with a 19.9% representative actual APR based and a monthly repayment of $152.54. The total repayment will be $3,660.98.
- Rating of 4.6
- Loans from $500 to $10,000
- Directly connect with a lender
- Simple, fast form
- Quick funding
- Funds directly deposited in your bank account within one business day
- Shorter loan terms compared to similar sites
#3. Personal Loans: Best Online Lender for UTV Financing
Loan Amount: $1,000 to $35,000
Interest Rate: 5.99% – 35.99%
Loan Term: 3 to 72 Months
If you have your eye on a quality UTV with those enviable extra features, Personal Loans is your go-to service. This platform hosts an extensive network of lenders offering loans from $1,000 to $35,000 with competitive rates, even to those with bad credit.
The service is completely free without any hidden fees, and, as the name suggests, Personal Loans accommodates any type of loan, including those for ATVs and UTVs. So, if you are also interested in some house improvements, a vacation, or unexpected bills, you can find plenty of offers a few clicks away.
With a quick apply-online form, you will be connected with funding prospects within minutes. Standard interest rates apply, ranging from 5.99% to 35.99%, but competitive rates are available if you invest some time into checking different offers. In addition, the terms of payoff are more than accommodating and reasonable.
They can reach up to 72 months, but it all depends on your financial history. The request process is similar to the other services, as you will have to provide some basic personal information, credentials, a social security number, and your bank account information.
The website also offers a feature of no-obligation quotations, where you can view the offers and the corresponding terms and conditions before signing up for anything.
An example of an offer you will receive from a lender would be a table that suggests different terms and the corresponding loan amounts, rates, number of payments, and the amounts of monthly payments. For example, one of the rows would suggest a loan amount of $8,500 for a term of two years and a rate of 6.99%. The number of payments would be 12 with a monthly payment of $380.53. And, total payments would be $9,132.68.
So, you should choose the option that works best for you. And if you ever run into any problems or need help, you can contact the customer support team at Personal Loans at any time, and they will respond promptly.
Once your application is approved and you accept it with an e-sign agreement form, the loan will be deposited to your bank account within 24 hours.
- Rating of 4.4
- Loans from $1,000 to $35,000
- Large lender network
- Fast loan decision
- Funds directly deposited in your bank account within one business day
- Those with poor credit cannot get larger loan amounts
#4. Credit Loan: Best UTV Financing Specials
Loan Amount: $250 to $5,000
Interest Rate: Varies
Loan Term: Varies
Credit Loan is another good option for applicants with bad credit. They have several positive testimonies by users on Trustpilot, and the website is secured and certified. That certification sign is what we usually like to see on websites dealing with bank information and personal data. Furthermore, they have been operating since 1998, and they have helped over 750,000 customers in need. So, they understand a thing or two about loans and customer satisfaction.
The website also offers the latest information about loans, credit scores, and how to increase your chances of getting a loan, so it is definitely worth a read. They also provide tips on what makes a good lender. On top of reading the reviews of previous customers on legitimate websites like ConsumerAffairs.com and the Better Business Bureau (BBB), also check if the lender is linked to a bank and registered with credit bureaus.
The service is online, free, and fast. Anyone over the age of 18 with an active checking account and a stable income can submit an application securely and privately. The website has a friendly layout and is easy to navigate. A helpful FAQ is also available, where all your questions or inquiries are already answered regarding how to apply for a loan successfully.
However, unlike the other mentioned services, loans from this platform start from $250 but only amount up to $5,000. The interest rates and loan terms vary according to the applicant’s credit profile and the offer suggested by a potential lender. Interest rates are not clearly stated on the website, but considering the small amount of loans, they should not be that hard to digest.
Either way, the offer presented by a lender should explicitly specify both the interest rate and terms. But, if you are going for a solid and basic UTV, $5,000 should be more than enough. So, before starting off with your loan application, it would be a good idea to see which UTV model you would like to go with, since the prices of UTVs have an extensive range, starting from $2,500 and going up to $20,000.
Filling out the application on this site is as easy as it gets. By having all of your documents and information next to you, you can fill out and submit the application within minutes. It will ask you to provide basic details, such as background information, whether you own or rent your home, some credentials, and your bank account information.
Decisions are available in minutes, and once your application is accepted, the funds can be deposited in your bank account as soon as the next business day.
- Rating of 4.6
- Loans from $250 to $5,000
- Funds deposited directly into your account
- Simple and quick application and approval
- Only smaller loan amounts offered
Would Bad Credit Stop Me from Obtaining UTV Financing?
Credit scores are a complicated equation, consisting of several parameters. The score ranges between 300 and 850, and the higher you go, the better the score gets. However, a value below 630 would label you as someone with bad credit.
Bad credit is an important determining factor lenders take into consideration to accept or reject a loan. Borrowers with poor credit are viewed as a “poor” investment, and the loans they receive are often accompanied by unfavorable terms.
You are not the only one with bad credit here, as 11.1% of Americans struggle with the repercussions that come with low credit scores. The road ahead might be challenging, but the good news is just around the corner. A bad credit score used to be the financial life sentence of getting a loan. But, new or used ATV or UTV financing options have made it easier for people with bad credit to still have the possibility.
The debt-to-income ratio is the major criterion that will approve or reject your loan application. The lender would determine your qualification by taking into account your employment, net income, and any existing debt, in addition to the cost of the UTV and the amount of the down payment.
Some lenders may also consider a lien by registering the UTV under the lender’s name until you complete your loan. However, car dealerships sometimes offer this type of financing, so it would be good to inquire beforehand at the UTV dealership.
There are ways to make the entire process faster and improve your chances of successfully getting a loan. This includes preparing your documents in advance, since lenders will require financial and legal documents, such as proof of income, identity, and recent tax returns, among others.
In addition, a co-signer with good credit would be another option to guarantee an approved loan. Overall, though, you should ensure the loan amount you are requesting is reasonable, and you should take into consideration your credit history. So, only ask for the amount you really need and apply for one loan at a time, as multiple requests would only worsen your credit score.
Once you submit an application, you are going to be presented with multiple offers from lenders. These lenders are always on the lookout for potential loan borrowers, fortunately even for those with bad credit.
But, that is when things might get confusing, as too many options can prove challenging. But, if you are going for a good offer with acceptable terms and conditions and if you really want that UTV, then you need to dedicate some time for research and analysis. So, you should consider the following factors before accepting an offer from a lender.
- Read through the reviews of users who have previously worked with the service and lender. If you want to go the extra mile, you can even ask for recommendations from social media about a specific service someone has worked with, as that should give you a good idea about what to expect.
- Make sure you are completely aware of all costs related to accepting the loan, and they should be clearly stated in the terms and conditions.
- Stay alert and do not fall victim to predatory lending.
- The lender should be fully transparent and upfront with you concerning the interest rate and term duration. If you feel the lender is being too unfair or unreasonable with their rates, then it is a better idea to find another lender. As we have mentioned before, there are plenty of lenders available.
- Fake offers are hard to spot, and some may propose initially paying off the interest. If you receive such a proposal, do not accept it, as it is not authentic.
How Long Can I Finance a UTV?
Long-term loans evidently show the advantages a borrower can reap, even one with bad credit. This method offers you the flexibility and leisure to enjoy your life without getting buried under monumental debts.
The interest rates are lower than your typical credit union or bank loans, and you can take your time in repaying the loan on a set number of terms you have agreed with your lender. But, that is not all. Getting such a loan will even repair your credit, provided the payoff is punctual and complete.
The sweet deal a long-term loan offers you is right there in the name — long term. Once you find and agree upon a loan with reasonable interest rates and terms, you can benefit from the funds you receive the very next day and gradually pay off the UTV loan in small, affordable installments.
But usually, a larger loan means a longer repayment period. With the advancement of vehicle technology, UTVs have become as complex as cars, meaning they are sometimes just as expensive. Presently, lenders specializing in OHVs may offer loan terms from 36 to 72 months, depending on the cost and the down payment for the UTV.
Financing your UTV purchase has never been easier, but you should be realistic with your prospects. Take into account your income and credit track before deciding on a luxurious UTV. If you do not have sufficient income to afford the additional debt, it would add to your financial stress.
However, long loan terms come with the small disadvantage of accumulated interest over the period of paying off the loan. For example, a $10,000 loan spanning over five months of installments at an interest rate of 5.99% would cost you $193 per month, which is an extra $1,500 on top of the vehicle price. However, the same loan spread over three years would be $304, with only an overall interest of $936.
Finding a reasonable monthly installment amount should be something to consider before jumping on an offer immediately. Online personal loan calculators are available to help you decide on the most affordable option. Ultimately, opting for short or long terms is a personal choice, and the decision should be based on your salary and financial expectation for the upcoming years.
Would a UTV Need Insurance?
Finally, owning and riding your UTV is not the end of the story. Just like any other vehicle, your UTV would require routine maintenance over the years, and having insurance would be a good idea, too. Insurance is not a bad thing, as it is just a precautionary measure to make sure you do not end up drawing the short straw after an unlucky incident. Not having insurance might even cost you more than purchasing one, especially after a terrible accident.
However, having insurance is not really a personal choice in some circumstances. Some states have specific laws regarding insurance for UTVs. As a result, you would have to purchase insurance by law if you wanted to drive your UTV in that specific state.
Where you choose to ride your UTV is another factor that plays into the necessity of having insurance. Riding your vehicle on private land would not necessarily warrant buying insurance, but public streets or parks might require you to have some liability insurance as a safety measure.
Setting the automotive legalities aside, insurance might be a requirement for a successful UTV loan. A lender that accepts your loan might stipulate the terms and conditions if you need to purchase insurance for your UTV, and they will specify the terms and the type of coverage within the offer.
You should also take into consideration the requirement for having insurance when asking for a loan for a UTV. Coverage insurance packages vary in cost depending on vehicle type, whether it is new or used, make and model, horsepower, and driving record history. Just as lenders specialize in UTV loans, different insurance carriers that specialize in UTVs are also available. So, make sure you look around to find a good match for you.
Do Not Let Bad Credit History Stop You from Another Off-Road Adventure
So, here is the breakdown of how you should go about this:
- Research the model and type of UTV you are interested in purchasing.
- Once you have found the UTV you want, use a personal loan calculator to see if a personal loan is a right choice for you.
- Go through the different websites we have included in this article, as we have researched to find the best choices for you.
- Prepare your documents and credentials and keep them in hand. You will need these to fill out the application and request forms swiftly.
- Once you have submitted a request, go over the offers carefully and diligently. Make sure you read all of the details provided in the terms and conditions to avoid any unpleasant surprises by the end of the month.
- Do not accept the first offer you get. There is no need to hurry, as the lenders on this site are always available to provide UTV loans. So, do your research, compare different offers, and even consult a trusted friend to get a third-party opinion.
- Once you decide on an offer that is suitable for you, you can accept it by e-signing an agreement form. Then, the funds will be available in your bank account within the next day.
- It would be a good idea to find a reliable and efficient way to pay your monthly installments. For example, autopay is a convenient option when it comes to such financial affairs. Just make sure your bank account holds enough money for the automatic transfers.
- Organize your calendar and set reminders to not miss out on any payments. A successfully paid off personal loan may even brighten up that bad credit of yours and make you eligible for better options the next time you are in need of a UTV loan.
If you can easily afford the monthly payment, then a personal loan is your best bet. What is even better is that you may also improve your credit score and credentials when you pay off this UTV loan responsibly and on time, as a successful repayment would show positive accountability on your track record.
The other option is credit cards, but that would only make things even worse. A maxed out and unpaid credit card would make your credit score go lower.
There is only one disadvantage a UTV loan request might impose on you. During the procedure of applying for a loan, lenders employ techniques known as hard or soft pulls to check your credit history. Hard pulls might damage your credit score, but soft pulls are harmless and allow you to see all of the available loan rates.
It is always a good idea to submit a request for one loan at a time to avoid hard pulls during the application process. The platforms we have discussed even spell out that they only perform soft pulls, so make sure to choose one of these, or another, similar site.
Riding your own UTV over the weekend sounds like the perfect way to let off some steam. Bad credit used to be one of the major issues stopping you from purchasing your ideal UTV, but personal loans like the ones we suggested here might be your best shot for financing that UTV you have your eye on. So, choose one and get approved for a loan today.