Can You Finance A Used UTV?

financing used utv

You can finance a used UTV as well as a new one. Financing will often be easier to apply for if you are buying the UTV from a dealership. Downpayment on UTVs, Side by Sides, golf carts, and other recreational vehicles is often 10% – 20%. If you already have a vehicle and looking for an upgrade, trad-ins are often possible with the dealerships. Trade-ins will save you the hassle of selling your old vehicle, but the dealership will give you some percent lower price because they have to make money when reselling it.

“Have you ever seen bucks this big?”

You and your buddies were finally able to make it up to your favorite hunting camp up in the mountains. The hunting is pretty good, but the guide is telling everyone about an exclusive spot off the trail.

He swears the hunting there is phenomenal. And he’s right. But you can only get there by UTV. 

Oh well. You’ll just have to wait until next year—or you can think about financing a used UTV. With kids in school, car payments, and a spouse at home, buying a new one is out of the question. But maybe you and your crew can pitch in and finance one.

But what are your options? Where do you start? Well, that’s exactly what we’ll cover in this article. We’ll explore all the ways you can purchase a used UTV and give yourselves the hunting trip you deserve!

Let’s get going!

Things to Consider When Financing a Used UTV

First things, first. You’re going to want to know what you’re responsible for when financing a used UTV. If this is your first time financing a vehicle like this, there are some things you’re going to want to consider before jumping into a loan.

There’s more to this process than the loan itself. There are some other expenses you’ll need to watch out for and other things to think about to get you and your friends in the position to walk off the lot with one of these puppies.

Also, check out our article with tips when buying a used UTV.

Down Payment

The first thing you’re going to want to find out is how much you can afford to put down. The good thing is that this payment will go directly toward the total price of your UTV. 

The idea is that the company selling your UTV needs to see some sort of commitment from you as a buyer. This commitment comes in the form of your down payment money. It also helps the dealership minimize their losses if someone were to default on a loan.

Typical down payments on UTVs, golf carts, and other recreational vehicles are between 10% and 20%.

Credit Score

Like with most loans, when you’re financing your used UTV, your credit score is going to be a factor. The better your credit score, the better your loan terms will be.

If you happen to have a lower score, it’s not a guarantee that you’ll get denied, It just means the terms for your financing won’t be as good as for someone with a higher score. One way to offset a low score is with your down payment money.

Like we said earlier, down payments on UTVs are usually 10% to 20%. However, that range applies to a certain credit score. If your credit score is lower, the dealership may want you to put more money upfront.

Even if they don’t require more money upfront, putting more money down upfront will more than likely increase your chances for approval.

UTV dealerships don’t care about credit as much as a mortgage company might. You can buy a UTV with a lower score than you’d need for a house. The only catch is that it will cost you more.

Just be aware that if you see a low financing rate on TV like 0.9% APR for a UTV, that may not be the rate you walk out of the dealership with. Those introductory rates are for people with very high, almost perfect, credit.


If you’re financing a used UTV for the first time, this won’t apply to you. But, if you have a vehicle already, you can use that older vehicle as a trade-in—similar to the way it’s done with cars.

The dealership will use the value of your older vehicle as a credit against the purchase price of your new one. For example, if your old UTV is worth $1,000 and the new one you’re buying costs $10,000, the dealership will apply the $1,000 value of your old vehicle, and drop the price of your new UTV to $9,000.

It may not seem like much of a discount, but any little bit helps. Also, a lot of buyers will use a combination of a trade-in and a down payment to significantly reduce the amount of the purchase price they need to finance.

That’s a smart way to do it because you’ll end up paying less interest over the life of the loan. Nobody wants to pay more interest than they have to.

How Much Can You Afford?

You and your buddies need to have a conversation about how much UTV you’re looking to purchase. That may seem like an obvious part of the process, but it deserves mention.

Much like with cars and houses, people get excited about purchasing their new toy. It’s easy to get yourself into a loan that’s way over your head just because you fall in love with the vehicle.

Have a budget in mind before you set foot on the dealership property. That way it will make it easier to stick to your guns and everyone will walk away happy. Most dealerships will have a great UTV for you, no matter the price range.

The typical monthly payment on a UTV is around $300 per month. You’ll want to examine your personal finances to make sure you’re in a position to handle that type of payment.

Financing Options

So, where can you go for a UTV loan? Well, you have a few different options available. Naturally, the best one for you is going to depend on your individual situation. It’s also going to depend a lot on the factors mentioned above.

Right off the bat, when people hear “financing” they think bank. They think they’ll get the highest dollar amount, the best terms, etc. Basically, people think “money” when they hear banks.

However, that’s not always the case. When you’re dealing with financing a used UTV, you’ve got a few different options to choose from.

The Dealership

The next place people look aside from banks is the dealership. It makes perfect sense. They want to sell you the vehicle, why wouldn’t they want to finance it for you?

It’s convenient because you’re already at the dealership. And, oftentimes, dealers have a pretty solid team of lenders that they work with. In fact, you may have access to more lenders by going through the dealership because certain lenders will only work with dealerships.

If you have a lower credit score, the dealership may be the best option. They also can help you to take advantage of any available manufacturer’s rebates.

The Bank

Banks can also be a great option. It may help to have a little bit better credit, though. If you do, you can take advantage of some great loan products from banks.

The one downside to the bank, however, is that they tend to loan more conservatively than a dealership or other types of lenders. This is especially true when you’re dealing with big banks. There also can be higher fees on the loans.

The plus side is that banks can offer you the most competitive interest rates.

Credit Cards

Consumer credit cards may also be a possible option for financing. Basically, the idea would be to charge the entire vehicle to your card, or several cards, and just pay them off over time.

The challenge here is the interest. Interest rates on credit cards are much higher than the interest rates on other types of loans. However, if you use a rewards card, this might be a good way to rack up points.

You also need to be organized with your bills. If you don’t make your monthly payments, you could get hit with late fees and it will hurt your credit.

Personal Loans

You can get a personal loan from a bank, credit union, or other forms of lenders. In fact, there are several online companies now that specialize in personal loans. These loans come with high interest rates, though, because they aren’t secured against any sort of collateral.

Credit Unions

Credit unions are financial institutions owned by investors. These groups of investors generally can be a little bit more flexible because they don’t have as many offerings as a traditional bank. They also may be able to offer you better rates and handle borrowers with lower credit scores than traditional banks.

It might be worth it to you to check out your local credit union first. Sometimes they can be one of your best options.

Guaranteed Loans

These types of loans are great for people with lower credit scores. Most guaranteed financing lenders won’t even look at your credit score. What they’re looking for is proof of income. 

If you can show them that you’ve had steady employment over a certain period of time, they’ll issue you a loan. They’ll want to see that you have a certain amount of money on hand as well, but that’s really it.

If you’ve had trouble getting approved for financing in the past, this might be the best option for you.

You’ve Got a Ticket to Ride

When you’re financing a used UTV, these options are your ticket to ride! You and your buddies won’t be left sitting on the sidelines next year. 

If you need more information about anything UTV-related, feel free to browse the rest of the resources on our blog.

Thanks for checking in with us, and we hope you learned something.