4 Tips For Fast Financing On Recreational Vehicles

At Boost, we make financing simple and we know that when you come to us looking for an ATV, boat, snowmobile, SeaDoo or RV, you want to get on the road fast! There is nothing worse than a lengthy finance process when all you want to do is spend a long weekend with your new toys. We want this process to be painless, so we’ve gathered all our expertise and provided a guide to get your financing done FAST.

Know your credit score or history

Knowing your credit score and history will be an important part of the financing process. The more up-to-date and clear history that you can provide to our Boost team, the more quickly they will be able to assist in finding you the right financing options to suit your needs.

Your credit score will take into account your debt-to-income ratio (how much money do you owe compared to how much you currently make?) and what is your track record with things like paying on time or taking out loans.

Even if your credit score and history are not ideal, Boost Financing can still help! We work with all credit types, and we can get you on the road faster if we know what we are working with. Don’t be nervous about being honest and open about your financial history, we’ve been there.

Have your paperwork ready

Just like any other situation, being prepared for recreational vehicle financing is key moving quickly. The easiest way for us to get through the boring stuff – paperwork – is for you to have everything ready to go at the beginning. Here are a few things we suggest having on hand for when you start your financing conversation with Boost:

·       Driver’s License or a form of ID

·       Your SIN

·       Bank statements and/or pay stubs for the last 3 months

·       A job letter or proof of employment

·       A void cheque or Pre-Authorized Debit (PAD) form

 While we may not require every single one of these pieces to get your deal ready, the more quickly we can have these items, the more quickly you’ll be on your way to your new recreational vehicle.

Gather a down payment (if possible)

While a down payment is not necessary for financing a recreational vehicle - like an ATV, boat, RV or snowmobile – it does help. If you have a down payment amount available you can prepare the funds by putting them in an account that allows for direct payment (like a chequing account).

A down payment should typically be between 5-15% of the total cost of the vehicle, so depending on your down payment this might help you decide what you are able to spend on the vehicle overall. Make sure you you’re your down payment amount and are prepared to discuss what works for you. We can start with your budget so you get exactly what suits your needs and financial situation.

Don’t have a down payment? That’s okay too! We work with all types of credit and finances. A down payment will make the process faster but it’s not a requirement to make your dream happen. We can discuss alternative options to ensure you still get on the road.

Be prepared to answer questions.

And finally, we are going to want to talk to you! To guarantee you get exactly what you want, it’s important that we communicate and work as a team. Our Boost team will work side-by-side with you to move the process along quickly and be transparent every step of the way. Here are a few things you can expect to answer questions about and discuss:

·       Your job and employment history

·       Your income

·       Your credit and credit history

·       What kind of vehicle are you looking for? Make, model, colour, features etc.

·       Do you want new or used?

·       What will you be using the vehicle for?

·       Do you have references and who are they?

·       Do you have a down payment and how much is it?

·       Do you have any “must-haves” for your future ATV, boat, RV, Snowmobile or SeaDoo?

And more! All the above questions will be helpful in the journey to your dream vehicle.

Frequently Ask Questions

How to get fast financing on an ATV?

It’s important to know your credit history, have your paperwork ready (job letter, pay stubs etc.) and gather a down payment if possible.

Can I finance a snowmobile?

Absolutely! You can finance any recreational vehicle.

Can I still get financing if I have bad credit?

Yes. Bad credit does not always mean you don’t qualify for financing. There are lots of options out there!