Whether you are a seasoned off-road enthusiast or a newbie looking to buy your first ATV, financing can be a challenging part of the process. That's where our ATV loan calculator comes into play. This user-friendly tool simplifies the complexity of your loan terms, fees, and payments, giving you the confidence to make an informed decision while also providing the honesty to include all costs involved. This guide will help you understand all the terms and concepts you need to use our calculator efficiently.
Our ATV Loan Calculator Explained
Let's go over some crucial terms you'll encounter when using our calculator.
- Cash Price: This is the sticker price of the ATV you're considering.
- Interest Rate: This is the approved rate for your ATV financing.
- Term Length: This refers to the duration of the ATV loan you're applying for.
- Payment Frequency: This term relates to how often you'll make your payments—be it biweekly, semi-monthly, or monthly.
- Payment Estimate: An approximation of what you'll need to pay based on the frequency you chose.
- Cash Down: The initial amount you're planning to put down for the loan.
- Dealer Documentation/Admin Fee: This is the fee charged by dealerships. On our calculator this value defaults to our partner, Revival Powersports' cost.
- Lenders Fee Estimate: The fee charged by lenders to register your loan.
- Other Fees: Charges from dealers and lenders, such as private sale markup or government lien registration fees, as well as cost for add-on products like upgrades or warranties.
- GST 5%: A federal tax which auto-calculates based on the sticker cost. Some dealerships and lenders may tax add-on products and service fees.
- Total Amount to Finance: The total principal amount estimated for your loan.
It's important to note that while some lenders and dealerships might roll Provincial Sales Tax (PST) into the loan, customers from other provinces may need to pay it directly to the registry. This decision is often made on a case-by-case basis.
Beware of Scams
As with any financial transaction, there are scams to watch out for. Here are some potential pitfalls:
- Misleading Interest Rates: Some dealerships might advertise a lower interest rate to attract applications, even though those rates aren't genuinely available. Always ask for a written agreement that explicitly states your terms.
- Lead Generators: Some businesses collect applications under the pretense of being a dealership, only to sell your data to other dealers. It's essential to verify the legitimacy of the business before sharing your personal information.
- Hidden Fees: Be cautious of dealerships that do not disclose their documentation or administration fees upfront. All costs should be transparent and discussed before signing any agreements.
- Guaranteed Financing Offers: Be wary of dealerships advertising guaranteed financing, as no loan approval is ever 100% certain. Legitimate lenders always assess an applicant's credit history, income, and other factors.
Remember, all the values and information provided by the calculator are estimates. They serve as a useful guide but shouldn't be used as definitive figures. All data and loan figures are subject to approval on an individual basis.