ATV Financing for Low Credit Score

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ATV Financing for Low Credit Score

This potential client is applying for financing to help him purchase an ATV and a trailer to transport it on. He has $2000 saved towards the purchase and needs a loan of $6000, which he would like to be approved for by the end of the week so that he can take it on a weekend trip camping with some of his buddies.

Other than his low credit rating, he actually has a pretty good loan rating and probably would qualify for the loan. He has a full time job, which he has been at for the past few years and he expects to remain at as well. He make sufficient money to qualify for the loan and his debt ratio is also in line with what most lenders are looking for.

His low credit rating stems from some mistakes he and his now ex-wife made when it came to separating and who was going to pay the debts that they both were responsible for. This happens a great deal and both parties usually end up with their credit ratings taking a hit for a few years until they repay their debts and reestablish their credit rating.

He is taking the correct approach and as long as he borrows money and repays the loans on time with no late payments or any other issues he will improve his credit rating. Although he did not mention how many credit cards that he had, we would suggest that he have a maximum of two cards to avoid this issue affecting his rating.

ATV Financing Loan Amount :: $6000

ATV Financing Loan Application and Processing Speed (when do you need the funds):: within the next seven days

Do you currently have a mortgage? :: no, currently rent a house.

Bank Name and Branch :: Chase, on Tabernacle st

What City/Town, State and County do you live in? :: St George, Utah

Zip ::84770

What is your employment field? :: Golf Course Maintenance

Employment Position ::Manager at a local Golf Course

When are you paid? (monthly/weekly/biweekly):: Bi weekly

Your credit rating to be – excellent, fair, or bad? :: fair or perhaps low

How did you find us? ::looking for loans online for ATV Financing

How are you paid? (direct deposit/paper check):: direct deposit to my checking account

Gross Amount Per Paycheck :: $1750

Do you agree to have this information published online, without your PRIVATE information of course? :: sure, no problem, just make sure my name and address are left off anything that gets published online

Extra information here please (some detail):: I am looking for ATV financing for someone who has a low credit score. In total I need $7000 for the ATV I am considering and another thousand for the trailer I will need to tow it around on. I have $2000 in cash saved up which I will put towards the ATV and that means I will need another $6000 to purchase this machine. I would like to get it for this coming weekend so that I can go with my friends out into the desert and into some of the canyons. We are planning an overnight camping trip and it would be really great to have my own machine.

We have done this many times before, however I have had to hitch a ride with a buddy. I would like a new machine as well rather than purchase something that has been beat up pretty bad and you never know what damage was done to them on previous rides. They get treated pretty rough. I would also like to buy new safety gear, helmets, gloves etc, but that can wait until I save some more money from working.

Note to Lender:: regarding work, I am employed on a local golf course here in St George. We are open year round and we have players all year although in the summer time it can get pretty hot so there is not so many customers. I maintain the greens and do general maintenance of the property and the equipment. I have been there for a few years, really enjoy my job and plan to stay here for at least a couple more years.

I would like to find the lowest interest loan for my ATV as possible. I am hoping that your company can provide me with a low interest loan for two or three years term which will keep the monthly payments as low as possible.

Regarding my credit rating, I separated a few years ago from my wife and during that time frame there was some dispute regarding who was to pay the credit card debt. Neither us of made any payments to the credit card accounts and as a result we both ended up with a low credit rating. This has plagued us both for the past three years and I have come to realize that I should have just paid the bill rather than being so stubborn. Now I realize the only way to recover my credit rating is to borrow some money and then pay it back on time. I am hoping that this ATV loan will accomplish this and also provide some enjoyment as well.

Category: ATV Financing Loan APR 5% APR 7% APR 8%
Loan Principal $6,000 $6,000 $6,000
Payment Schedule Monthly Monthly Monthly
Length of Term 2 4 6
Amount to be paid $6,312.44 $6,857.34 $7,459.73
Total interest paid $312.44 $857.34 $1,459.73
Paid per installment $259.42 $140.90 $102.19