Financing Your UTV

There’s no better way to explore the backwoods, cruise the dunes, or splash through your favorite mudhole than with your very own UTV. Unfortunately, these compact powerhouses are expensive, so paying the full sticker price up front isn’t usually an option. We here at PrairieLand Partners want you to have fun without emptying the bank, so we’ve put together some tips for financing your UTV purchase below. To learn more, or to see the UTVs we have for sale, contact our stores throughout the great state of Kansas, today!

Build a Budget

Your first step here, like with any large expense, is to create a reasonable budget that balances your finances with typical market costs. Start with some window shopping so you know how much the typical UTV sticker price is, then factor in insurance, fuel, maintenance, and gear costs. Remember that a higher down payment will mean lower monthly installments.

Next, check your finances to see how much money you can afford to pay in a down payment, then how much you can generally afford to pay off monthly. Make sure you’re not leaving yourself too little wiggle room—never dip into emergency funds or long-term savings for something like this. 

The Right Loan

The two main types of loans you can grab are secured and unsecured. An unsecured loan will require a better credit score, but the longer term and lower payments can be worth it. Secured loans are easier to acquire, but will not only have a shorter term and higher rates, but will use the UTV as collateral. That means that if you default on an unsecured loan, your UTV may be repossessed by the lender.

Once you figure that out, you need to figure out your ideal down payment and monthly rates, the length of loan you can get and want, and so on. Your local bank will have financing experts who can walk you through your options and the process, even if you don’t get a loan from them.

The Right Lender

There are a number of places that can provide you with a reasonable loan, including financial institutions like banks and credit unions, dealerships, and loan agencies. You can obtain a loan from any lender, whether or not you have a prior financial relationship to them. However, a financial institution you’re already part of will typically offer better rates and deals, and credit unions tend to have better options all around. 

We hope these tips help you get to your riding without too much hassle! If you have any questions, or you just want to see the UTVs we have available, contact us at PrairieLand Partners. We proudly serve the people of the Sunflower State—let us serve you today!