How do ATV loans work?

ATV financing is similar to financing a car or motorhome.

ATV financing is similar to financing a car or motorhome. You’ll get a loan term, from one year up to six years, where you pay off the cost of your ATV in monthly installments, plus interest and any fees. When you consider financing an ATV or motorcycle, take advantage of CCCU’s flexible lending period, as long as 72 months (or six years). To estimate your monthly payment for a motorcycle or ATV, factor in:

• The total cost of the vehicle
• The monthly fixed-interest rate—loan calculators can help you crunch the numbers (generally, the higher your credit score, the lower the interest rates on your purchase will be)
• Divide those totals by the number of months you wish to finance

Even if you are more comfortable making the terms on a recreational vehicle for a long period of time, as long as you have a low fixed interest late, you are still paying more on the premium than on interest. Further, there are no penalties for paying above the minimum amount due, which could help reduce the amount paid in interest.