ATVing is one of the best ways to explore a new landscape, navigate difficult terrain or just have some good old fashion summer fun. But with a price tag in the thousands, it can be an expensive hobby.
If you’re looking to finance an ATV in Canada you have many options, including ATV manufacturers and dealers, banks and credit unions or online lenders. Keep reading to explore your ATV financing options so you can start adventuring without breaking the bank.
Canadian resident, age of majority in your province of residence, home equity to use as collateral
Can I finance an ATV through a manufacturer or dealer?
Getting a loan through your ATV dealer or manufacturer is another way to finance an ATV in Canada. It’s also one of the most straightforward options. Still it’s important to shop around to make sure you’re getting the best rate.
Manufacturer financing. Some ATV manufacturers offer financing through a third-party lender, such as a bank, and they can offer promotions like cash rebates or a low interest rate for a period of time. For example, Suzuki offers financing through TD with rates from 5.99% for 36 to 72 months (as of July 2022).
ATV financing through a dealership. ATV dealers may either provide in-house financing or partner with a third-party lender such as a bank or alternative lender to finance your ATV loan. Minimum credit score will vary based on who is providing the financing.
Popular dealers and manufacturers who finance ATVs in Canada
Here are some popular ATV brands and dealers across Canada who have their own financing programs:
Yamaha
Honda
Polaris
Powersports Canada
J&R Cycle
CFMOTO Canada
Suzuki
HISUN
Can I finance an ATV through a bank or credit union?
Yes, some banks and credit unions offer ATV financing, which are often referred to as “powersport” or “leisure” vehicle loans. For example, both TD Canada and Scotiabank offer financing for ATVs. Coast Capital is an example of a credit union offering ATV loans. This is a solid option if you have good to excellent credit above 650.
Features of ATV financing from banks and credit unions
Secured vs. unsecured. The loan may be unsecured or secured. If the loan is secured, then your ATV will act as collateral, and the lender can repossess it if you do not make your repayments. If it’s unsecured, then the loan has no collateral. Secured loans tend to have lower rates than unsecured loans.
Fixed vs. variable rate. You might be able to choose between a fixed and variable rate. With a fixed rate, your payments are predictable because your interest rate stays the same throughout the loan term. With a variable rate, your interest rate will fluctuate with the markets, which can increase or decrease your payments.
Loan term can be several years. As an example, Scotiabank offers loan terms up to 6 years for a powersport vehicle loan, while Coast Capital, one of the biggest credit unions in Canada, offers up to 84 months.
Can I finance an ATV from an online lender?
Yes, there are many reputable lenders online who offer leisure vehicle loans specifically designed for powersport and ATV financing.
One of the main perks of getting an ATV loan from an online lender is the convenience of being able to shop around and compare your options all from the comfort of your home. Online lenders also tend to have more lenient eligibility requirements, like lower credit score cutoffs, compared to banks.
However, if you have an excellent credit score, you may find lower ATV finance interest rates from banks or credit unions. That’s why it’s important to shop around before committing to any one financing option.
Can I finance an ATV in Canada using a personal loan?
You can get a personal loan from banks, credit unions and online lenders and use the funds for whatever you like – including financing an ATV. If you have good to excellent credit, you’ll be eligible for more competitive rates, as low as 6.99%.
If you have fair or bad credit, you will have a better chance of getting approved by an online lender than by banks or credit unions. Keep an eye on interest rates if you have bad credit, since they can get as high 46.96% for unsecured loans. Because lenders view bad credit borrowers as higher risk, they charge higher rates.
Features of personal loans to finance an ATV
Secured vs. unsecured. Just like with powersport vehicle loans, personal loans can be secured (with collateral) or unsecured (no collateral). With a secured personal loan, the collateral can be assets you own, such as your investments or house.
Fixed vs. variable rate. Banks and credit unions offer fixed and variable rates. Online lenders offer fixed rates.
Long loan terms. The loan term for a personal loan usually ranges from 3 to 60 months, but some lenders can offer longer terms.
Loan amount. The loan amount for a personal loan can range from $500 to $50,000.
Eligibility can vary among lenders, but you typically need to meet the following criteria to finance an ATV:
Regular income. Steady, stable income from employment is preferred over irregular, seasonal, self-employment income.
Age of majority. The minimum age to take out a loan is either 18 or 19 depending on the province or territory you live in.
Canadian resident. Most lenders require that you be a resident of Canada with a valid, permanent Canadian address.
Tips for comparing ATV loans
Taking your time deciding between ATV finance options can end up saving you a lot on money over the length of your loan term. Here are a few tips to keep in mind as you’re shopping around.
Request quotes from multiple ATV finance options
Many manufacturers only advertise the lowest possible rate on their websites, which only the most creditworthy borrowers actually qualify for. Many manufacturers and online lenders allow you to pre-qualify for financing. This gives you an estimate of the rates and loan amounts you are eligible for without impacting your credit or receiving the loan just yet.
Compare annual percentage rates (APRs) with the same term lengths
The longer your ATV loan term, the more you pay in interest. APR is the combination of your interest rate and financing fees; it shows the true cost of your loan. An APR of 3.99% might not be as favourable as you thought if it comes with a longer term when compared to a higher APR, shorter term offer.
Ask questions
Whether you’re looking at a personal loan or brand financing, you might not be able to find all of the information you need to make an informed decision online. Go directly to the source if you have any questions by calling the customer service line, shooting an email or using the lender’s live chat feature to get answers to any area that’s unclear.
What to watch out for with ATV loans
Want to make sure your lender is legit? Watch out for these red flags when looking for ATV financing in Canada:
Guarantees. No lender can guarantee that you’ll be approved for a loan. If you come across one that does, there’s a chance it’s a scam.
No credit check loans. Often these loans come with even higher rates compared to loans that require a credit check.
Upfront payments. Any lender asking for money before you get your funds could be running a scam, especially if they’re in the form of gift cards or money orders.
How much does it cost to finance an ATV?
The cost of ATV loans depends on the loan amount, interest rate and loan term. As a rule of thumb, you want to get the shortest loan term and lowest interest rate possible so you pay less interest overall. However, make sure you can still manage the monthly payments.
Below is an example of how much an $11,000 ATV loan would cost at 5.99% APR based on varying term lengths:
36 months
48 months
72 months
Monthly payment
$334.59
$258.28
$182.25
Total interest payed
$1,045.29
$1,397.67
$2,121.99
Total cost
$12,045.29
$12,937.67
$13,121.99
ATV financing calculator
Use this calculator to figure out your monthly payments based on loan term, APR and loan amount.
ATV financing calculator
Calculate how much you could expect to pay each month when you finance an ATV.
You can usually find some form of ATV financing at nearly any credit score, but you’ll be charged a higher interest rate the lower your credit score is. The table below shows what type of APR may be offered by lenders relative to different credit scores. Note that the actual APR you’re offered may differ – this is just a representative example.
Credit type
Credit score
Possible APR
Excellent
760 to 900
0% to 3%
Very good
725 to 759
3% to 5%
Good
660 to 724
5% to 8%
Fair
560 to 659
8% to 12%
Poor
300 to 559
12%+
Lower credit can also affect which loan terms you qualify for. Generally, you’ll need to have at least good credit to qualify for longer terms. Other factors like your debt-to-income ratio can also factor into your rate.
Nate, a resident of Ontario, wants to buy an ATV. After doing some research, he heads to a nearby dealership, where he finds a 2020 Kawasaki Brute Force 300 priced at $5,099. Nate heads to his bank to finance his ATV. Because he has a solid credit history, he is approved for a $5,099 ATV loan.
Loan amount
$5,099.00
Loan type
Auto loan (term loan)
Interest rate (APR)
3.99%
Loan term
60 months
Additional fees
None
Payment
$93.88 monthly
Total loan cost
$533.97 in interest charged for a total of $5,632.97
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Common ATV types
Sports ATV. These quads are designed for fun. They’re faster, lighter and can absorb shock better than their counterparts. They’re typically less expensive too.
Utility ATV. If you’re hauling cargo through rough terrain, a utility ATV is what you’re looking for. It can handle a heavier load and is typically more stable than a sports ATV.
Side-by-side. Also known as SxS or UTV, these vehicles allow you to ride with another person or carry a heavier load.
Used vs. new ATVs
Before you buy a new ATV, consider whether you want a new or used vehicle. Both come with benefits and drawbacks.
New ATVs
New ATVs can be more expensive, but don’t require as much upkeep in the beginning. They can come with lower APRs when you finance, and you don’t risk having hidden damaged parts that could set you back. However, you could end up having to pay for major repairs on an already-expensive vehicle if it gets totaled.
Used ATVs
Used ATVs are generally much cheaper. Rather than paying thousands of dollars, it’s possible to find used ATVs for around $3,000. While rates might be higher, you’ll still end up paying less – or you might not even need to get a loan to cover the upfront cost.
This means that if you damage your vehicle, it’s less of a big deal. It could also be a good option for first-timers who don’t know how much they’re actually going to take it out. But there’s a chance you’ll need to replace some parts and spend some serious time in the garage.
How much are ATVs from popular brands?
Brand
Cost for 2022 models
Series
Polaris
$8,499 – $20,999
Sportsman, Sportsman Touring, Scrambler
Honda
$8,499 – $12,499
Foreman 520, Rubicon 520, TRX420
Can-Am
$2,899 – $11,199
DS, Outlander, Renegade
Yamaha
$8,099 – $14,099
Kodiak 700, Grizzly EPS, Kodiak 450
*Prices last verified in July 2022
Compare loan details to finance your ATV
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Bottom line
From in-house financing to personal loans from a bank, credit union or online lender, you’ve got many ways to finance an ATV. If you have good credit, you may want to check with a bank or credit union first. If you have bad credit, you may wish to consider online lenders or dealer financing.
Frequently asked questions about ATV financing
You can generally find ATV financing options for all credit score ranges. However, you’ll usually get a better deal if your credit score is above 660 – what most lenders consider to be “good credit.” You’ll have even more options if your score is 725 or higher. If you have bad credit, you can apply for ATV financing to an online lender or dealer, but expect steeper interest rates.
Yes. ATV wheels can set you back several hundred dollars apiece, which quickly adds up. You can typically get financing either through the manufacturer or by taking out a personal loan.
MSRP stands for manufacturer’s suggested retail price. You’ve probably seen MSRP when checking out models on a manufacturer’s site. It means that dealerships might charge a different price, though you can expect something in that ballpark.
In Canada, nearly every lender will pull your credit report before extending money, even if you’re applying for a bad or no credit loan. For this reason, no credit check lending is going to be difficult to find. But then again, nothing is impossible. However, if you’d rather have your ATV sooner rather than later, you may want to consider working with a lender that does credit checks. In addition, you might face higher interest rates without a credit check because of the uncertainty and risk to the lender.
Veronica Ott was a writer at Finder. She's written for numerous finance and business websites including Loans Canada, Borrowell and Fresh Start Finance. She previously worked as a professional chartered accountant in the private equity and advertising industries. See full bio
Chelsey Hurst is an associate editor at Finder. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
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