A Beginner’s Guide to Golf Cart Financing
Not many people can afford to purchase a golf cart in full, which is why so many customers rely on different financing options. Financing can be a great way to get the vehicle you want on your ideal timeline. There are some tricks of the trade to make the loan process easier, which we discuss in this brief guide.
Monthly Payment Budget
When you take out a golf cart loan, you will be signing up for monthly payments. It's essential to know how large, or small, those monthly payments can be. Think about how much of your monthly income cannot be affected by the purchase. This involves your fixed spending amounts, and it should also include emergency funds and savings build-up, which helps cover unexpected costs.
Now looking at the remaining money, you’ll want to figure out how much can you dedicate to a monthly loan in the long term. For instance, you don't want to allocate all of this money to the loan and not be able to treat yourself in other ways, such as going out on a vacation.
Make sure to be reasonable about what you can spend, and can't, commit to. Most golf cart financing options offer loans that are less than six years long, but the amount of time can vary.
Consider Other Expenses
The monthly loan is not the only expense that comes with purchasing a golf cart. Odds are, you will need to make a down payment, which will be a decent amount of money that you have to give upfront.
There are also costs associated with using a golf cart. You'll need to purchase some accessories and there will be the upkeep and maintenance costs, such as paying for fuel or parts replacement. All these expenses need to be included in your budget that can affect the type of loan you pursue.
Use a Loan Calculator
A loan calculator is a helpful tool when determining your budget. They work with your ideal monthly payment, the payment period, and the applicable interest rate. It then works backward to generate your optimized golf cart asking price. This gives you an excellent starting point to look at when you visit a dealership.
After all this research, you will have a better idea of what you can afford, so you can explore golf carts that fit your budget. Make sure to stick within your limits and get the best quality model you can afford.
Ready to shop golf carts for sale? Check out the selection at Mikey's Motors. Our knowledgeable and friendly staff can go over the various models and help you select the right one for your needs. We can also walk you through the golf cart financing process and ensure it's a hassle-free experience. You'll find our dealership conveniently located in Murfreesboro, TN, and we welcome all those in Franklin.