Helpful Tips for Financing a Golf Cart
You’ve probably been considering the pros and cons of purchasing your own golf cart for some time now. No more waiting in line for rentals, but how much will ownership cost? If the financial aspect of the buying process is making you second guess the purchase, continue reading to learn a bit more about how to finance a golf cart.
1. Start with a Budget
It’s not the most glamorous part of the process, but having a set budget is critical when you’re ready to buy the right golf cart. If you want to finance the purchase, you need to be realistic about your situation and determine what monthly payment would be a comfortable amount.
You should also utilize this step in the planning process to consider the costs of insurance, registration, storage, maintenance, and transportation. The budget you set should help you cover all of the initial and short-term costs of ownership.
2. Check Your Credit Score and Start Saving
Once you’ve set your budget, it’s helpful to have a good idea of where your current credit score lies. Your borrowing power will be influenced by your credit, so it’s important to match your credit to your budget!
Along with keeping tabs on your scores, it’s also a good time to start putting money aside for a down payment. Having a decent amount available to contribute to the sale will lower the total loan amount and can improve your interest rate. It may not need to be a large sum of money, but having some money available to contribute will help with the purchase. A general rule of thumb is 20% down.
3. Do Your Research
This step might not be helpful if you already know your dream model, but it’s always a good idea to do some research before committing to a sale. You should take time to gather information about available models, features, and local regulations. It can also be beneficial to do research on the dealerships and lenders you’re interested in working with. Talk to trusted friends and family who’ve purchased their own golf carts and ask about their experience!
It’s also natural to be curious about the logistics of owning, operating, and traveling with a golf cart. You should absolutely spend some time getting to know the ins and outs of ownership and what you might expect after the purchase.
4. Look for Insurance
Many lenders will require you to have insurance during the time of sale. Some places will assist you with the process, but it’s helpful to have an idea of what coverage you need and what provider you’d prefer working with. Many times you can add the insurance to existing policies and bundle your payment.
The idea of owning a golf cart is exciting, but it’s likely you have a lot of questions. Our team at Electric Golf Car Company, located in Citrus Heights, CA, would love to help you find the right model. We proudly serve the Roseville, Elk Grove, and Sacramento areas.