Powersport Financing

Powersports Loan Calculator

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How To Use Our Powersports Loan Calculator

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Powersports Calculator Q&A

A powersports loan calculator is an online tool that allows you to estimate your monthly payments on a powersports vehicle loan. It factors in the vehicle price, down payment, interest rate, loan term, taxes, fees, and other costs to give you an idea of what your monthly payment might be. Powersports loan calculators are helpful when shopping for ATVs, snowmobiles, motorcycles, side-by-sides, personal watercraft and other powersports vehicles. They allow you to adjust the numbers to see how different loan terms or down payments impact your budget. A Canada-focused powersports loan calculator will use financing rates and sales tax rates relevant to Canadian buyers.

Using a Canada-specific powersports loan calculator is easy. First, enter the total price of the powersports vehicle you want to finance. Next, input your estimated down payment amount. You’ll also need to enter the annual interest rate offered by your lender – many Canadian powersports lenders offer rates between 5-15%. Then, select your desired loan term – common terms are 24, 36, 48 or 60 months. With this information, the calculator will estimate your monthly payment. You can adjust any inputs to see how different loan terms, down payments, interest rates etc. impact the monthly cost. This gives you an idea of what is affordable.

The key pieces of information needed to use a Canada powersports loan calculator include:

 

– Price of the powersports vehicle

– Down payment amount

– Annual interest rate on the loan

– Desired loan term (e.g. 24 months)

 

With these basics, the calculator can estimate your monthly powersports loan payment. You may also need to input information like vehicle fees, extended warranty costs, insurance etc. to get a more accurate monthly estimate. Having details like your credit score and location can help the calculator provide rates specific to your situation.

Common loan term lengths offered by Canadian powersports lenders include:

 

– 12 months

– 18 months

– 24 months

– 36 months

– 48 months

– 60 months

– 72 months

– 84 months

 

24-36 month loans are popular for ATVs, snowmobiles and personal watercraft. Loan terms of 48 months or more allow buyers to lower payments on more expensive motorcycles, side-by-sides and jet skis, but will cost more in interest over the life of the loan. When using a powersports loan calculator, you can compare different term lengths to see which monthly payment fits your budget.

Interest rates can vary greatly when financing a powersports vehicle in Canada. Typical rates fall between:

 

– 5% to 9% for borrowers with excellent credit

– 10% to 15% for good credit

– 16% to 25% for fair/poor credit

 

The lowest rates are usually offered for shorter 12-24 month loans. Rates are also lower when putting at least 20% down and choosing a newer model vehicle as collateral. Younger buyers and those with minimal credit history will see higher rates. Use a powersports loan calculator to estimate payments at different interest rates.

When using a powersports loan calculator for Canada, you need to account for additional fees beyond just the sale price, interest and taxes. Common fees include:


Documentation fee – $50-$500

Lien registration fee – $15-$60 to register the lien with the provincial government

Dealer administration fees – $500-$1000

Set-up and destination charges – $500-$1500 on new vehicles

Safety certification fee on used vehicles – $50-$200

Extended warranty fees – Vary based on coverage

 

Consider adding an extra $1000-1500 to account for additional fees so your payment estimate is more accurate. Always ask the dealership to fully disclose all fees.

 

Yes, getting pre-approved for powersports financing is recommended. Pre-approval involves applying with your bank, credit union or a lender like TD, Scotiabank, or Lendcare before visiting dealers. This allows you to secure an interest rate and loan amount you qualify for in advance. With a pre-approval letter, you can shop knowing your budget and negotiating leverage. The pre-approval rate can also be used to more accurately estimate payments in a powersports loan calculator.

Tips for securing the lowest interest rate when financing powersports vehicles in Canada include:

 

– Having a credit score over 720

– Putting at least 20% down

– Choosing a shorter 12-24 month loan term

– Providing proof of income

– Applying with a co-signer if needed

– Using a newer model vehicle as collateral

– Checking rates from multiple lenders

– Looking for promotions and discounts

 

Using a powersports loan calculator can help you estimate payments at different interest rates so you can choose the most competitive financing option.

While zero down financing may be advertised, it is not ideal as it leads to higher monthly payments and interest costs. The typical down payment for powersports loans in Canada is:

 

ATVs – 0-20%

Snowmobiles – 0-20%

Motorcycles – 0-20%

Side-by-sides – 10-25%

Personal watercraft – 0-25%

RV – 0-20%

Travel Trailer – 0-15%

Dirt Bike – 0-10%

 

Putting 20% down or more allows access to the lowest interest rates. Use a powersports loan calculator to see how different down payment amounts change your monthly payment.

Sales taxes like HST or GST can add several hundred dollars to your powersports loan amount, increasing your monthly payment. When using a powersports loan calculator for Canada, make sure to factor in your applicable provincial/territorial sales tax:

 

AB – No PST, just 5% GST

BC – 7% PST plus 5% GST (12% total)

MB – 7% PST plus 5% GST (12% total)

NB – 10% HST

NL – 15% HST

NS – 15% HST

NT – No PST, just 5% GST

ON – 13% HST

PEI – 15% HST

QC – 9.975% QST plus 5% GST (14.975% total)

SK – 6% PST plus 5% GST (11% total)

YT – No PST, just 5% GST

 

Accounting for sales taxes ensures your payment estimate is accurate.

New powersports vehicles qualify for better interest rates and longer repayment terms – up to 10 years in some cases. However, buying used can save substantially on the purchase price. Carefully weigh the pros and cons:

 

New

– Lower interest rates (5-10% range)

– Longer loan terms up to 10 years

– Can roll warranties/fees into loan

– No safety certification needed

– Less maintenance costs initially

 

Used

-Much lower purchase price

– Shorter loan terms (up to 5 years)

– Higher interest rates (10-25% range)

– May need safety certification

– More maintenance costs

 

Use a powersports loan calculator to compare payments on new vs used options.

The recommended minimum credit scores for the best powersports loans in Canada are:

 

ATVs – 650 credit score

Snowmobiles – 650 credit score

Motorcycles – 700 credit score

Side-by-sides – 700 credit score

Personal Watercraft – 700 credit score

RVs – 670 credit score

Travel Trailers – 650 credit score

Dirt Bikes – 675 credit score

 

Scores below the minimum will likely lead to very high interest rates or denial. Excellent credit in the 720+ range qualifies buyers for the lowest advertised interest rates. Use a co-signer if needed to meet the minimum score.

Tips to improve your credit and get the best rates on powersports loans include:

 

– Pay all bills on time  (this has the biggest impact on your score)

– Pay down credit card and other debt balances

– Limit credit inquiries by only applying for needed financing

– Correct any errors on your credit report

– Maintain credit accounts for a long history

– Mix credit types like cards, loans and mortgages

 

Allow at least 6 months for score improvements before applying. A score over 720 combined with a large down payment provides the most bargaining leverage to secure low powersports financing rates.

When applying for powersports loans in Canada, have these documents ready:

 

– Canadian ID

– Proof of insurance

– Proof of income such as recent paystubs

– Proof of address like utility bills

– Pre-approval letter if obtained

– Completed loan application

– References with contact information

– VIN number of vehicle

– Any applicable down payment in cash, cheque, draft or wire transfer

 

Having required documents ready expedites the lending process so you can get on the road faster.

The top lenders for powersports financing in Canada include:

 

– Major banks like TD, RBC, Scotiabank, CIBC, BMO

– Credit unions

– Powersports dealership financing programs

– Specialty lenders like Wheels Financial, FinanceIt Canada and Lendcare

– OEM lenders like Yamaha Financial Services, Kawasaki Credit, Harley-Davidson Financial

 

Compare interest rates from multiple lenders. Banks usually offer the lowest rates for those with good credit. Specialty lenders cater to a wider range of credit profiles.

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