How can I finance my scooter purchase?
Many of our customers ask us "Do you have financing for scooters?" The answer is "yes" but there is usually a bit of legwork involved to get the best deal. Companies such as Laurentian Bank, Travelers Finance, and a few others will finance some scooter purchases but they are not terribly interested in loans under $5,000. Although they have a fairly liberal approval policy, their rates can be quite high compared to some other sources.
We have discussed the situation with some of our friends at the Bank of Montreal and the Royal Bank. We have the names of some of their loans officers who understand our business and they have a few options that are often attractive.
Those options are:
1.) A personal line of credit
2.) A VISA card with low interest
In most cases, the line of credit is also granted for loans of $5,000 or more. It is often worth exploring if your scooter and accessories purchase is less. By the time you buy a scooter, accessories, insurance, and taxes, you may be getting closer than you think to this magic number and you can always use the excess to pay down other higher interest debt that you might have.
Although most of us assume VISA cards have very high interest rates, you should explore what is being offered since often the interest rate is much lower than those offered by other lenders in the motorcycle finance industry.
The rates you get and how "financeable" you are will depend on whether you have a job, your income, and your demonstrated propensity for paying bills (or not).
Come in and talk to us and we will get you headed in the right direction. By next year we may have our own financing solutions specifically for scooterists.
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