Tips for Financing Your New Golf Cart

Looking to buy a golf cart, but you’re short on funds? Considering financing your purchase instead of buying it outright. Feel free to take a look at our article below for helpful tips, or visit us here in Richmond, Texas, to speak with one of our helpful sales staff in person.

Budget

Many buyers assume they don’t need to set a budget because they are going to have their new golf cart financed. However, this is a surefire way to fall into debt. To avoid this situation, we strongly advise taking the time to set a monthly budget for your loan payments so you don’t overspend. You simply need to subtract your monthly expenses from your monthly income and what’s left over can be put toward your loan payment.

Insurance

Your monthly loan payment isn’t the only new expense you’ll have after buying a golf cart. A majority of lenders will require you to purchase insurance for your new vehicle to protect your property in case of an accident. Thankfully, golf cart insurance is pretty affordable, although it can vary depending on your driving history and location. However, you’ll need to have a model picked out and an insurance policy ready to go before you can finance your golf cart.

Finances

Before you start applying for loans, or even setting a budget, you’ll need to take a hard look at your finances. Golf cart financing is done through personal loans, which are much harder to qualify for than automobile loans. Generally speaking, you’ll need a credit score somewhere between 650 and 670, and you’ll want to have a bit of money saved up for a down payment.

If you’re located in Houston or Rosenberg, Texas, we hope you’ll visit us here at Richmond Equipment for all of your golf cart needs. Stop by anytime to browse our expansive inventory, find a replacement part, or trade in an old model.