If you’re a regular golfer who rents his cart, you can likely own one by paying similar amounts in installments. But the trick is to find the right installment structure for the right tenure. And that starts with comparing golf cart financing options.
Golf cart financing options that support the broadest range of credit scores include Sheffield Financial, Roadrunner Financial, and Yard Card. These lenders are official partners of EZGO, Ben Nelson, and Golf Carts Unlimited.
In this article, you will find out more about these and other lenders, alongside the strong points and the drawbacks of each one.
By the end of this post, you will have a shortlist of at least three lenders to request quotes from, regardless of your current credit score. But before we get started, here are all the options at a glance.
- Club Car
- Rock Solid Funding
- Acorn Finance
- Road Runner Financial
- Golf Carts Unlimited
- Ben Nelson Golf Cars
In-House Financing: GolfCarts.com
GolfCarts.com is one of the most popular golf cart-selling platforms online. Its brand visibility makes it a very reliable option that is unlikely to loanshark its customers. In terms of financing, GolfCarts.com offers a 100% in-house financing option alongside Well-Fargo financing.
Bank financing and seller financing have their own pros and cons, and the freedom to choose either means you can pick the one that suits your financial circumstances, credit score, and interest appetite.
You cannot borrow cash to fund your purchase, but you can buy a cart of your choice from GolfCart.com and pay monthly installments.
The bank financing option has 3 to 12 months SAC, so you don’t have to fear losing your cart because of a missed payment. The repayment ceiling is up to 72 months, so you can divide the cost of the cart by 72 and guess the principle payback per installment.
But you cannot pull the trigger on the financing option without confirming the interest rate, which the website isn’t upfront about.
Because of its 99% financing approval rate, this solution is best for anyone who can’t get approved elsewhere. Golfcarts.com seems eager to approve financing, so even if it is your last option, you should carefully read its fine print.
Repossession doesn’t seem very likely with this financing option, but late payment fees and interest stacking might be problems that you can face down the road.
Partnered Low-Interest Financing: Club Car
Club Car’s golf cart financing starts at 0% interest for 48 months. Low and no-interest payment plans are perfect for financially responsible individuals who have the money but would rather not pay the entire price in one go.
The 0.81% APR (Annual Percentage Rate) charged by Club Car’s financing partner is pretty low.
In other words, there is no way to mess up this partner-financed Golf Cart purchase if you buy a model within your means. It is worth noting that Club Car’s carts can go up to $30,000 in price, even though the range starts at a “modest” $3,000 these days.
So even with a less than 1% APR, you can end up paying a significant sum as a premium for financing.
As long as you don’t commit to a high-priced Golf Cart, you can pay off your purchase without even noticing the installment deductions. But if you over-extend yourself on a Club Car purchase, you’ll end up missing installments.
This financing option is for people who haven’t made irresponsible borrowing decisions before. For what it’s worth, there aren’t any prominent negative reviews or accounts of financing via Club Car’s platform.
Repossession is a possibility but only in contexts where the buyer continues to miss installments.
Best For Quick Approval: Rock Solid Funding
Rock Solid Funding is perfect for people with poor credit. A bad credit score can skyrocket interest rates and lead to dismissals.
Many borrowers have to wait for weeks just to know if they are approved for financing. Rock Solid Funding specializes in sorting applications within hours.
So whether the interest rate is too much or you’re not approved for financing, you’ll know within a few hours of applying.
Rock Solid Funding minimizes its own risk while being open to borrowers with credit scores just north of 500. Sometimes, the risk is mitigated via direct payment to the cart seller.
In most cases, the interest rate offsets the risk. If your credit score is good, then your interest rate reflects that.
But if your score is poor, then you have to make your peace with high-interest installments, at least when borrowing from a financial institution.
Seller-financing options can be more practical. Despite accepting applicants with poor credit scores, this option is best for people who have great financial standing and credit history.
Almost all of Rock Solid Funding’s negative reviews cite being denied based on poor credit scores. More importantly, no negative reviews cite reminders bordering on harassment and repossession.
Best Credit Connector: Acorn Finance
Acorn Finance has an automated quote provider that contextualizes its rates for people with different credit scores. This is perfect for people who don’t want to wait around to get the terms.
While the terms vary from applicant to applicant, most people approved for a loan get direct funding.
Many “financing” options deal with golf cart sellers, which can undercut your bargaining power. When you can get cash in hand to purchase a golf cart, you are in a better position to negotiate.
Acorn Financial can provide funding up to $100,000, through that kind of loan is unlikely to be approved for a golf cart purchase. Its APR starts at 6.99%, which is pretty low but not guaranteed to be valid for your application.
On the one hand, it is pretty convenient that Acorn contextualizes the terms to fit the borrower. But at the same time, it can also mean that your context might call for a higher APR.
The interest rate you’re offered might give you pause, but there’s no harm in applying for a quote. According to the provider’s own website, the quote request won’t affect your credit score.
Acorn doesn’t make hard inquiries on your credit score, so it is perfect if your credit score is just under 700, and you can’t risk 5-point drops.
People have praised its staff for being helpful, and there aren’t any red flags in Acorn’s public reviews.
From that, it is evident that the lender doesn’t thrive on repossession, loansharking, or other shady practices associated with lesser-known financing providers.
Best For Long Return Tenure: Road Runner Financial
Road Runner Financial has an upfront pre-qualification form and a term calculator. So, if you like to know what to expect while your application is being processed, then you can give Road Runner a try.
One of the interesting things about this fiancing provider is that it sets the repayment term to 60 months. In other words, it is comfortable with a long loan tenure.
You can expect to make monthly payments of under $200 for an average golf cart purchase meant to be paid over a couple of years. Its interest rate is 6.99% on the low end with no declared maximum.
When you put your details into the automated pre-qualification form, you get a step closer to finding the true APR.
If the interest rate is over 9%, you should look for an alternative financing option. This golf cart financing is for people with a stable income, a decent credit score, and the intention to get a medium-tier golf cart.
Nearly a dozen reviews suggest that Road Runner Financial doesn’t mess around with missed payments and makes it hard to repay the entire loan in one payment.
So you must use it for financing your golf cart purchase when you’re sure you can make payments on time and won’t want to terminate the loan mid-tenure.
If you depend on the next paycheck for the next installment, you can get multiple late payment charges over the tenure of the loan.
Best For Multiple Credit Options: Golf Carts Unlimited
Golf Carts Unlimited has an in-house finance department and a streamlined set of lending terms. You can literally visit the Golf Carts Unlimited Website and can know exactly the percentage you have to pay alongside the duration of the loan.
You can get the Yard Card, which is powered by T.D. Financing. The card is treated like an in-house financing device.
Alternatively, you can use Sheffield Financial to finance your purchase from GCU. This option is treated more like partner financing. The smaller tenure loans have nearly the same terms, especially on new carts.
But when it comes to used carts, there is a 6% to 8% hike in Sheffield Financial’s APR. You must borrow a minimum of $1500 regardless of whether you use Sheffield or the Yard Card.
Interest rates are much better with Yard Card, starting at 0% and can go up to 3.99%. Compared to other options in this post, Yard Card is one of the most affordable choices.
But you still need to read the terms carefully. A charge worth noting is the $125 origination fee, which is applicable at every tier of lending. Those who shop from Golf Carts Unlimited want a 360-degree solution for their cart purchasing and upkeep.
The Yard Card can be worth it if you plan to get your cart serviced. The business has been family-owned and operated since 1992, and its showroom, servicing options, and rental arm are all fairly reliable.
If the straightforward installment structure works for you, then you can shop from GCU without hesitation.
Best Brand-Specific: EZGO
EZGO is one of the few establishments with four different financing options for Golf Cart buyers. Some of these options have been covered earlier, including Yard Card and Sheffield Financial.
E-Z-Go seems to have negotiated great deals for its buyers as the APRs many financing institutions offer for its vehicles are lower than the market average.
If you request quotes from different golf cart financing outlets covered in this post, you might find E-Z-Go cart financing to be fiscally superior. On average, you’ll pay $170/month per cart with a 10% down payment.
Depending on the financing arm you use, you’ll pay a 0% to 4% annual percentage rate. Financing is also available for pre-owned carts sold by E-Z-Go’s own outlets/dealerships.
It might take a while to request and compare quotes, but it is definitely worth it. Since this is a partner-financing option that is treated as seller financing, it is perfect for people who genuinely want an E-Z-Go vehicle. E-Z-Go golf carts are some of the most popular golf course vehicles in the world.
But if you have another brand in mind, then picking E-Z-Go just for its financing ease isn’t a great decision.
Best for 360-degree: Ben Nelson Golf Cars
Ben Nelson is a good golf cart showroom that offers a few financing options, including Sheffield Financial and Yard Card. It is located in Madison, Mississippi, though customers from all over the states can purchase carts on installments after passing its partners’ financing requirements.
Like GCU, this establishment also offers servicing, parts, pre-owned units, and rental options.
If you’re based in Madison and want 360-degree services for your golf course vehicle, then you can choose Ben Nelson Golf & Outdoor.
The borrowing minimums, APRs, and terms are the same as one would expect from Sheffield and Yard Card. That means 0% to 3.99% APR and a $200/month installment ceiling in most cases.
The advantage of getting approved by Ben Nelson Golf & Outdoor is that you can access the vehicle quickly once you sign the dotted line.
But unfortunately, the establishment cannot approve you if you fail to meet the undisclosed prerequisites of Yard Card and Sheffield Financial. Put simply, you have to apply to find out if you qualify.
Golf Cart Financing 101 – Things To Know
Golf Cart Financing For Bad Credit
Seller-financing is ideal golf cart financing for bad credit because no cash transfer happens from the lender to the borrower. GolfCarts.com offers such financing.
Golf Cart Financing – No Credit Check
If you want financing without a hard inquiry regarding your credit, then you can try requesting a quote from Acorn Financial.
Golf Cart Financing Interest Rates
Golf cart financing interest rates range from 0% to 3.99% on average. When the borrower has a poor credit score, he can be charged an APR of over 6.99% for his golf cart purchase.
Golf Cart Financing Collateral
Golf Cart financing doesn’t usually require collateral. However, if you borrow cash from a private lender with the intention of buying a golf cart, you might have to offer a tangible asset as collateral.
Final Thoughts on Financing a Golf Cart
Golf Cart financing is a common alternative for golf cart rental for regular golfers. While the financing structure varies depending on the cart’s price, the amount borrowed, and the tenure of the loan, it usually comes down to $155 to $170 per month.
That’s the cost of renting the cart for one day every week of the year, yet you get to use it for every day of the year. And within two to three years, you can own it.
So regardless of the option you pick from the ones covered above, you’ll eventually come out at a net benefit compared to renting. Still, you should practice due diligence and exercise fiscal caution