Finance FAQ's



$0 down loans!

99% Approval rate

Fast turnaround time

 

Why finance a motorcycle, ATV or UTV?

- Keep your cash in the bank or invest it

- Affordability (low monthly payments)

- Buy now instead of later or never

- Ride sooner than later

 

What is conventional financing? Or what is easy financing?

- With the regular programs you can tailor your purchase to reflect your individual needs.  your equal monthly payments are determined using competitive rates and 24 - 180 (some restrictions) month terms.  Together we can work out the financing arrangements that suit your budget and your needs best.  We do all the work for you!

 

Are there administration fees when financing a motorcycle or ATV?

- Yes, a $195.00 fee is charged to any finance or cash sale.

 

Is a down payment required?

- for most of our clients, a down payment is not required.

 

What documents should I bring with me?

- All buyers should bring a valid government drivers license, a current paystub, and a void cheque.  Because different financing companies may require additional documentation, I suggest you contact me for a complete list of what you will need.

 

What are acceptable forms of documentation?

- Drivers license, passport, Canadian citizenship card, permanent resident card, provincial photo ID, or a certificate of Indian status.

 

What's considered a void cheque?

- Must be pre-authorized debit form with your legal name, and a stamp by the bank or a void blank cheque with a pre-printed legal name.

 

I'm self employed, can I finance a motorcycle, ATV or side by side?

- Yes, most people that are self-employed and have good credit are approved.

 

What is considered proof of income?

- for employed borrowers a standard paystub with a  year to date may be required.  Self employed borrowers may need to provide a Personal Notice of Assessment fro CRA.

 

What is the minimum age requirement to finance an ATV, motorcycle or UTV?

- 19 years of age.

 

Is this an open or closed loan?

- Most of our loans are open and you may pay out the finance contract at any time without prepayment penalties.

 

Are bi-weekly payments an option?

- Yes

 

Can I add motorcycle/ATV accessories and parts to my loan?

- Yes

 

Can I add extended warranty to my loan?

- Yes

 

What about interest rates?

- We offer competitive rates from a variety of finance companies to fit nearly every budget and credit portfolio.

- Rates are based on your credit profile, product and structure of the loan.

 

I have excellent credit, what can you do for me?

- We offer you highly competitive rates and terms.  We do all the work, which reduces your time and effort spent.

 

I have had past credit problems, what can you do for me?

- Even with the past problems, you may get the credit you need, the product you want and respect you deserve as a Holeshot customer.  Our finance sources can accommodate most credit profiles.

 

What is the definition of a co-signer or co-applicant?

- Co-signing often involves a promise to pay another person's debt arising out of contract if that person fails to do so.

 

Will a co-signer help me get approved?

- Yes.

 

I currently have no credit or credit problems.  I am interested in financing a motorcycle and a family member (boss or friend) has offered to cosign.  However, we've been offered a great rate if he/she is the primary and I am the co-signer.  If we do this and I am the one who makes monthly payments, will this have a positive effect and establish my credit?

- Yes, you can make monthly payments

- Yes being the cosigner will positively effect and establish your credit.  The loan will appear on both your credit reports.  As a result, it will help you both build credit history.

- It is essential that you make all of the payments on time.  Any late payments will hurt both you and him/her.

- When someone agrees to share responsibility for a loan with you, they are taking a financial risk.  They are putting great trust in you to be responsible.  Be sure to thank them in person for helping you, and be certain to make sure you don't let them down in paying back the debt.

 

Can you finance me if I have been bankrupt?

- Yes, if the bankruptcy has been discharged.

 

What does your credit score mean?

- It is designed to help financial institutions predict the risk associated with your purchase of a car, house, credit card, motorcycle, ATV, etc.  Essentially, it's meant to forecast how (and if) you will pay your bills.

- The higher your credit score, the greater your chance of receiving a better financing offer.  Four contributors to your credit are:

1. Timeliness of previous and current payments

2. The length of your credit history (longer the better)

3. The type and amount of your debts (too many payments, balances too high)

4. Your public records (collection, bankruptcy)

 

How can I find out more about my credit history?

- The major credit reporting agencies below.  Both can provide you with a copy of your credit report.  Contact them via the Internet or call toll free:

Equifax:

www.equifax.ca

1-800-465-7166

 

Transunion:

www.tranunion.ca

1-800-663-9980

 

How do I build good credit?

- You build a good credit history by consistently making payments on your credit cards and other loans on time.  If you have no credit history, or a bad credit history, you will have more difficulty borrowing money, especially larger amounts.

- Each lender may have its own way of determining your credit score.  Each lender can set its own minimum score for lending you money.  Lenders can also use your credit score to determine the interest rate that you will pay.

 

Is my personal information safe?

- Yes.

- When you fill out a online credit application, or by phone or by appointment, your information is secure and private.  Your information will only be used to secure your application.

 

Who can I contact if I have any questions?

- finance@holeshotracing.ca

- 604-882-3800 ext.229

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