Quad financing: which one makes sense?
Quad financing can quickly make the dream of a quad a reality. Especially with holidaymakers who have been allowed to drive a quad, thoughts often revolve around the purchase of such a vehicle, after all the fun factor is far greater compared to the car. But only in the rarest of cases can a new quad be bought from the savings. What quad financing options are there?
Quad financing: with low fixed costs
If the budget is limited, the question quickly arises as to whether a quad or ATV cannot completely replace the car. In addition to the lower purchase price, the advantages of the quad also include low costs for taxes and insurance. In particular, novice drivers benefit from the low fixed costs. If you don’t necessarily need the weather protection of a car, you could definitely get used to the idea of exclusively driving an ATV – especially when driving off-road.
If the quad is to be used in everyday life, high-quality premium vehicles are the right choice. Cheap vehicles from China can often be found via online dealers, although reliability and the supply of spare parts can cause problems. Guarantees and warranties only convey a false sense of security. Because even if the quad is repaired at the expense of the dealer, a lengthy delivery of parts definitely means that the vehicle has to stand still for weeks. Sometimes the service intervals are set so short that they can hardly be implemented – and the dealer is off the hook in the event of incorrect compliance with the warranty.
If the financial possibilities are limited, a used quad can also be used. Beginners should also ask themselves whether a quad with 700cc and more will not overtax their own abilities. Perhaps a lighter 300 or 350cc model is a better choice.
Different financing options
There are different options for quad financing. Some dealers offer the so-called balloon financing. This is a credit model that provides for a very high final installment, which often exceeds 50 percent of the loan amount. In return, down payment and repayment rates are very low. This financing therefore requires that a higher sum can be paid at the end of the loan term.
Leasing offers for quads, which usually have a term of 24 months, are also available. Monthly installments are made after a small down payment. At the end of the term, the quad is either returned or the remainder is paid.
Of course, the classic installment loan is an alternative. This type of quad financing is likely to be the cheapest in most cases.
Banks check creditworthiness very carefully
In any case, the banks carry out a credit check. In addition to the Schufa query, the income must also be proven. Usually, an income from work outside the probationary period is the basic requirement. Those who live on unemployment benefit or BAföG usually do not receive a loan.
However, a negative Schufa entry does not have to mean the end of the installment loan: Private lenders and foreign banks are usually not interested in the German organization. Here it can make sense to go online to look for the loan – and to fulfill your dream of a quad. x
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