The Pros and Cons of Financing Your Golf Cart
The Pros and Cons of Financing Your Golf Cart

The Pros and Cons of Financing Your Golf Cart

August 31, 2023

Are you in the market for a golf cart in St. Cloud? You may be excited about the prospect of owning your golf cart, but you’re faced with deciding whether to finance it or pay in cash. Don’t worry; we’re here to help you make the right decision. In this article, we will discuss the pros and cons of financing your golf cart, so you can weigh your options and make an informed choice. Let’s dive in!

Pros of Financing Your Golf Cart

Bank Lenders 

Our dealership offers Powersports financing through several lenders, including banks that work with different credit levels. Even if your credit isn’t perfect, you can still finance a golf cart. Similar to automobiles, we have banks for subprime credit that are willing to work with you to help you get your new toy.

No Penalties

One of the significant advantages of financing your golf cart is that every single one of our bank lenders has a “No Prepayment Penalty” policy. If you pay off the loan early, you won’t incur any fees, charges, or balloon payments. You can control when you decide to clear your loan without any penalties imposed by the bank.

Cash Flow

Most people prefer not to spend a large chunk of their cash funds simultaneously. By taking advantage of borrowing the money, you can get a comfortable monthly payment instead of depleting your hard-earned money in a single payment. Financing allows you to manage your cash flow effectively.

Finance Process

One of the best parts about Powersports financing is the quick and painless process. Our straightforward credit application takes only a few minutes to submit to our lenders. In most cases, we can get you approval within seconds. Additionally, there’s minimal paperwork involved, so you’ll be out cruising in your new cart in no time!


If you’re leaning towards paying cash for your new cart but still want to customize it with add-ons like an awesome under glow system, soundbar, or a sleek set of wheels, you can still have it all. All of our lenders allow add-ons, accessories, transportation, DMV fees, etc., to be added to the financing. This way, you don’t need to spend all your cash at once to get your cart customized precisely the way you want.

Cons of Financing Your Golf Cart

Interest Rate

Like any other secured finance loan, there will be an interest rate associated with the financing. It’s essential to remember that Powersports financing rates and auto loan rates can vary significantly. Since a golf cart is not considered necessary, the interest rate to borrow the money will be slightly higher than that of an automobile.

Monthly Payment

If you decide to finance your golf cart, the monthly payment will be a crucial factor to consider. You’ll want to ensure that the payment is comfortable and affordable. Remember that you are taking on a new monthly financial commitment by opting for financing, so choosing a payment that falls within your comfort zone is essential.

Length of Term

Most of our bank lenders offer different rates at various term lengths. It’s worth noting that the longer your term is, the higher your interest rate will likely be. While choosing the longest term available might be tempting, it’s essential to consider how long you plan to keep your new golf cart, what interest rate is offered for each term, and what payment range you’re comfortable with.


If your credit falls within the subprime range, banks may consider your debt-to-income ratio and overall financial stability when evaluating your loan application. However, this doesn’t mean you won’t be considered for a loan. It simply means that the banks may require additional documentation, such as proof of income, residency, and sometimes a down payment, to ensure you are financially secure to take on this new monthly commitment.

We Offer Financing to Get You the Golf Cart of Your Dreams 

Now that we have explored the pros and cons of financing your golf cart, you better understand the factors to consider when purchasing. Financing offers flexibility, convenience, and the ability to add customizations, but weighing these benefits against the interest rates, monthly payments, term lengths, and your credit situation is essential.

Whether you finance your golf cart or pay in cash, the ultimate decision should be based on your financial situation and personal preferences. We recommend exploring the options and consulting with our experienced team at DeBary Golf Carts to find the best solution that aligns with your needs. Stop by our shop today to learn more! 

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