Frequently Asked Questions about our Financing:
A: Yes! All of our loans are completely open and can be paid off at any time.
Q: Are there any fees for paying off the loan early?
A: There are no fees or penalties for paying off your loan early, or for putting some money down along the way. You just save on interest!
Q: How long does it take to get a pre-approval from the bank?
A: Here at Lockhart's, we are proud to say that we offer same day approvals!
Q: What are the payment options?
A: We can have your payments worked out for you either monthly, bi-weekly, or weekly. Whatever works best for you!
Q: What are the interest rates?
A: For any machine financed over a total of $10,000 the interest rate will be 5.99%, and for anything under $10,000 the interest is 8.99%.
Q: Do you have to do the application in person?
A: No! The application can be done online, over the phone or in person. Whichever is easier for you!
Q: Can I finance a used machine?
A: Absolutely! Any machine 10 years old or less can be financed.
Q: Can I add my accessories into my financing?
A: Absolutely! All accessories, riding gear, or extended warranty can be rolled right into your payment.
Q: Do I have to pay all of the interest up front?
A: No. Your cost of borrowing (interest) gets divided up amongst all your payments, so no lump sum is required up front!
Q: If I put more money down on my loan throughout the term, will that lower my payment or shorten my term?
A: Your payment will always stay the same, however as you put more money towards your loan the term will shorten accordingly.
Q: If I put more money down, do I have a better chance of being approved?
A: It is always better to put some sort of a down payment on the loan. However, that being said, when it comes to financing recreational vehicles, usually the banks will look more at your credit rather than how much money you are putting down. In some cases it may help though, especially when you are at a high income to debt ratio.
Q: What is an income to debt ratio?
A: The amount of money that you make monthly vs. the amount of regular monthly payments you have for debt. This includes all credit cards or line of credits that may not be being used at the time. They calculate these as if they were being used to the maximum.
Q: Do I have to come to the dealership to sign the paperwork for the financing?
A: Yes, all paperwork needs an original signature from both the primary applicant & the co-signer (if applicable). We are required by the banks to ensure all customers are in the dealership for the signing of the paperwork. Usually this only takes about 10 minutes!
Q: If I need a co-signer, who would be the best candidate?
A: A close family member or friend can definitely co-sign on your loan for you, so long as they have a few years of credit history and are somewhat well established with their credit as well.