FAQ Series: How Does Your Financing Work?

This video explains a little about our financing and is part of a new FAQ video series to be published on our website and other sites. We hope it helps!

Posted by Mitchell Motorsports on Wednesday, August 19, 2015

Mitchell Motorsports offers financing on all of our whole goods, including trikes, motorcycles, autos, side by sides, trailers, mowers, and more. 

Our financing programs are not complicated. At Mitchell Motorsports, we strive to make the lending process transparent and easily understandable. Bottom line: we work with individual applicants to help them get the best rates and the best terms for their situation. We have financing available for nearly every type of need.

One way we finance is by working with banks and credit unions for loans on our used inventory. Sometimes the customer has already spoken with a bank. Sometimes we take your application and send it to our own banking partners. Either way, we are very familiar with the process of helping customers secure bank financing. We can walk you through every step of the way.

Secondly, we have special relationships with lenders on our new inventory and can often finance with $0 down and 0% APR when approved. This is a great option for customers who are looking for the best possible deal on a unit and have fairly high credit scores. The application can be performed online or in our store. Credit decisions are nearly instant and most contracts require only one signature. Over half of our loan applicants on new inventory are approved with zero down and zero interest.

Finally, we offer what is known as “in-house financing.” Some places call it “buy-here-pay-here.” Some advertise simply “we finance.” Whatever the phrase, in-house financing is where we, the dealer, directly finance you, the buyer. There are no financial institutions involved. You make your payments directly to us and if there is ever a problem we are always a phone call away.

t is important to note that not all dealers do this the same way. They may advertise “in-house” financing, but shortly after you purchase they sell the loan to a third party and you end up making payments to a company you never heard of with terms you never really agreed to. Or they may include extra charges into the loan such as a minimum finance charge, a pre-payment penalty, or they may charge you the entire amount of interest through a financing lease program, regardless of how long you own the machine.

Mitchell Motorsports has no hidden fees and you only pay interest on the unit while you have the loan. If you pay off early the interest stops, just like a traditional bank installment loan. And we NEVER sell your contract to a third party.

Rates start at 7.9%, terms are available for as long as 60 months, and down payments can be as little as 10%. Buy your ride from us, make your payments to us. Give us a call today and apply. Applicants are considered the old fashioned way, person-to-person. We do pull credit but take more into consideration than your score. We can email you an application or take it over the phone in less than ten minutes. Or fill one out online at MitchellMotorsportsTX.com/credit-application.