A credit score of 660 to 675 is generally required for customers to qualify for Sheffield Financing’s best rates, but there are also financing options available for applicants with lower credit scores.
As a part of our research, we reached out to Sheffield dealerships in Ohio, Virginia, Montana, and Wisconsin in order to verify the accuracy of the information.
It is Sheffield’s objective to provide financial assistance to outdoor equipment and recreational vehicle dealers across the country, in addition to lawnmowers, ATVs, snowmobiles, golf carts, trailers, motorcycles, and personal watercraft such as boats and jet skis, as well as personal watercraft such as boats and jet skis.
Credit terms and qualifications for equipment and vehicle dealers differ from one another. It was told to us by our Sheffield Financial dealer that most of Sheffield Financial dealers approve loans based on credit scores that fall within a similar range.
In the event that you have fair to good credit, you may be able to qualify for a Sheffield Financial outdoor equipment loan. Contact a Sheffield Financial dealer to begin the application process, or you can apply online by going to the Sheffield Financial website.
The dealerships usually offer 0% interest financing for a period of time ranging between 12 and 42 months to customers with credit scores of around 660 and above, depending on what vehicle they are selling.
It is important to keep in mind that interest-free financing may not be available at all dealers. When a dealership does not provide 0% interest options to customers with the same credit scores, the rates are usually around 2% to 8% for those with the same credit scores.
In addition, financing options are also available to customers with credit scores that are slightly below the desired minimum score. In general, if you have a credit score of 600 or higher, the dealer will probably be able to offer you financing with an interest rate between 7% and 13% or higher.
Sheffield Financial may be able to offer you a loan if you have poor credit, but it may not be enough to qualify you. The credit scores are not the only factor that Sheffield Financial considers when approving loans.
A Sheffield Financial representative explained that your debt-to-income ratio is the most important factor outside of your credit score when determining your loan eligibility. It is recommended that you aim to achieve a certain percentage of this ratio depending on your credit score and credit history.
Sheffield considers your credit history as part of the loan application process as well, as it is part of the loan approval process. It is still possible to qualify for a loan even if your credit score is low, if you don’t have any late payments or debt collections on your credit report.