Finance Academy

Getting Approved

Credit scores, bad credit, bankruptcy, self-employment, down payments and co-signors — what lenders actually weigh.

Getting Approved Topics

Approval Basics Bad Credit, Bankruptcy & Repossession Self-Employed Applicants Down Payments & Co-Signors Pre-Approval & Timing

Approval Basics

Approval starts with a quick application. From there, lenders review your credit history, income, current debts and overall financial picture to determine what financing options may be available to you.

There isn’t one specific credit score required for powersports financing. Your score is important, but lenders also consider your income, existing debts and payment history when assessing your application.

Bad Credit, Bankruptcy & Repossession

Yes. It’s still possible to qualify for powersports financing with bad credit. Lenders look at your income, recent payment history and current debts, and Canada Powersports Financing works with customers in many different credit situations.

Yes. Having a bankruptcy or consumer proposal does not automatically disqualify you from financing. Lenders will consider your current income, recent credit history and whether the bankruptcy or proposal is active or completed when reviewing your options.

Yes. A past repossession does not automatically prevent you from getting financed again. Lenders typically look at how long ago it occurred, your current income and how you have managed your credit since then.

Self-Employed Applicants

Yes. Many self-employed Canadians are eligible for powersports financing. In most cases, you’ll just need to show a different type of income proof than someone who earns a regular paycheque.

Self-employed applicants may be asked for documents such as bank statements, tax returns, Notices of Assessment or other proof of income. The exact documents will depend on your business, how you earn income and your overall situation.

Down Payments & Co-Signors

Not always. Many powersports finance approvals do not require a down payment. However, putting money down can lower the amount you need to borrow and may help strengthen some applications.

A strong co-signor can sometimes improve your chances of approval. The lender will look at their income, credit and debts along with yours, and they share responsibility for repaying the loan.

Pre-Approval & Timing

Yes. You can apply for financing before selecting the exact ATV, motorcycle, boat, RV or other recreational vehicle. Getting approved first can make shopping easier by giving you a clearer idea of what price range and payment level may work for you.

Many applications can receive a decision the same day. Some may take longer if more information or documents are required. Once everything is approved, the remaining steps in the financing process typically move quickly.

Financing Options We Offer

Ready to apply the answers above? Start with the unit you are shopping for.

Atv Financing UTV & SxS Financing Snowmobile Financing Motorcycle Financing Dirt Bike Financing RV Financing Travel Trailer Financing Boat Financing jet-ski-financing E-Bike Financing Tractor Financing

More Finance Academy Topics

Rates & Payments

How your rate is set, open loans and extra payments, refinancing, and the real cost of borrowing.

Buying A Unit

Private sellers, used units, out-of-province purchases, trade-ins, liens, and buying more than one.

Financing Process

Application to funding, what happens at each step, which documents come up, and how dealers and private sellers get paid.

Credit Education

How credit works in Canada, what appears on your report, what damages it, and how to rebuild.

Still Have Questions? Let’s Talk.

Get pre-approved in minutes. All credit types welcome — dealer or private sale, anywhere in Canada.

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