Garrett's Golf Cars Blog

Garrett's Golf Cars Blog

Should I Finance a Golf Cart?

Posted by Katherine Faulk on Aug 1, 2017 8:11:52 PM

Should I Finance a Golf Cart Purchase?

Whether you're interested in purchasing a brand new golf cart right off the line or you're looking at preowned golf carts, you may be wondering about how to pay the total cost upfront. The truth is, you don't have to — golf cart financing is available at Go With Garrett's Golf Cars!

Wondering how financing a golf cart works and whether it’s the right choice for you?

Golf Cart Financing is Perfect When Out-of-Pocket Isn't Feasible

Whether you are considering a new or a preowned golf cart, it may not be practical to take on the purchase as an upfront expense. If you’ve hit a bump in the road and had unexpected expenses, financing may be the right choice. 

Properly managed, financing can be a great way to build credit. Financing also allows you to invest or put your money elsewhere instead of paying a lump sum upfront. 

Financing a golf cart is a lot like buying a car — you can choose to finance 100%, or provide a down payment to help offset the loan. 

Before deciding which financing option is right for you, here are some financial terms to help you navigate your options.

Financing Terms to Know 

Subject to credit approval: If you apply for financing a golf cart, the lender will determine if you qualify for a loan based on your credit score. Several financial factors are considered during the credit approval process. These include your credit score, debt-to-income ratio, and other financial factors. Therefore, a loan’s approval depends on your creditworthiness.

Minimum Purchase: The lender may issue a minimum purchase requirement when financing a golf cart. This means the price of the golf cart can not be lower than the minimum purchase. If the cart you purchase is lower than the minimum purchase requirement, you will need to pay the difference. Recent minimum purchases from Yard Card and Sheffield have been $1,500.

Monthly Payment: Your monthly payment for a golf card will depend on the interest rate, length of the loan, and size of the loan. You can use this loan calculator to estimate your monthly payment.

Down Payment: A down payment is a non-refundable payment that is paid upfront for purchasing an item, and the remaining payment is paid by a loan. Usually, the higher the down payment, the lower the monthly payment. Some financing options may offer a 0% down payment.

Promotional Fee: A promotion fee is a set-up fee for special promotions lenders may offer. This fee has typically been around $125 for promotional financing options. 

Instant Approvals: Instant approvals allow you to receive an application decision within minutes. Keep in mind that instant approval doesn’t mean guaranteed approval. Think of it more as an instant reply. 

Credit Line: A credit line is a type of loan that allows you to borrow a set amount of money for a given period of time. This is similar to a credit card, you can draw the amount you need from the available balance and only pay interest on that amount. For example, you may have a credit line of $15,000 but only have to pay back $10,000 if you buy a $10,000 golf cart. 

Now that you know some basic financing terms, you can choose your loan option.

As licensed E-Z-Go dealers, we’re able to offer different loan options through Sheffield and Yard Card, including revolving credit cards and fixed-rate financing options. One difference to consider is that Sheffield only finances new golf carts, while Yard Card finances new and used golf carts. 


For over 25 years, Sheffield has provided financing for golf carts, power sports equipment, and trailers for most major brand names in the industry. Backed by one of the nation’s largest financial holding companies, they offer innovative financing options, friendly service, and quick credit decisions. Garrett’s and Sheffield have partnered to provide fixed-rate installment loans for E-Z-GO and Cushman vehicles.

Yard Card

The Yard Card is a revolving credit-card program offered by TD partnership programs. It is a simple process to sign up. Complete our online application, and once submitted, TD Retail Card Services will review your application and send you all the required supplies upon approval. A benefit of the Yard Card is that it can be issued for used and new golf carts.

We'll Walk You Through the Process Step-by-Step

We'd be happy to speak with you about how financing works, the length of the average loan, potential interest rates, and answer any questions you have about the process before you ever pick up a pen to fill out an application.

If you'd prefer to apply in the privacy of your own home, you can visit here to begin a new loan application through Sheffield!

Still Have Questions? Just Stop By and Let Us Know!

If you're interested in financing a golf cart purchase but you’re just not sure if it would be the right choice for you, come on by and see us!

We have locations in Charleston and Greenville, so we're ready to help you get the golf cart you've been dreaming of, no matter where you are in South Carolina!

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Topics: Advice on Buying