Short Answer: The minimum credit score needed for loan approval from Sheffield Financial depends on the dealer, but is usually around 660. Sheffield may approve loans for lower credit scores depending on other credit history factors, but these loans will have higher interest rates. See below for more information about Sheffield Financial’s approval requirements.
Sheffield Financial Credit Score
In general, the minimum credit score needed to qualify for the best rates with Sheffield Financing is around 660 to 675, but there are also some financing options available for customers with slightly lower credit scores. We spoke with outdoor equipment dealers that partner with Sheffield in several states — including Ohio, Virginia, Montana, and Wisconsin — to verify this information.
Sheffield partners with outdoor equipment and recreational vehicle dealers across the country to provide financing for a wide range of equipment, including lawnmowers, powersports vehicles like ATVs and snowmobiles, golf carts, hauling trailers, motorcycles, and personal watercraft such as boats and jet skis.
The terms and qualifications for credit vary depending on the dealer from which you purchase your equipment or vehicle. However, we were told that most dealers working with Sheffield Financial look for the same range of credit scores when approving a loan.
If you have fair to good credit, you may be able to qualify for an outdoor equipment loan from Sheffield Financial. You can contact a local Sheffield Financial dealer to start the application process, or you can apply online.
The available financing offers for top credit scores vary by the dealership, but on average, dealers offer 0% interest financing for a period of time ranging from 12 to 42 months for customers with credit scores of around 660 or higher.
However, some dealers may not have interest-free financing available at all times. If your desired dealership does not offer 0% interest options, rates typically start anywhere from around 2% to 8% for the same credit scores.
There are also financing options available for customers with credit scores slightly below the desired minimum. If you have a credit score of 600 or more, you will likely qualify for financing at interest rates of around 7% to 13% or higher, dealership representatives said.
To help you figure out what you can expect to pay per month, Sheffield Financial provides a loan calculator.
Other Qualification Factors
If you have poor credit, you may still be able to qualify for a loan from Sheffield Financial; in addition to credit scores, Sheffield considers other factors during the loan process that may help you qualify with a lower score.
The most important factor outside of your credit score is your debt-to-income ratio, representatives for Sheffield Financial said. The company looks for a debt-to-income ratio of one-third, or about 33%, meaning your current total monthly payments equal around 33% or less of your total income.
Additionally, Sheffield considers your overall credit history as a factor in the loan application. If you have no late payments or debt collections, you will have a better chance of qualifying for a loan, even with a lower credit score.