Hey guys, I'm selling my 04 883c to a buddy and want to put that money down on a Street Bob. I want to get all my ducks in a row before I go into the dealership and talk numbers. My current credit union claims they don't loan on motorcycles or boats so I want to know where you guys went for the best rate.

Here are the pertinent details:

-2013 Street Bob HD1 Coloma Gold 103, 4k miles, mint condition.
-5k down, financing 7k for 60 months to keep payments around $150/mo.
-Excellent credit

So, where did you go? What were the rates and term? Was it a motorcycle specific loan or personal? Is eagle mark as bad as everyone on the Internet claim(high APR)?

Any insight will help.

Thanks in advance

 

RV loans are generally unsecured, thus the high rate. If you have good credit or a house to secure a line of credit your rate would probably be better.

 

If your credit score is truly excellent (760+ FICA) you should be able to get a loan at any bank. All they care about is your ability to repay the loan, most banks don't care if it's for a home improvement project, dental work, a boat, a business start-up, or a motorcycle. Your down payment is almost half the value of the motorcycle and if they ever had to repo it (Heaven forbid) they would still be able to sell it for whatever the outstanding loan amount would be. The banks here would be standing in line to finance it for you with your high down payment and I am also assuming that you have a reasonably good job and are not overburdened with other debt. Check out your local banks, open an account and you may be surprised.

Ride Safe - Ride Smart


"He Who Lives In Joy Does His Creator's Will".
The Baal Shem Tov, Founder of Chasidic Judaism... ca. 1750's

 

I got 3.24% for 72 months from my Credit Union on my 14 Limited in October 2013. Not sure if they still have that rate.

 

Thanks for the quick replies guys. My credit is in the 800's and I do own my home with long work history. I have only financed 2 cars so auto loans are the only loans I'm familiar with. I want to be under 5% APR. Anything more than that and I don't want anything to do with it really. I hate paying interest. Can an RV Loan be extended to 60 months? And is it feasible to get a low APR?

 

I wouldn't go over 48-months for a cycle loan...you'll be extending too far on loan amount. Is there any way to go through another credit union, or have you checked w/the dealer if they have recommended financial institutions (other than HD credit)?

 

I haven't actually gone to the dealer yet. I am preping for it. I want a longer term just because I like being on the safe side with the payment amount and don't want to chew into my savings at any point. Plus, the wife said $150 a month is my allowance. Gotta listen to the boss. Haha

 

If you have sufficient equity in your house you should be able to get a loan/line of credit at prime from the bank that holds your mortgage. Be careful when applying for credit every time you access your credit whether you take the loan or refuse it because your not happy with the rate that affects your rating. You can quickly upset years or responsible spending. Banks that are happy with there customers will be happy to lend you more, talk to them they should be able to give you a good rate with out even running your credit score because they know your credit history.

 

What other people got for their loan terms really isn't that useful to you. What will impact your loan terms is your credit rating/FICO score, your income vs existing other debt, new vehicle vs used, amount borrowed vs down payment, source of funds, and more.
You want to borrow for a used bike, you can see what the dealer had to offer, try banks, and other credit unions. The amount of money you want to borrow is relatively small, which limits the profit on your loan, and could result in a higher rate, since small loan costs are about the same as placing a larger loan.
On the other hand, you won't know until you try. If they offer you a rate you don't like, ask what you can do to get a better one. There may be some room to negotiate the rate, especially if it's thru the dealer.

 

I am well aware of the damage caused by inquiring about loans, which is why I don't do it haha. I don't really understand how I can shop banks and credit unions for the best rate without them giving me a hard credit pull on my history. How can I figure out the lowest rate I can get without them actually pulling my credit?