10 year financing
#31
10-26-2008, 08:32 AM
!!
I was at the dealer today picking up a few things and while I was there I had a long conversation with one of the parts guys. He said times are really tough for Harley dealers right now. Maybe some dealers are doing well but most are hurting. He told me about the latest incentive to try to entice buyers. You can now finance a new Harley for 10 years!! I would never finance anything for 10 years (except a house). I wonder if offering 10 year financing will get more people to buy bikes. I wonder what the interest rate is.
The dealer I was at isn’t openly advertising 120 month financing but a quick Google search shows there are dealers that are actively pushing 10 year financing.
http://www.toledohd.com/eagle_financeapp2.asp
Would you finance a motorcycle for 120 months if that was the only way you could afford a bike? Personally I would save my money until I could afford a shorter term loan.
The dealer I was at isn’t openly advertising 120 month financing but a quick Google search shows there are dealers that are actively pushing 10 year financing.
http://www.toledohd.com/eagle_financeapp2.asp
Would you finance a motorcycle for 120 months if that was the only way you could afford a bike? Personally I would save my money until I could afford a shorter term loan.
#33
10-26-2008, 08:50 AM
Road Master
The simple fact is, a lot of people just don't care. They want what they want and right now...whether they can afford it or not. That's why we are in the economic shape we are in right now.
I bought a used 06 Super Glide because I wanted a Harley but I didn't want to stretch myself out. I don't like to barely be able to pay my bills. I really wanted a brand new Night Train. Sometimes you just have to settle to keep the income to debt ratio in check.
Point is, I'm sure there are A LOT of people that will take the 10 year financing simply for the lower monthly payment. They are not worried about the overall cost of the bike after paying ten years on it. It obvious that many people just don't look at the big picture.
I bought a used 06 Super Glide because I wanted a Harley but I didn't want to stretch myself out. I don't like to barely be able to pay my bills. I really wanted a brand new Night Train. Sometimes you just have to settle to keep the income to debt ratio in check.
Point is, I'm sure there are A LOT of people that will take the 10 year financing simply for the lower monthly payment. They are not worried about the overall cost of the bike after paying ten years on it. It obvious that many people just don't look at the big picture.
#35
10-26-2008, 11:23 AM
in a recent conversation with my wife's son, 24 in school and living at home he told me he was of the"right now" generation he saw his parents with everything --not fully understanding how they worked to get it, so long term financing will appeal to his peer group
#36
10-26-2008, 11:34 AM
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I agree with those who say this type of financing is the cause of our national financial meltdown. If the economy is slowing down and people can't afford your product just give them a longer term loan and then you can keep selling. Problem is that you end up selling to people who are irresponsible and can't afford what they buy. When they hit a rough patch, figure out that they owe more than it's worth or get bored with their purchase they default. Lenders get stuck holding the bag. Then guess who gets the bill when the lender fails?
I have never bought a motorcycle on credit. Not because I had a lot of money but just because I always had a family and didn't want to get in over my head.
The other by product of this kind of financing is sales people who know nothing about the product they are selling. How many times have I talked to a car salesman who knew nothing about the vehicles he was selling but only wanted to talk about "how much per month do you want the payment to be?" A responsible lender would not make those kinds of loans but I guess if your only concern is your comission on the sale then that's what happens.
I have never bought a motorcycle on credit. Not because I had a lot of money but just because I always had a family and didn't want to get in over my head.
The other by product of this kind of financing is sales people who know nothing about the product they are selling. How many times have I talked to a car salesman who knew nothing about the vehicles he was selling but only wanted to talk about "how much per month do you want the payment to be?" A responsible lender would not make those kinds of loans but I guess if your only concern is your comission on the sale then that's what happens.
#38
10-26-2008, 01:43 PM
Like healthcare and owning a home, it is my God given right as an American to own a bike. You all have one so why shouldn't I? Mr. Obama said that he is going to redistribute the wealth, so once he is elected, you all can pay for mine.
Cant wait!!!!
Cant wait!!!!
