Buying a HD with not so good credit
#1
09-08-2011, 03:24 PM
Buying a HD with not so good credit
Im in a lot better situation now than 6 months ago but my credit took a beat down... Id like to try and get a bike this spring but know my score will still be pretty low. After researching HD's financing I can say that even if I did have top tier credit Im not sure I would finance with them... Ill be turning to my credit union in hopes they will be able to help me out but I was curious to see how many of you guys were in the same boat when you bought your bike...
#3
09-08-2011, 03:35 PM
My dealer matched the credit union's rate; not that uncommon for the dealer to do that; they make a ton of money on financing too and they are not going to pass up an opportunity.
#5
09-08-2011, 04:06 PM
Outstanding HDF Member
Here is my advice, but you aren't going to like it:
Start making payments now, into a savings account.
Wait until you have enough saved up to put 20% down on the bike, and still have a year of payments stashed away (best bet: have enough to pay the bike off in full).
Then, when you go buy the bike, you put down 20%, which brings the principal way down, and shows the lenders that you are responsible enough to save up at least that much money.
Make payments just as you have, and leave that account you set up, aside in case god forbid you lose your job or get hit with some huge unexpected bill. Only then, start taking money out of that account to make your payments.
I did that with my first bike and it built up my credit, and I never had to worry about having the money to make a payment.
My credit is above 750, and I got it that high by being careful, patient, and smart about how I use credit.
I suggest that you only buy things on credit when you already have enough cash to buy them outright, but use the credit anyway to build up your credit score. Pay them off WAY early to avoid spending too much on the interest payments.
This is the key to building up good credit and wealth.
Start making payments now, into a savings account.
Wait until you have enough saved up to put 20% down on the bike, and still have a year of payments stashed away (best bet: have enough to pay the bike off in full).
Then, when you go buy the bike, you put down 20%, which brings the principal way down, and shows the lenders that you are responsible enough to save up at least that much money.
Make payments just as you have, and leave that account you set up, aside in case god forbid you lose your job or get hit with some huge unexpected bill. Only then, start taking money out of that account to make your payments.
I did that with my first bike and it built up my credit, and I never had to worry about having the money to make a payment.
My credit is above 750, and I got it that high by being careful, patient, and smart about how I use credit.
I suggest that you only buy things on credit when you already have enough cash to buy them outright, but use the credit anyway to build up your credit score. Pay them off WAY early to avoid spending too much on the interest payments.
This is the key to building up good credit and wealth.
#6
09-08-2011, 04:14 PM
Outstanding HDF Member
A co-signer with excellent credit score is another way to get you in the door. And after 1-2 years of solid payment history they may remove the co-signer and let you fly on your own.
#7
09-08-2011, 04:25 PM
Seasoned HDF Member
The best way to get a better deal with HD is to finance with them to get a break on the bike then go to your bank and re finance it for a better rate. HD will often nock the price down a little if you finance through them.
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#8
09-08-2011, 04:44 PM
Road Master
I just bought a second bike through HD. They wanted 12.5% for 7 years on a 2006 low rider with 30k miles. I told them my credit union was offering 7.5% for 4 years. They matched the credit union. Doesn't hurt to try and just see what they can do for ya. You'd be surprised.
#9
09-08-2011, 05:08 PM
Elite HDF Member
Join Date: Sep 2009
Location: River City Western Canada
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Here is my advice, but you aren't going to like it:
Start making payments now, into a savings account.
Wait until you have enough saved up to put 20% down on the bike, and still have a year of payments stashed away (best bet: have enough to pay the bike off in full).
Then, when you go buy the bike, you put down 20%, which brings the principal way down, and shows the lenders that you are responsible enough to save up at least that much money.
Make payments just as you have, and leave that account you set up, aside in case god forbid you lose your job or get hit with some huge unexpected bill. Only then, start taking money out of that account to make your payments.
I did that with my first bike and it built up my credit, and I never had to worry about having the money to make a payment.
My credit is above 750, and I got it that high by being careful, patient, and smart about how I use credit.
I suggest that you only buy things on credit when you already have enough cash to buy them outright, but use the credit anyway to build up your credit score. Pay them off WAY early to avoid spending too much on the interest payments.
This is the key to building up good credit and wealth.
Start making payments now, into a savings account.
Wait until you have enough saved up to put 20% down on the bike, and still have a year of payments stashed away (best bet: have enough to pay the bike off in full).
Then, when you go buy the bike, you put down 20%, which brings the principal way down, and shows the lenders that you are responsible enough to save up at least that much money.
Make payments just as you have, and leave that account you set up, aside in case god forbid you lose your job or get hit with some huge unexpected bill. Only then, start taking money out of that account to make your payments.
I did that with my first bike and it built up my credit, and I never had to worry about having the money to make a payment.
My credit is above 750, and I got it that high by being careful, patient, and smart about how I use credit.
I suggest that you only buy things on credit when you already have enough cash to buy them outright, but use the credit anyway to build up your credit score. Pay them off WAY early to avoid spending too much on the interest payments.
This is the key to building up good credit and wealth.
if your credit score is in the toilet the last thing you should finance is a bike
