I'm just exploring some financing options here. When its time for me to get me a new Harley I had plan to set 3-4k down and finance the rest on a 6-9k bike. The thing that troubles me is the finance company I usually use charge VERY HIGH interest at tune of 35%. I was wondering if anyone used Harley's financing program for an older bike. If anyone can give any pointers or idea would help.

 

Thirty-five percentage interest in today's credit market is crazy high. You would be smart to look elsewhere.

HD Credit seems willing to lend to just about anyone and I have seen rates around 10% on used bikes in the last year (a friend of mine whose credit was, according to him, just average).

You should almost certainly be able to get a better rate at your local bank or credit union. One hitch might be that the local bank/credit union may not be willing to stretch payments out as far as HD credit. In other words, the bank/c.u. might require that the loan is paid back in 3 years whereas HD might allow it to be paid back over 5 years. Paying the same loan back over 5 years lowers your monthly payments but increases the total amount of interest you pay over the life of the loan.

Best of luck to you.

 

The only thing I have to be cautious about is the fact my credit score in the high 500. With that fact I want to shy away from my high interest finance company and find one that will do lower interest without worry of a predatory loan.

 

We were looking at 7.9% from HD finance on a used bike last year, but we were doing 3 years not 5, wound up buying new 5.9% over 5years on the note. Used finance is higher risk and pulls a higher interest to begin with, extending payment time hurts as well. When they offer you 84 months to make that payment as low as possible look at the total cost of repayment before you think that low monthly patient is a good deal.

 

I just did this three months ago. It's called Rider to Rider financing. It cost me $125 but I got $200 in dealer credit.

I had the money for the bike but I financed it just so I could have the Harley dealer make sure all the paperwork was in order because it was an out of state purchase with a lean. Everything worked out great no problems whatsoever.

My interest rate is 3.9% and much lower that the local credit union was offering. My credit score is rated excellent but I don't know if that got me a better rate or not?

 

This will be a problem. Finding someone to loan you money at a decent rate will be rough with such a low credit score.

 

I would check out credit unions, I got a loan on a two year old car at .49%, a couple years ago. My daughter refinanced her car at one, her credit isn't that good.

 

Check around with credit unions, banks, and see what HD credit can do for you.
Your credit score may make it tough to get a really good rate, and buying a used bike will often result in a higher loan as well. Please stay away from the predatory lenders, 35% is a horribly high loan rate (but I've heard of worse). You may simply have to build your credit over time to improve your score. But do shop around, it cost nothing but some of your time.

 

as was said in previous posts...a credit union may be your best bet. They will require that you open an account with them but you can do that with as little as $5 with some. They will usually have the best rates around.


A used bike and different credit ratings greatly affect the rate you may get. If I read the OP's comments correctly...you are looking to finance between 2k and 5k? if that's the case...the payments shouldn't be too high anyway...and paying the bike off early may be your best bet. will also help you build up your creditworthiness for the next bike purchase.

 

My local credit union is offering 2.9% up to 48 months....35% are you financing through a casino?...thats just crazy!