Not sure where I should actually ask this but it is a softail I am wanting.
Does anyone actually know the minimum criteria is to get financing through HD financial?

I contacted several different dealerships talked to their finance person and was told the following 4 different answers.

1) If you have a 535 or higher score you are approved

2) must have 2 years of credit history with one trade line being at least $5,000 or you will be denied

3) Have to have 1 year of credit history.

4) there is a first times buyer program that you don't need credit history.

So I called eaglemark themselves and asked and they said there is no guidelines to just fill out and app and they will give answer. Really? So they just decide yes or no depending on their mood? I can't believe they can not say what minimum job time, credit history ect that is needed to be considered for a loan.

I only have 6 months of credit history and hate to waste an inquiry if I know you really have to have 1 to years to be approved.

 

You will be raped on APR % if you have a 535 score.

Not 100% sure, but if you think that your score is that low Harley will not be the one financing and it will be some random bank that takes high risk.

Have you tried a credit union?

Also age and work history?

 

https://www.hdforums.com/forum/gener...financing.html

 

You really think they make you fill out an entire application and then only consider 1 single piece of information?

There is very likely a weighted formula for each piece of information you have to provide.

Harley is in the business of making money, so they're probably not going to turn you down unless you are extremely risky. I highly doubt you won't be approved - you'll just get a higher interest rate having less credit history.

 

MY score is 689 I was just told that a min score of 535 was needed to be financed
18 years old
8 months on job, it is my first job.

 

I was a Honda car dealership Finance Manager for a couple years.

No way you are getting a loan with a 535 without a strong co signer.
(I know thats not your score)


You will need a large down. Say $2000-3000 on a Sporty. Maybe you will get approved if there is no negative.

At 6 months cred history...you are nearly a "ghost"...someone with no history.

They will want a co signer...some form of down-payment more than likely.

I doubt you get bought on your own.

Ask to see the "buy" rate from the finance company. They are allowed to add points of interest to your loan to make a profit. The Finance guy will add something to your buy rate.

Goes down like this.

Finance guy knows you are young and of little credit. He gets you a loan by patting someones butt at finance company. He gets you bought at 8%. He contracts you at 11%. Makes 600 in his pocket. Sells you credit life insurance. Makes another $500. Sells you a warranty. Makes another $300.

You can get just as ****ed in the finance dept as the salesman. Its why I got out of it. I was trained to lie and I was good. I can sleep at night now.

Get a loan from a credit union. They never add interest to the loan. Find out what the real going rate for a bike is. Go in and tell them you are going to pay x, and use a credit union. If they dont take deal....move to next dealer. Once they know you will actually buy today...they will make the deal.

Hope something there helps someone. Meds making me babble now. Ill sign off...lol.

 

No I don't think they only go by 1 single piece. I was just saying if it is true that you must have over a year of credit history like one dealer told me then I already know I need to just wait.

 

Thanks everyone for the answers. I will just wait another year then try.

 

Definitely try a credit union.

Here is a quote from the thread I linked

 

I mean....never hurts to try. Just dont get yourself in a Financial trap at a young age because of Harley fever. Credit stuff follows you for life and will effect the quality of life at some point. Important stuff.