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Sportster Models 883, 883 Custom, 1200 Custom, 883L, 1200L, 1200S, 1200 Roadster, XR1200, and the Nightster.
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  #1  
Old 06-29-2009, 11:22 AM
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Default Harley Refinance

If you guys are like me, I got the royal screw-job when I bought my bike through Harley Finance. I've had the loan for a year and a half, and have made timely payments. Before I call them and try to strong-arm them down to a reasonable APR, has anyone here had good luck refinancing through an online bank or credit union? A lot of places don't like to loan on bikes, so I'm curious if you guys have any insight.

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Old 06-29-2009, 11:29 AM
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I didn't finance through Harley, but I found better rates after a year of buying my Sportster and I didn't have any trouble at all refinancing at a credit union.
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Old 06-29-2009, 12:23 PM
kahaone kahaone is offline
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You want to use an "on-line bank"? And think that would give you better APR?? Why not use your own personal bank??? Most likely any on-line banking system is going to be geared towards those people who have a hard time getting credit elsewhere. Therefore, the rates will be considerably higher than a normal bank.

A credit union is good. But you need to belong to them and have an account there for any credit union I have seen.

Maybe join a credit union, and then a few months later apply for a loan. Or, go to the bank where you have your personal accounts.

But I'd avoid an "on-line" bank.
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Old 06-29-2009, 12:54 PM
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Thanks for the replies. My personal bank doesn't do bikes.
I was hoping on online resource would have less overhead. I got the loan for my SLK through the web, and the APR was great. I'll keep looking.

Thanks,
fF
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Old 06-29-2009, 01:47 PM
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I went through TD bank got a good deal with no $$$$$$$$$$ down but I should of put some money down but all and all 2 more years and it's pay for
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Old 06-29-2009, 02:16 PM
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When I bought my bike, I did it through HD since it was just easier while I was there. They gave me 8.99%. A couple months later, when I got the time, I went to my credit union (Lockheed)...6.49% for 3 years.
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Old 06-29-2009, 02:23 PM
brightboy90 brightboy90 is offline
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I went through the credit Union in my hometown and I got 6.95% and I'm only 19. Used bike, too. (covantagecu.org)
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Old 06-29-2009, 02:35 PM
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Quote:
Originally Posted by kahaone View Post
You want to use an "on-line bank"? And think that would give you better APR?? Why not use your own personal bank??? Most likely any on-line banking system is going to be geared towards those people who have a hard time getting credit elsewhere. Therefore, the rates will be considerably higher than a normal bank.

A credit union is good. But you need to belong to them and have an account there for any credit union I have seen.

Maybe join a credit union, and then a few months later apply for a loan. Or, go to the bank where you have your personal accounts.

But I'd avoid an "on-line" bank.
+1 on what Kahoane said. In 2006, I bought a Yamaha Kodiak 4x4 using a credit union......My work place has their own credit union. I literally stopped by and opened a savings account with $15 cash, and ten minutes later they had ran the paperwork for the loan on the 4x4. I picked the ATV up at the dealer that afternoon. APR was like 4%, and had I gone with a used ATV, it would have been around 6%.

Another option is to go with your own bank, but just get a personal loan/line of credit where you can write a check to anyone you want.....& write the check to pay off the bike. You'll have your lower APR, lower monthly payment, probably less time on the loan now, and the title for the bike all in one. I used my regular bank when I purchased the HD back in 2000.
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Old 06-29-2009, 02:38 PM
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Some insurance companies have pretty good rates on motorcycle financing. Check with your insurance provider.
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Old 06-29-2009, 07:35 PM
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Banks are desperate right now for any business...yours may not "do bikes", but I'll bet they will let you "consolidate" your high interest loans...take a credit card or two, lump your bike loan in and refinance the whole lot for a lower interest rate...we did this a couple of years ago to get money for a new roof...saved me thousands in interest in the long run...
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Old 06-29-2009, 07:35 PM
 
 
 
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