Financing a bike - a young guy needs some advice
Ultimate HDF Member
Joined: Oct 2007
Posts: 7,562
Likes: 11
From: Palm Harbor fl.
RE: Financing a bike - a young guy needs some advice
ORIGINAL: TheeBoy
have you considered that your debit to income ratio might not be ideal? you seem to have a lot of bills (2 cars, student loans, etc) and I am not sure how much you make. you are probably getting rejected becuase creditors may feel you don't make enough to pay for a bike on top of everything else. That would be my best guess. good luck though and I hope you are in the harley family soon.
have you considered that your debit to income ratio might not be ideal? you seem to have a lot of bills (2 cars, student loans, etc) and I am not sure how much you make. you are probably getting rejected becuase creditors may feel you don't make enough to pay for a bike on top of everything else. That would be my best guess. good luck though and I hope you are in the harley family soon.
Ultimate HDF Member
Joined: Oct 2007
Posts: 7,562
Likes: 11
From: Palm Harbor fl.
RE: Financing a bike - a young guy needs some advice
ORIGINAL: rounder
Personal banks for the most part are harder to get loans through than say a Business that writes 100 or more loans a month. Dealerships that have high volume will have more pull to get you financed than you asking from your bank.
Also the finance guy will probably hold a couple points of interest on you so be strong and fight for a better rate than the one first quoted. ( this means you are approved for say 7% but they will tell you a sob story about your credit and hit you at 9%for example). Negotiate, and have an out like another dealership you can pin against them.
DO NOT fall for the better rate if you get a warranty bit( a suckers play)... It's bull... you can get the better rate without the warranty. I'm retired from a career in finance FWIW.
Personal banks for the most part are harder to get loans through than say a Business that writes 100 or more loans a month. Dealerships that have high volume will have more pull to get you financed than you asking from your bank.
Also the finance guy will probably hold a couple points of interest on you so be strong and fight for a better rate than the one first quoted. ( this means you are approved for say 7% but they will tell you a sob story about your credit and hit you at 9%for example). Negotiate, and have an out like another dealership you can pin against them.
DO NOT fall for the better rate if you get a warranty bit( a suckers play)... It's bull... you can get the better rate without the warranty. I'm retired from a career in finance FWIW.
Tourer
Joined: Sep 2006
Posts: 481
Likes: 0
From: Puyallup WA
RE: Financing a bike - a young guy needs some advice
Dan
Two other options for you
1. Take a deployment--as an ammo troop you'll be heading out soon enough. Save your tax free earnings and use towards a down payment on a purchase through AAFES HD sales.
2. Look at buying used--the used market is flooded with TC88s that are barely broke in and the stealers are motivated to make a deal during this time of year.
Good luck
Rich
Two other options for you
1. Take a deployment--as an ammo troop you'll be heading out soon enough. Save your tax free earnings and use towards a down payment on a purchase through AAFES HD sales.
2. Look at buying used--the used market is flooded with TC88s that are barely broke in and the stealers are motivated to make a deal during this time of year.
Good luck
Rich
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Cruiser
Joined: Dec 2007
Posts: 128
Likes: 0
From: Minot, ND
RE: Financing a bike - a young guy needs some advice
First off, thanks everybody for your input - I really do take it to heart. As far as being able to afford it, I established a budget right when I came onto active duty and know that I can afford it now at O-1 pay, which will soon be O-2 pay in a few months. BAH doesn't play a big factor because I'm in one of the lowest BAH locations in the DoD. I think I will definitely re-attack the issue in the summer with Harley and some cash for a downpayment.
Road Warrior
Joined: Feb 2007
Posts: 1,848
Likes: 0
From: Poquoson, VA
RE: Financing a bike - a young guy needs some advice
Oh you are an 0-1! Sorry, my advice was more for an E-1,2,3. You almost make as much as I do (Not really) and I've been in 18 years. HD will finance anyone, just watch out for their special interest rates. Good luck!
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Joined: Jan 2007
Posts: 1,658
Likes: 3
From: NorNev
RE: Financing a bike - a young guy needs some advice
Your bank should have approve your loan. They know you have a job for a while. Might want to check with the credit agencies(Experian, Trans Union, Equifax) to make sure you don't have any financial skeletons out there or been a victim of fraud.
RE: Financing a bike - a young guy needs some advice
i was 25 when i got my bike... got crazy low financing! my payments on a brand new bob are 135 a month... not to bad
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Tourer
Joined: Dec 2007
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RE: Financing a bike - a young guy needs some advice
A bike is a whole lot more enjoyable when it's not taking food off your table. Just saying, I wouldn't bend over backwards just to own a bike. Have you considered a used bike? Hell, in 6 months I guarantee there will be some folks unloading their Fat Bobs with low miles, and Harleys depreciate a lot faster nowadays than they used to.
Tourer
Joined: Dec 2007
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From:
RE: Financing a bike - a young guy needs some advice
Oh yeah, what the above guy said about not having your credit checked a bunch of times by banks, dealer lenders, credit companies, etc. is big time true. Every time you authorize someone to pull your credit history your score goes down a few points. Just a few, but they can add up over a short period of time.