best source for financing??Anyone??
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1st Gear
Joined: Jan 2009
Posts: 5
Likes: 0
best source for financing??Anyone??
My credit is not very good at all due to the sh1tty economy lately. I am now getting back on my feet and want to purchase but my credit is **** now. I really want to get on a bike and now don't have problems making the payments, but my score is.........low. Any help guys??
Ultimate HDF Member
Joined: Dec 2006
Posts: 8,961
Likes: 263
From: Conroe Texas
CreditUnion, the banks already have your money (bailout), good advice on fixing credit first though. Glad you are getting back on your feet, think the economy will turn soon.
Outstanding HDF Member
Joined: Jan 2007
Posts: 3,438
Likes: 3
From: Chesterfield, VA
Harley in-house is pretty liberal, but its gonna cost. They hit sub-prime pretty hard on interest. Capital One is another source.
You may have a hard time anywhere right now. Weak paper is hard to sell.
You may have a hard time anywhere right now. Weak paper is hard to sell.
Ultimate HDF Member
Joined: Dec 2008
Posts: 5,120
Likes: 17
From: Indiana
I just went through Harley. I had them run payments and my credit union run payments. Harley had a $100 a month lower payment because they allow you to go that extra year as where the credit union was only %1 less but a high monthly because it was 1 year less for financing. Money isn't an issue to me but I figured I don't plan on getting rid of the bike ever that I'll take the smaller payments and still pay it off earlier, but gives me a cushion if I ever needed it. Credit union or not you interest rate is still going to suck, so if you can wait 6 months and see if you moved up on your credit score may help a little bit. +1 on fixing credit first too!!
Road Captain
Joined: Jul 2008
Posts: 530
Likes: 2
From: Goldenrod Crossing MN 56201
Don't mean to be an *** but cash works. Save up and don't pay their interest. Not affording what we want is why we are in this mess. Took me 12 years @ $50.00 a month 2008 Fat Bob $14,600 all taxes included new out the door.Good luck MG.
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Ultimate HDF Member
Joined: Dec 2008
Posts: 5,120
Likes: 17
From: Indiana
No offense, but screw that I don't want to wait that long. Buy now pay later!! As long as you stay within you're monthly means!! That only adds up to $7200 what did you do to the other half??
Last edited by JaronB; Jan 31, 2009 at 03:24 PM.
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Tourer
Joined: Jan 2009
Posts: 351
Likes: 0
It depends. Most banks will only finance for a percentage of the bike's value (likely not 100%). If you add on with accessories or engine work (like I just did), they probably won't finance the total amount of your purchase price. Harley dealers, however, will finance that amount through their vendors.
The interest rate likely won't be the best, but it's simple interest. Finance it for 8 years to get lower payments, and then pay extra each month to attack the principal so you aren't paying interest. It'll shorten the time it takes to pay down the bike, you pay less interest, and there's no penalty if you can pay it off early (as with some bank loans).
The caveat for this idea is that you pay extra. Otherwise, you're just financially screwing yourself. If you get paid every week, there are some months when you get an extra paycheck. Put that down as a larger payment on the bike.
If you can't afford to do this, or simply won't do this, then shop around for the best rate and shortest terms you can find. If you can't afford those payments, then you aren't ready for a bike.
If you are a AAA member, they will finance motorcycle loans starting at 7.6% for great credit. Check with your insurance company. Capital One used to finance motorcycles as a prepaid loan, but no longer. Too bad, because that was a sweet deal when I bought my car. Better interest rate than any dealer could provide, I knew my upper limit, and I could essentially deal with them as a cash buyer.
The interest rate likely won't be the best, but it's simple interest. Finance it for 8 years to get lower payments, and then pay extra each month to attack the principal so you aren't paying interest. It'll shorten the time it takes to pay down the bike, you pay less interest, and there's no penalty if you can pay it off early (as with some bank loans).
The caveat for this idea is that you pay extra. Otherwise, you're just financially screwing yourself. If you get paid every week, there are some months when you get an extra paycheck. Put that down as a larger payment on the bike.
If you can't afford to do this, or simply won't do this, then shop around for the best rate and shortest terms you can find. If you can't afford those payments, then you aren't ready for a bike.
If you are a AAA member, they will finance motorcycle loans starting at 7.6% for great credit. Check with your insurance company. Capital One used to finance motorcycles as a prepaid loan, but no longer. Too bad, because that was a sweet deal when I bought my car. Better interest rate than any dealer could provide, I knew my upper limit, and I could essentially deal with them as a cash buyer.
Road Captain
Joined: Jul 2008
Posts: 530
Likes: 2
From: Goldenrod Crossing MN 56201
Jaron B
Hey I am just an old tightwad dairy farmer, not too bright. But I put $50.00 a month in for 12 years $7200.00 + interest from the CD $7500.00 equals $14,700. So I paid $7200.00 For my bike LOL. Too buy it now your way would be $279.00 a month for 84 months. Thats $23,400.yikes. I love my bike but holy cow. Ride on MG