Hi all, I'm new here so I hope this is the right place to post this. I just completed the MSF course and got my motorcycle endorsement, so now I'm looking to get a bike. I love the new sportster Irons. I have found two new ones at my local dealership(tallahassee Harley) and now I just need to get financing. I am going to check with my local bank this week, but I have heard that harley's own financing company(Eaglemark?) is pretty easy to get a loan from. I have a pretty low credit score, but I have plenty of income to make the payments. I know people will say just save and pay cash, but I want to have a bike now so I can enjoy it this spring/summer. so my question is what are the chances of me getting a loan through harley? I realized I will have to pay an insanely high interest rate given my score, but I am willing to do that. I know the best way to find out is to apply of course, but I would like an idea of how good/bad my chances are before I go in. Thanks!

 

Welcome to the Forum from Colorado!
I got mine through Eaglemark. Interest rate is high, and you'll have to pay them for 2 years before they let you refinance (say through a credit union for bettter terms), but You shouldn't have a problem.

 

Eaglemark will finance a new spaceship, minisub, death Ray, or even <gasp> a motorcycle for anyone willing to pay 900% apr.

You'll have more trouble explaining the deal to your wife than getting the deal.

GM

 

There are HD dealer ships with terms for bad credit. Treasure Coast HD in Stuart, Fl will finance even the worst with 10% down. If you are in Tally check out Panama city HD they offer other options beside HD financing.

 

thanks for the replies, I had heard it was stupidly easy to get a loan through them, provided you dont mind paying a high rate. Also, would I need to put any money down? I know it will decrease my payment and is probably the smart thing to do of course, but I was wondering if I would still get a loan with no money down AND a bad credit score.

 

Ive seen a couple bikes at Panama city that I really liked so I may give them a try. I just didnt want to drive 2 hours only to be turned down.

 

Probably not. I was required to have 10% down.

 

I can do 10%. Thanks for the help, Hopefully I'll be on the road on my new Iron in a week or so

 

Good luck, and be sure to come back here with pics!!

 

You might have trouble getting 0 down financing (or perhaps not) with marginal or poor credit, and you're almost certainly going to have a higher interest rate. You won't know for sure until you apply for financing, and you didn't say why your credit score is low(nor do you need to)- simple lack of loan history is one thing, a string of defaults, too many existing loans, or habitual late payments are another- all these (and more)impact your credit.

Since you say you don't care about what interest rate you may get, I'll spare you the lecture on the evils of borrowing.

If you do take out sub prime financing, make sure you understand the terms. Not sure if those loans have pre-payment penalties, etc.