Hey Folks ... looking for your advise around financing the bike. I looked through but couldnt find any other place to put this question up.

I moved to US couple of years back and this summer looking to fulfill my dream of owing a Harley. Right now with this overheated market, new bike prices are out of my reach and even the pre owned inventory with local dealer carry scary tags.

I do see better prices here on the forum and I am looking to buy a pre owned machine from one of the fellow members here.

Now here is the question-
- which are the best institution to get the loan from? ( I have good credit history and looking to get 75% loan on 20-22K bike)
- I found some offers on lendingtree for around 8.5% APR ... for 3 years. Is this a good APR? .. any way yo bring it down?

looking forward for some valuable insights from you guys..

 

Check out local bank and credit union, find out what rates are going for. If you are going for 3 year loan,and check a few places, I don't think much more you can do.

 

They’re usually the best and it doesn’t require long term relationship, at least not my experience.

Example. I got a flyer to refinance my loan. I called, rate was great and all I had to do was join for $25 . When we sealed the deal, they threw in a $15k limit Mastercard just cause I had good credit. At first I thought, crazy. I took it and it’s a back up card. I generally pay cash or only charge if I don’t have cash. I pay as soon as I get home so I don’t even use the grace period.

But look around still…I haven’t shopped since 2020…things were still good then.

 

+1 for the Credit Union! Their Rates are the Lowest you'll find. Don't do any Dealer Financing!

 

I'm not your daddy, but don't finance toys!

 

The biggest credit union around me treats loans for motorcycles as personal consumer loans. Unsecured, and higher rates as a result the last I looked.

HD/Eaglemark sporadically offers better than usual rates and you can finance a used bike from another private party through them, but it has be done through a dealership. They inspect the bike as I recall and charge a fee to do this. Last year I heard it was $500. No idea what it costs now.

 

that's great and all, but not everyone has $30k cash laying around for a Harley, we can't all be ballers...

 

Sign an app with HD finance via Dealer. That is usually how it happens and usually they have the best rates. No bank can touch HDfinance rates. Navyfed or USAA cant touch those rates right now. And from what your wrote you are going to put 25% down so that's even juicier for them

 

I see fair looking deals on craigslist & facebook marketplace all the time in all price ranges. My bike was one of them.

I'm not about trying to tell other grown ups what to do. Just putting advice out there that was told to me, and has served me well.

 

Thank you for the advise and I totally agree that toys shouldnt be financed. Right now the choice is to buy something by end of this riding season ( shall be able to save enough by then), or buy something cheaper now - but later will have to upgrade again. So was exploring this route.