thats what they tell you. But in reality it is not true. I have had the same company pull someones credit ten times and all ten times it hsows up within a week period. THIS IS THE SAME COMPANY PULLING THE CREDIT

 

All HD dealers go through the same bank, Eaglemark Savings, for financing. They offer something called the "Delta Program" for people with bad credit. They'll finance just about anyone with a job, but you'll get hosed on the interest rate. A buddy of mine used it to rebuild his credit. Once he had made about 10 payments, he refinanced the bike and got a decent rate. No one else would even touch him, so ask your HD dealer about that program.

 

Fact of the matter is that you'll be able to get financing from someone, somewhere, it all depends on how much interest you're willing to put up with. Capital One has always had good rates for the times I've needed them, but not knowing how beat your credit rating is it's hard to say. I have to agree with the post from nmfxstc that this may be a better time to get your credit repaired, than look for another bike.

There was a post on this board last week, can't remember who initiated it, but it was from a guy who wanted to sell his Jeep and buy a bike to ride full time. Check out that post and see some of the recommendations made there, might help your decision also. If you have credit that is crapped out, this may not be the best time to make a large purchase. Best bet wouild be to save up a few bucks, buy a few small things on credit and pay them off quickly to help repairyour credit. Just my $.02.

 

You have come to the right place. I'm a Sales Manager for Wells Fargo. Before I begin though, I'd like to address nmfxstc's earlier comment. Since you didn't mention anything about financial hardship, I'll assume that you ARE living within your means and whatever happened to your credit is in the past. If you couldn't afford it, I doubt that you'd be looking in to taking on more financial responsibility. Having said that, there are plenty of sources where financing is available for those with less than perfect credit. Let's face it, sometimes life deals you a card that which you have no control over and sometimes it's your credit that suffers. Most lenders understand that and will offer financing that is priced according to the "risk factor". Obviously the higher risk the higher the rate and vice versa. Somebody already mentioned Lending Tree as a place to start and I agree, it's one of the many options that are available to you. The good thing about Lending Tree (having used it as a source for new business) is that the Lenders who use it, like myself set up specific criteria for the types of borrowers they will lend to. In other words if you are looking for a 5 year motorcycle loan and your credit score is 620, you will only receive offers from lenders that have a program that will work. We have to pay up to $30.00 for each lead when someone makes an inquiry on Lending Tree, so our search critieria is very specific and we don't like paying for leads that we can't use. Also, somebody mentioned a Home Equity Loan/Line of Credit. That is also a very good way of buying a bike. This gives you the advantage of having a lower rate of interest (fixed and variable rates) and the interest paid is tax deductible. If you are a homeowner, I highly encourage you to study this option very carefully. There are several options and programs to choose from so go with a company that you trust. If you have any questions or need some advice, feel free to PM me.

 

Before becoming a LEO I worked in banking and finance. Be very carefull! There are financial inst. that will finance you for 20 - 30 % intrest. BEWARE! Do not get in over your head! Clean your credit up and go about it the right way. You will get taken advantage of....and if you are late or miss a payment...guess what they can come and get the bike and resell it. Just my 2 cents

 

LAWMAN-

While I agree with you that there are some companies that will charge excessively high rates, most reputable companies will not. In most states there are usuary laws which cap the rates charged, not to mention the Federal Section 32 limit for rates and fees. It's fairly hard to judge without knowing the details of his specific credit situation. I didn't read anything in his post that implied his credit was completely destroyed. Also, most lenders will tell you the best way to improve your credit is to continue to pay your debt in a timely manner and establish new credit where possible. Otherwise, you just wait for the derogatory items to fall off the credit bureau in 7 years time. Ideally when buying a Harley, everyone should just pay cash. The best Harley to have is the one that's paid for.

 

when I bought my police EG,I looked into financing through the dealers"Eaglemark savings" I sat there with $8,000 cash in hand an a credit score of 845 and was told 13.5% was the best rate they could give me on a used harley(1 year old )He then said if I bought a extended service plan,they could knock it down 1 point,and if i bought a extended warrentee i could reduce it another 1 point,and that was the best he could do for me I told the finance guy at the dealer that wasn't going to happen"rates to high" and i'm not spending thousands in extended anything to save a couple points.I got up and said thank you and goodbye
then he mentioned that sometimes they use another local bank,which turned out to be my personal bank,it took me longer to fill out the application than it did to get approve over the phone within moments 6.25% was what i got for a loan,on a used bike with the remainder of the full factory warrentee. and not buying anything "extended from this dealer"

nothing is worth selling your soul to get financing on a motorcycle,you will be raked over the coals in terms of %, step back .......... look at your bad(not so good) credit and see what can be done to repair it,get a envelope out and every week put $40-50 in it (i did just that to save up my $8,000 deposit on my bike) I'm sure if your serious enough about wanting another bike,you'll make it happen, walking in to a dealer with some saved cash in hand,and hopefully some better credit. They build and sell harley's everyday of the week,you'll have no trouble finding one

just my 2 cents worth

 

Mike-

Your a Smart guy! We have the same old school thought when purchasing items,,,,,,,,if you can't afford it don't buy it. Save Save Save

Credit and intrest rates can be a VERY VERY bad thing!

 

I had to sell my 96 electra glide to pay down my debt. It took 4 years to get another Harley. I paid cash. It wasn't easy, but I am very happy....do what you have to, but don't get into a situation that makes you sell your pride and joy to the wolves.

 

Wow. Tough crowd. Seems like we all agree on one thing though and that is not incurring needless or excessive debt. When I bought my Ultra I paid CASH. It was a great feeling to be able to hand over a cashier's check and later receive title in the mail with no lien holder. I guess where I disagree with some of the comments in this thread are two fold. 1) Since no details have been provided about his credit/income situation, I feel it's assumptive to say that he would not be living within his means. Unless you know what he earns, are familiar with his expenses and have seem his credit, it seems you cannot make an accurate assumption. If he makes $150k + per year and has very few expenses for example, he would very easily be able to afford it. 2) Lenders, whether they be banks, finance companies, credit unions, etc.. are not the bad guys and aren't out to screw people. If it wasn't for them most people wouldn't be able to buy homes, cars or even motorcycles. C'mon guys lighten up a little and give us Banker types a break.