10 year financing
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Tourer
Joined: Mar 2008
Posts: 422
Likes: 3
From: PA
10 year financing
I was at the dealer today picking up a few things and while I was there I had a long conversation with one of the parts guys. He said times are really tough for Harley dealers right now. Maybe some dealers are doing well but most are hurting. He told me about the latest incentive to try to entice buyers. You can now finance a new Harley for 10 years!! I would never finance anything for 10 years (except a house). I wonder if offering 10 year financing will get more people to buy bikes. I wonder what the interest rate is.
The dealer I was at isnt openly advertising 120 month financing but a quick Google search shows there are dealers that are actively pushing 10 year financing.
http://www.toledohd.com/eagle_financeapp2.asp
Would you finance a motorcycle for 120 months if that was the only way you could afford a bike? Personally I would save my money until I could afford a shorter term loan.
The dealer I was at isnt openly advertising 120 month financing but a quick Google search shows there are dealers that are actively pushing 10 year financing.
http://www.toledohd.com/eagle_financeapp2.asp
Would you finance a motorcycle for 120 months if that was the only way you could afford a bike? Personally I would save my money until I could afford a shorter term loan.
Road Warrior
Joined: Jan 2008
Posts: 1,289
Likes: 23
From: Phoenix, AZ/Canton, OH
IMHO. This will kill the market. If a guy floats a 10yr note now for an 09 after 5-6 years he will be upside down on the bike. So he will trade it in on a new 2014 if he can, then put the neg. balance on the new bike. At this point he will have to live with the bike till paid off, I've seen this happen in the car and boat market.
Road Master
Joined: Sep 2005
Posts: 889
Likes: 0
From: Orange County, CA
My first Harley was bought using non-HD financing. The local bank the dealer was pushing had a special financing for excellent credit applicants: 10 years @ 4.9%. I took the offer and made sure there were no pre-payment penalties and just doubled the payment each month. The APR was lower than HD on a 5 year term, so I figured why not... If I ever got into a crunch i could always afford the standard $140/mo payments...
Road Warrior
Joined: May 2008
Posts: 1,649
Likes: 4
From: Celebration, FL
IMHO. This will kill the market. If a guy floats a 10yr note now for an 09 after 5-6 years he will be upside down on the bike. So he will trade it in on a new 2014 if he can, then put the neg. balance on the new bike. At this point he will have to live with the bike till paid off, I've seen this happen in the car and boat market.
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I put 25% cash down on my '08 , with the balance for seven years , but it'll be paid off in the next six months .. Knew that going in , so wasnt an issue with me , but no way if I had to make the minimum payment for seven years ..
People will do it , all they care about is the monthly payment , not what the total cost is in the end ..
People will do it , all they care about is the monthly payment , not what the total cost is in the end ..
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