Financing a new Harley
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Cruiser
Joined: Feb 2006
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Financing a new Harley
My new '06 vivid black Ultra Classic is due to arrive at the end of May. Between now and then I've been putting aside as much $$ as possible for a large down payment, which will lower my monthly payment. After reading several previous posts on this subject I see that some feel it is best to put down the lowest down payment possible and keep the remaining saved $$ in the bank to collect interest between payments. Of course I understand the best thing would be to purchase the bike outright but I don't have $21,000 just sitting around to do that so I'll have to finance. Since I still have over a month before my new bike arrives I would appreciate hearing your thoughts on the best route to take when it comes to financing a new Harley. Thank you.
Road Warrior
Joined: Mar 2006
Posts: 1,826
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From: MN
RE: Financing a new Harley
I see that some feel it is best to put down the lowest down payment possible and keep the remaining saved $$ in the bank to collect interest between payments.
Are you going to earn more in intrest than you will pay out on the loan?
IMO you are better off putting as much down as you can and paying on it off as fast as you can. I would never suggest adding extras like chrome and/or clothes into the financed amounted.
Are you going to earn more in intrest than you will pay out on the loan?
IMO you are better off putting as much down as you can and paying on it off as fast as you can. I would never suggest adding extras like chrome and/or clothes into the financed amounted.
Seasoned HDF Member
Joined: Jan 2005
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RE: Financing a new Harley
When I bought my Harley last year, I put down as much as I could afford. The reason is this, I wanted my monthly payment to be as low as possible in case they were to trim some of my hours back where I work. I put in a fair amount of overtime, but I don't really like to live on the assumption that my overtime would always be there. A lower payment is always easier to handle than a bigger one if times get a little tough. Good luck
Road Master
Joined: Apr 2006
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From: Really close to Atlanta...
RE: Financing a new Harley
I am going to put as much as I can down on my new purchase. This is how I see it. The more I put down the lower my note will be. The lower the note means that if things do get tough it wont affect me selling my scooter...since the note will be so low... Also, if you decide you need to sell it later on or if you are looking to get another, you can get a nice amount for the bike and that will be less money you have to pay off on that bike if you originally put up a large down payment...I would also agree to paying it off as quickly as possible...
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Cruiser
Joined: Feb 2006
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RE: Financing a new Harley
After reading your posts I believe I'll stick to my original plan and put down as much as possible right from the start. I know many add the stage 1 and some chrome extras before it ever left the dealership but in order to keep my total financed amount as low as possible I think I'll add those things at a later time after I've put some miles on it first.
Outstanding HDF Member
Joined: Nov 2005
Posts: 2,357
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From: Iwakuni, Japan
RE: Financing a new Harley
Put down as much as you can afford. Get your payments low and then when you have extra money pay on bike. The faster its yours the better off you are. Just my .02 yen worth
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Road Warrior
Joined: Mar 2006
Posts: 1,346
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From: Texarkana, TX
RE: Financing a new Harley
Well luckily I am able to pay cash for my new bike, but mine's also not 20K either, but I would strongly advise you to put as much money down as possible and to finance for the fewest amount of months that you can afford. Harley has great resale value but alot of people are financing large amounts for 72 months and they wind up so upside down that its really sad. Thanks goodness my new FXDI ships in 27 days.
John
John
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Road Master
Joined: Jan 2006
Posts: 758
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From: Near Tacoma
RE: Financing a new Harley
I put 5k down and financed the rest @72 mos. to get the payments low. However I usually make double payments or more so if I come up short one month I have a low payment but if I'm flush I can double or even triple it and anything extra goes straight to the principle.
Administrator Emeritus
Joined: Jan 2005
Posts: 5,704
Likes: 252
From: Walker Basin, CA
RE: Financing a new Harley
Finance it through a credit union. They often have the best rates.
I go my 05 RK financed with nothing down, 6 years, 3.45% interest with a payment of $264 per month.
I go my 05 RK financed with nothing down, 6 years, 3.45% interest with a payment of $264 per month.