Financing
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Intermediate
Joined: Mar 2007
Posts: 43
Likes: 0
Financing
Thinking about a new ( not necessarily factory new bike, but new to me used) this Spring. What kind of financing deals have been available out there?
I know we are in a whole new world at this time when it comes to loans. I have a good but not excellent FICO, and I wonder if I will get raked over the coals on an interest rate.
I know we are in a whole new world at this time when it comes to loans. I have a good but not excellent FICO, and I wonder if I will get raked over the coals on an interest rate.
Road Master
Joined: Jan 2009
Posts: 866
Likes: 0
From: Houston, TX
I second this. Lower rates and easier terms.
A few years ago my brother was turned down by everyone the Harley dealer tried. He went to his credit union and wanted to talk to someone about how to improve his credit rating. The person he talked to approved him for the amount needed to get the biked he wanted.
A few years ago my brother was turned down by everyone the Harley dealer tried. He went to his credit union and wanted to talk to someone about how to improve his credit rating. The person he talked to approved him for the amount needed to get the biked he wanted.
Road Warrior
Joined: Dec 2008
Posts: 1,733
Likes: 38
From: Linden, NC
As many will say, Credit Unions are probably the best bet for a low interest bike loan. Another option you might try is State Farm Insurance. They have a financing branch, and the indy I bought my bike from suggested it. Said of all the major lenders that he goes through, they offered the best rates. They'll even work with people with less than perfect credit. Just a suggestion. Good luck.
Last edited by Weevil; Mar 13, 2009 at 02:11 PM.
Stellar HDF Member
Joined: Mar 2008
Posts: 2,921
Likes: 33
From: Lewisberry PA
As many will say, Credit Unions are probably the best bet for a low interest bike loan. Another option you might try is State Farm Insurance. They have a financing branch, and the indy I bought my bike from suggested it. Said of all the major lenders that he goes through, they offered the best rates. They'll even work with people with less than perfect credit. Just a suggestion. Good luck.
Road Master
Joined: Nov 2007
Posts: 1,086
Likes: 1
From: St. Johns, Fl
I would start with the credit union, but the dealer got me a deal in Jan with BB&T for 5.5% beat the CU by .75 bips
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Grand HDF Member
Joined: Apr 2005
Posts: 4,022
Likes: 3
From: Hudson Valley- NY
I suggest that you sit down with a calculator and do the math. Take a low interest rate, say 5.99% and then 10.99%. Over the short term, the payments with the higher rate/longer payback may even be lower. If you plan on paying off the loan in a short time, a few percentage points really doesn't make that much difference. If you're going out 4-6 years then definitely stick with a lower interest rate.
For instance, a $10,000 loan at 5.99% for 72 months results in a monthly payment of $165.68 A 10.99% loan for the same amount and 2time is $190.29/month, a monthly difference of about $25.00 , not much if you plan on paying the loan off in 2 years or so with extra payments, etc. If you did that, the total payments would only be $590.00 more than the lower rate over 2 years.
Just saying, for a short term loan, don't be so hung up on the interest rate.
For instance, a $10,000 loan at 5.99% for 72 months results in a monthly payment of $165.68 A 10.99% loan for the same amount and 2time is $190.29/month, a monthly difference of about $25.00 , not much if you plan on paying the loan off in 2 years or so with extra payments, etc. If you did that, the total payments would only be $590.00 more than the lower rate over 2 years.
Just saying, for a short term loan, don't be so hung up on the interest rate.
Last edited by DGlide04; Mar 13, 2009 at 07:35 PM.
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Road Master
Joined: Feb 2008
Posts: 1,069
Likes: 6
From: Greensboro, NC
The rate will depend on your FICO that you say is "good" but not great. "Good" in this market is 700+ right now on loans (where 660-680 use to would have been) and anything under 650 be prepared to pay higher rates. As others have said CU's are normally better. If your FICO is below 650 you may be stuck with HD Financing because in most cases, even with sub-600 scores, if you have 10% down and can still fog a mirror they'll finance you.
Road Master
Joined: Jan 2008
Posts: 772
Likes: 4
From: ohio
Wow, I'm surprised you haven't been flamed yet for financing a Harley!! 
I went to CU first before dealer and was offered 6.9% (lowest rate on a used bike) told dealer I would just go through the CU. He was offended or something that I didn't like the best rate HD had at 7.9% and told me if i went through him instead of the CU he would go 6.75% so I went with HD credit.
I went to CU first before dealer and was offered 6.9% (lowest rate on a used bike) told dealer I would just go through the CU. He was offended or something that I didn't like the best rate HD had at 7.9% and told me if i went through him instead of the CU he would go 6.75% so I went with HD credit.