Okay so a year ago I financed my bike with HD credit. To be honest my credit wasn't real bad, but I had some stuff hanging on that shouldn't have been on there (didn't know about it) Harley approved me for the loan but it was at 17%, I still took the deal. Now, a year later, I am looking at refi the bike to bring down the rate and shorten the term. My credit has improved over the last year by more than 120 points. I spoke to a bank yesterday about credit scores and what was needed to secure a loan. She said that over the last couple years the "average" has come down because of the economy, and average is considered 670-700. Their min. score is 620 to be considered. My scores average around 680-700.

Now here is the problem. I don't want to go bank to bank filling out apps to refi the bike, because every inquiry on your report dings your score 2-3 points. Who here has refi'ed out from harley credit, and who did you go with? What banks would provide me with the best opportunity to refi?

 

your local credit union is the best place to refinance - at least in my opinion.

 

Dad & Mom

 

I'm not sure if you're 100% correct about each inquiry knocking your score down 2-3 points. I believe when I bought my house either my realtor or credit union told me that as long as you make several inquiries in a short period of time (can't remember how long) that it's okay because they expect you to "shop around" for the best rate and that can only be done if the places you're "shopping at" run your credit. In any event, I went through my credit union which I'm very happy with, and I bought mine with a line of credit on my house. The rate is 5% or a little lower (not positive because I haven't looked at in awhile), and I've got title in hand in case I decide to sell it or trade it in in the future. Now before everybody chimes in about how "they'd never pay for a toy with their house" and all of that stuff, I'm NOT ADVOCATING THIS, I'm merely stating that's what I did and I'm pleased with the results.

 

Gotta say...if my life went to $h!t and I lost everything...I'd prefer to ride away on my bike and a backpack.....just sayin.....

 

If you already know about what your credit score is you should be able to ask around and get ball-park interest rates without running a credit ap. Local credit unions do tend to run the lowest though.

 

Yep -- agreed.

 

Support Your Local Credit Union!!!

But seriously, I was able to get a 6.4% interest rate for 60 months on my Harley loan through my credit union. If you know your credit score is decent, just look at each bank's (or credit union's) "current rates" online to determine about what you'd get. With a credit score of 700, you may get just a hair over their lowest rate.

 

I did this exact same thing. Financed thru HD, awful rate, cleaned my credit up and refinanced thru local credit union @ 5 %. Definately check with your local credit unions!

 

I went through my credit union. I only had HD on my bike for 2 weeks just to get things rolling. My credit is excellent. But by financing with my Credit Union. I saved 1 year of "Payments" because of the lower interest rate.