Harley Credit
Outstanding HDF Member
Joined: Apr 2006
Posts: 2,127
Likes: 3
From: Boonville, MO
RE: Harley Credit
Just my 2 cents- I like financing through the dealer, car or bike, because it makes the process much easier. One thing to know is that the dealer makes money on the interest rate they can get away with if you let them. Excluding unusual credit problems, when they tell you the rate based on your credit score you can bet it's higher than they can really do to make more money, every extra point is more money for them. The best way is to shop around and get the best rate you can, banks, credit unions so on. Not much effort to it, you can shop on the phone. Then when the dealer says you quality for 7, 8, 9% you say, no thanks, i wanted to use you but i can get 5, 6, 7 from my bank or credit union. Then there normal response is, let me try some other places and see if i can get that done for you. You know, they always have. They want your financing money. MSRP is just one step in the dealer money making process, there are several money making opportunities for them in the finance office. Car dealers are the worst/best at stealing your money in the finance office. They are salesmen also and make commision on all the extra money they can rake in on interest rates, undercoating, interior protection, extended warrenties and so on.
Outstanding HDF Member
Joined: Jun 2006
Posts: 2,728
Likes: 1
From: Olympia, Washington
RE: Harley Credit
I went through my local CU because they had the lowest rate. My credit score is golden and HD couldn't compete against the CU although they gave me a decent rate, so no knocks against the local Harley dealer on that one.
Road Captain
Joined: Sep 2005
Posts: 717
Likes: 3
From: IN
RE: Harley Credit
i got mine threw my local CU. HD credit sucks! they should take lessons from the big three! they got your $ from the bike, then they want a higher interest than most banks..... if you want to pay for 7-8 yrs go hd, if you want better % check your local banks.
USE THE HD WEB SITE PAYMENT CALCULATOR FOR THE REST OF YOUR ?'S
USE THE HD WEB SITE PAYMENT CALCULATOR FOR THE REST OF YOUR ?'S
Guest
Posts: n/a
RE: Harley Credit
Looks I need a new credit union! Mine is offering in the low 7s right now which is a bit higher the what they were offering when I bought the bike...just went with the bank the dealer used and it was only .25 above the credit union....didn't have to do a dance to get the credit worked out so it was worth it to me.
I have super credit...just the area I guess....
I have super credit...just the area I guess....
Road Master
Joined: May 2006
Posts: 874
Likes: 0
From:
RE: Harley Credit
HD credit offered me 7.5% for 2yrs. My credit is impecable so I qualified as tier 1 credit. I probably could have done better with my credit union but HD was much easier, plus its only a 2 year loan.
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Seasoned HDF Member
Joined: Jan 2006
Posts: 11,476
Likes: 3,003
From: Charleston, SC
RE: Harley Credit
100% correct. They stand to make more on the financing than they did on the bike. Don't let them sucker you.
I've actually told them you're making a ton off me with this interest rate, drop a grand off the bike and I'll sign those papers. One time, they actually did it. Then a few days later I got a loan for like 3% cheaper at my CU and paid off the Eaglemark loan. So basically I got the bike for a grand under MSRP.
lp
I've actually told them you're making a ton off me with this interest rate, drop a grand off the bike and I'll sign those papers. One time, they actually did it. Then a few days later I got a loan for like 3% cheaper at my CU and paid off the Eaglemark loan. So basically I got the bike for a grand under MSRP.
lp
ORIGINAL: Keith_H
Just my 2 cents- I like financing through the dealer, car or bike, because it makes the process much easier. One thing to know is that the dealer makes money on the interest rate they can get away with if you let them. Excluding unusual credit problems, when they tell you the rate based on your credit score you can bet it's higher than they can really do to make more money, every extra point is more money for them. The best way is to shop around and get the best rate you can, banks, credit unions so on. Not much effort to it, you can shop on the phone. Then when the dealer says you quality for 7, 8, 9% you say, no thanks, i wanted to use you but i can get 5, 6, 7 from my bank or credit union. Then there normal response is, let me try some other places and see if i can get that done for you. You know, they always have. They want your financing money. MSRP is just one step in the dealer money making process, there are several money making opportunities for them in the finance office. Car dealers are the worst/best at stealing your money in the finance office. They are salesmen also and make commision on all the extra money they can rake in on interest rates, undercoating, interior protection, extended warrenties and so on.
Just my 2 cents- I like financing through the dealer, car or bike, because it makes the process much easier. One thing to know is that the dealer makes money on the interest rate they can get away with if you let them. Excluding unusual credit problems, when they tell you the rate based on your credit score you can bet it's higher than they can really do to make more money, every extra point is more money for them. The best way is to shop around and get the best rate you can, banks, credit unions so on. Not much effort to it, you can shop on the phone. Then when the dealer says you quality for 7, 8, 9% you say, no thanks, i wanted to use you but i can get 5, 6, 7 from my bank or credit union. Then there normal response is, let me try some other places and see if i can get that done for you. You know, they always have. They want your financing money. MSRP is just one step in the dealer money making process, there are several money making opportunities for them in the finance office. Car dealers are the worst/best at stealing your money in the finance office. They are salesmen also and make commision on all the extra money they can rake in on interest rates, undercoating, interior protection, extended warrenties and so on.
