A friend of mine is looking at getting a 09 sporty for a pretty good price, he was thinking of going through HD. He dosent have the best credit i think he said his credit score was around 525. Would HD do loans with that low of a score?
He went through a nasty divorce and has contacted a couple credit places like experian to dispute some of the stuff on there thats not his.

 

Tough to say...I know in Canada ( where I am ) things vary significantly from one Province to another. In eastern Canada the economy is in much tougher shape than out west (Alberta, B.C) and getting credit from anyone is a bit tough. In Alberta right now, credit is pretty easy to come by. The best bet is for him to actually go and talk to the finance manager at the local dealership. easiest way, by far

 

With enough cash down they might (I don't think so, but they might), but the rate would be huge. When I got my FLHX my credit score was around a 618 and I got hit with 19.9% for 6 years. Been working hard over the last year or so to repair my credit and when I got my 1125CR I had built it up to around 670 and I was able to get 4.9% for 4 years. Needless to say I make the min payments on the Buell and every extra cent I have is going to pay off the SG as soon as possible. I'm considering trying to refinance the SG, but since I am currently laid off and owe about 2k on it, I'm not sure if a: it's worth it for the 2k or b: if anyone will give me a loan without a job.

 

probably, but he would have a unreal interest rate I bet

 

Have him go to a bank and see if he can get a pre-approval for a loan... This will do 2 things.

1. It will let him know weather or not he will be approved.
2. If he gets approved, he will have a choice of what loan he wants to use. The bank may give him a better rate than Harley.

 

No one can tell you definitively one way or the other. Each of us has our own credit history and credit risks which is utilized to determine what could be offered to us by way of a bank loan. Only a loans officer can offer you details that would be worth comparing with others.

He should go and talk to a few banks and lending institutions to see what will be available to him ... Then compare. It's good to shop around and there is never any harm in asking.

 

Does he belong to a credit union? this may make it easier to obtain a loan at a decent rate.

 

when I bought my Ultra the dealer got me aproved through Harley [ my credit is not great ] and the intrest rate was up there and the dealer kept shopping the loan and got it through a local credit union at about half the rate and 5 years not 6 so you might want to try a cu first but remember the more inquiries on your credit hurts you [ so I have heard ] good luck

 

Every deal and bank is different-but-my credit union won't write a bike loan, new or used, regardless of initial rate offering, for a Transunion score of less than 650. Have your buddy do a 30 day trial of one of the free credit report agencies. Can't remember which, but one will give you approx scores for all three bureaus. FICO scores are proprietary and it's difficult to get a look at actual scores for nothing. Different banks use different reporting agencies and the spread between scores can be suprising. Having been thru a couple of divorces and several bikes I know of what I speak. H-D financial (Eaglemark Bank) will probably be a couple of points higher than other financing, even with good credit. They are also the lender of last resort for people like your friend. H-D financing is a huge reason that people continue to pay a premium for used (and new) bikes a dealerships. If the deal on the bike is too good to pass up, it may be worth it for your buddy to pay some interest if he can try to pay off the loan at an accelerated rate.

 

yeah Hd finance here wouldnt give me a loan on a used 2001 dyna with a score of 535, and 1000 down, best of luck to you man.