HD Dealer question
Elite HDF Member
Joined: Jan 2009
Posts: 4,558
Likes: 5
From: Massachusetts
As I am in the US since not even 2 years now, I was looking for a way to build some credit. A good way is a secured loan at your credit union. The downside is, that you actually have to have the money you loan. Means, you pay interest for money that is in fact yours. They also gave me the option of getting an auto loan, wich would've required to have 20% of the bike's price in cash, and they would've loaned me the rest. My interest rate is 5%, even as a first time loaner with no credit history whatsoever.
Seasoned HDF Member
Joined: Sep 2007
Posts: 9,208
Likes: 374
From: Central Illinois, Between I-80 and I-74
How much are you trying to borrow what % of the bike. Do you have a steady job? Any assets?
What kind of history do you have with your bank or credit union?
If you have had a savings account and done business with them you may be able to get them to bend the rules.
Another good question is why won't anyone (the people who know you best) cosign?
What kind of history do you have with your bank or credit union?
If you have had a savings account and done business with them you may be able to get them to bend the rules.
Another good question is why won't anyone (the people who know you best) cosign?
Road Master
Joined: Aug 2009
Posts: 868
Likes: 4
From: Warwick, RI
If you need a co-signer, my first concern would be WHY do I need a co-signer and HOW can I fix that. Not why won't anyone I know co-sign for me. That answer is simple. Same reason a bank won't give a low interest rate loan to me. I have proven, with a low credit score, that I am not good on my debts. A co-signer is just as responsible for the debt as the primary. And their credit is just as affected.
I'd have to echo lh4x4 in as you don't seem to be able to do it. Save some cash and wait. 20 years old you are impatient and need to learn some patience.
My bike is financed. But I get a great rate through my credit union because I make good on my debts. I also get it down by having them automatically deduct my payment every month.
I'd have to echo lh4x4 in as you don't seem to be able to do it. Save some cash and wait. 20 years old you are impatient and need to learn some patience.
My bike is financed. But I get a great rate through my credit union because I make good on my debts. I also get it down by having them automatically deduct my payment every month.
Club Member
Joined: May 2007
Posts: 145,895
Likes: 821
From: 40 miles Northeast of Indy..
For my (needs) I can see getting payments,, for my (wants) I pay cash for them...
that way Ur credit rating will be 700+ all the time.
A Harley is in the (I want one),, not need one unless its Ur only transportation...
that way Ur credit rating will be 700+ all the time.
A Harley is in the (I want one),, not need one unless its Ur only transportation...
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