Just make sure your know your credit score! All 3 of them... & know just what the bike is worth , KBB or elsewhere. Best of luck

 

If you are a vet or related to one, you can get a great rate from USAA Federal Bank. I don't know what their rates are for person to person sales, I believe it's the same for all sales, just depends on what the value of the bike is. I just got a rate of 6.74% on a 5 year loan with them.

https://www.usaa.com/inet/ent_logon/...directjsp=true

 

I'm with my local credit union too, 2.9% over 60 months. I bank with them and my credit is blemish free.

 

Call Suzie Orman first to see if you can afford it.

 

Save up and get it, don't get a loan and go into debt for a toy.

 

+2 on credit unions. They normally have the best apr rates.

 

Wow I wish I could afford to just dish out 10k plus like people say to do. How many people can realistically do that? I can afford the loan payment so why not?

To the OP, I reccomend a credit union too, usually better rates. My dealer hooked me up with a loan through a credit union because they said Harley financing would be a rip off and my actual credit union didn't seem to want my business.

 

I used one of those bank checks they frequently send you offering a promotional rate on your credit card; my BofA Visa card gave me 2.9% for 12 months; they transferred the money directly into my checking account, so I was a cash buyer. Simple, fast, easy.

When buying from a private party, don't screw around; once you've found exactly the right bike, buy it! Don't start running around trying to hookup some financing. Have the cash available; this does not necessarily mean greenbacks in your pocket, as long as it is instantly available, preferably in an account with a bank having multiple branches in your area, so you can go immediately from inspecting the bike to a nearby branch to conclude the transaction; the bank can issue a cashiers check for very large amounts. Also a bank can verify the authenticity of a large amount of cash. This is particularly important if buying well out of your geographical area. Be prepared.

Remember, you will need enough to cover the registration/title transfer as well, and this often means paying a state tax based on the purchase price/value.

 

People that get on here and say 'it's a toy, pay cash" are just showing off their wealth and trying to be a bigger man than they probably are anyways. My bikes are paid off, but if they weren't and I could afford to, I'd make payments on them, and that's my business.

Also, if it weren't for guys making payments on Harleys, there WOULDN'T be ANY Harleys, they'd have gone under WAY long ago !!!!!

So, if you paid cash, good for you, you're still gonna die some day and your wifes NEXT husband will enjoy that paid off bike, you win I guess !

 

I run a bank for my job. As such, I make money by people buying stuff and paying over time.... .with that being said, i will echo the theme of save first then buy for cash. I see countless persons that borrow to the hilt with little savings. When hard times hit... they go broke, loose their house etc.

A motorcycle....especially an expensive one is not a necessity but an indulgance. It should go at the bottome of the list on must haves in life.

Saving the payment for a few years and then paying in cash significantly decreases your ultimate cash expenditure over time. And for the poster that said that all who did this were rich and bragging I will say.... BS. But those that do this and follow this life style will be rich or at least wealthy some day by following these type of principals.

do what you want as it is your right to do so.... but beware that high debt, and especially in difficult economic times leads to many unwanted consequences. I know because I see it EVERY DAY.

But to each his own.

R. Todd