Motorcycle loans
Outstanding HDF Member
Joined: Jul 2007
Posts: 2,306
Likes: 3
From: Vancouver, BC
The bank or credit union that you normally deal with is likely the best place to go and the rates will be competetive. Stay away, far far away from Harley financing - the rates are killer.
On another note - I've always wondered why you guys in the states take out loans specifically for vehicles and such...... isn't the interest on your mortgage tax deductable? if so isn't it way cheaper to use a mortgage line of credit of some sort for these types of purchases? that way you'd be getting the money at the lower mortgage rate (like 4.5%) instead of the much higher consumer loan rates and it'd be tax deductible...... just sayin
On another note - I've always wondered why you guys in the states take out loans specifically for vehicles and such...... isn't the interest on your mortgage tax deductable? if so isn't it way cheaper to use a mortgage line of credit of some sort for these types of purchases? that way you'd be getting the money at the lower mortgage rate (like 4.5%) instead of the much higher consumer loan rates and it'd be tax deductible...... just sayin
Last edited by CRF; Jun 10, 2010 at 02:46 PM.
The bank or credit union that you normally deal with is likely the best place to go and the rates will be competetive. Stay away, far far away from Harley financing - the rates are killer.
On another note - I've always wondered why you guys in the states take out loans specifically for vehicles and such...... isn't the interest on your mortgage tax deductable? if so isn't it way cheaper to use a mortgage line of credit of some sort for these types of purchases? that way you'd be getting the money at the lower mortgage rate (like 4.5%) instead of the much higher consumer loan rates and it'd be tax deductible...... just sayin
On another note - I've always wondered why you guys in the states take out loans specifically for vehicles and such...... isn't the interest on your mortgage tax deductable? if so isn't it way cheaper to use a mortgage line of credit of some sort for these types of purchases? that way you'd be getting the money at the lower mortgage rate (like 4.5%) instead of the much higher consumer loan rates and it'd be tax deductible...... just sayin
With a fixed loan, I know what's coming month to month.
Outstanding HDF Member
Joined: Jul 2007
Posts: 2,306
Likes: 3
From: Vancouver, BC
I thought about the mortgage line of credit but I don't want my house on the line for a motorcycle/vehicle should something happen. I'd rather have the motorcycle/vehicle repossessed as opposed to my house being foreclosed on. I realize that scenario may be a stretch, but it's just a risk thing for me. Plus, if I had a line of credit it'd be too easy to run off for accessories whenever the mood struck me With a fixed loan, I know what's coming month to month.
With a fixed loan, I know what's coming month to month.
Cruiser
Joined: Apr 2010
Posts: 241
Likes: 0
From: Lafayette, CO
Road Warrior
Joined: Feb 2008
Posts: 1,421
Likes: 16
From: Peoria, AZ
I believe the OP asked where people financed their bike and what the APR is. NOT if he should finance or not. You want to preach, start another thread.
Buy the bike, tomorrow is promised to no one.
Buy the bike, tomorrow is promised to no one.
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Joe Kucinski
Seasoned HDF Member
Joined: Jan 2007
Posts: 20,616
Likes: 4,440
From: anacoco, la
I have to agree with capitalist slave on this one. I am in the militray and by no means wealthy yet through patience and a second job I have an 07 fatboy that i paid cash for and just ordered a 10 limited that i will take delivery of in Sept. When I want a new "toy" i get a second job and save for it so i don't have to finance. This last bike cost me 3 years of stocking grocery store shelves to pay for. While you are going through this process it sucks but in the long run the pay off is huge. It is an individual decision to finance or save and pay cash but folks shouldn't judge people for whatever decision they make.
think about it though....... if you use a LOC then the bike itself is unencumbered and can be sold at any time should you need to raise cash. Also; the amount extra per month is spread out over your 20 -30 year mortage so it'll be an extremely small amount extra (MUCH less than a 5 year consumer loan for example) and you can write off the interest portion against your taxes (we can't do that up here; you're lucky). If that small additional payment on your mortgage has any kind of potential to put you into default then you likely have much bigger problems to worry about than hanging on to your bike or house and probably shouldn't be thinking about luxury purchases like a harley anyway......... just my 2 cents.
also, if you use a heloc on something that is not on the gov approved list, then you aren't supposed to deduct the finance charges (unless the irs has changed that)....
Last edited by skratch; Jun 10, 2010 at 03:42 PM.
Supporter
Joined: Mar 2008
Posts: 4,419
Likes: 90
From: Vermont
Thats funny, they just offered me 4.99%, when I was looking at new bikes. Thats on a 5 year loan maximum. It was around 7 something for 6 years and now they even finance out as far as 84 months. Ludicris I know but they do offer it. Standard loan with good credit is 4.99% through Harley Eaglemark.