Financing a bike and Finance rates?
#21
02-02-2012, 11:42 AM
Peopl ALWAYS BS on what interest they are paying on their loans, I don't care if it's car loans, mortgage, credit card interest rate etc.. There's a reason why it always seems everyone else makes out so much better than you, it's because they always shed a point or two.
If people are getting 3.1% on a motorcycle loan I would be very surprised. Expect to pay between 6-10% depending on your credit and if you can put 20% down on the bike.
I do agree that I don't finance motorcycles, I would rather own a 20 year old rider that needs work all the time than have to pay a bank $400+ for the privilege of riding their bike for the next 5 years.
If people are getting 3.1% on a motorcycle loan I would be very surprised. Expect to pay between 6-10% depending on your credit and if you can put 20% down on the bike.
I do agree that I don't finance motorcycles, I would rather own a 20 year old rider that needs work all the time than have to pay a bank $400+ for the privilege of riding their bike for the next 5 years.
Description Term APR*
New / Used Auto 1 -36 Months 1.49%
New / Used Auto 37 -60 Months 2.49%
New / Used Auto 61 -72 Months 4.99%
New / Used Auto 73 -84 Months 5.99%
New / Used Auto 85 -120 Months 7.99%
#23
02-02-2012, 05:47 PM
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Ok, so if I said I got pre-approved for a 5 year loan at 3.49%.... (from a credit union)
I don't know if this is a good rate for a motorcycle loan... Obviously I know if it will be better or worse than what HD might offer, but I'm looking for input on what a high rate is...
I don't know if this is a good rate for a motorcycle loan... Obviously I know if it will be better or worse than what HD might offer, but I'm looking for input on what a high rate is...
I'd try to use this to beat HD financing down, at least try to get them to match and then cut you a deal on a warranty. If you have any sticking points on the deal, having an unsigned financing contract ready can un-stick those pretty quick.
HD probably can't beat that rate, but you may be able to make up the difference in other areas of the deal.
I agree on financing, if you want it and you can't pay cash then go for it. In the end it's about your ability to pay, not when you pay.
Good luck.
#24
02-02-2012, 06:36 PM
Peopl ALWAYS BS on what interest they are paying on their loans, I don't care if it's car loans, mortgage, credit card interest rate etc.. There's a reason why it always seems everyone else makes out so much better than you, it's because they always shed a point or two.
If people are getting 3.1% on a motorcycle loan I would be very surprised. Expect to pay between 6-10% depending on your credit and if you can put 20% down on the bike.
I do agree that I don't finance motorcycles, I would rather own a 20 year old rider that needs work all the time than have to pay a bank $400+ for the privilege of riding their bike for the next 5 years.
If people are getting 3.1% on a motorcycle loan I would be very surprised. Expect to pay between 6-10% depending on your credit and if you can put 20% down on the bike.
I do agree that I don't finance motorcycles, I would rather own a 20 year old rider that needs work all the time than have to pay a bank $400+ for the privilege of riding their bike for the next 5 years.
I also agree on financing toys, but here's a twist to that. I have the cash to pay for the bike. But I have a new policy, I know longer rob from myself to pay for anything. With interest rates this low, I will borrow, have the cash for a backup if needed, and keep saving towards retirement. It's what is working for me.
#25
02-02-2012, 06:48 PM
Just for giggles I checked my credit union rates, 4.99 up to 72 months.
If just saying, you own your home or have a low balance, you can do an equity loan for 3.99 and write the interest off on income tax.
My thought process is if you can use someone else's money for 5% and have your toy also go for it. Life is short folks, enjoy your time here.
If just saying, you own your home or have a low balance, you can do an equity loan for 3.99 and write the interest off on income tax.
My thought process is if you can use someone else's money for 5% and have your toy also go for it. Life is short folks, enjoy your time here.
#26
02-02-2012, 06:57 PM
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I bought in July and got 3.99 for 4 years.... Could've gotten 4.99 over 5 years to lower the payments... In the long run, it didn't seem to make a big difference between a percentage point or so...
Just my $.02
Good luck!
Just my $.02
Good luck!
#27
02-02-2012, 07:09 PM
I'm actively shopping, so I can't tell you which dealer was offering 1% financing, but I saw it in the past three days, probably on one of the 327 Harley dealerships within 500 miles of my house in Georgia.
#29
02-21-2012, 07:58 PM
Outstanding HDF Member
Might be a good idea to see if early repayment is accepted. If your monthly payment is $400, you can make 52 weekly payments and its like making one extra monthly payment each year vs. 12 months @400 a month. This works on home loans too. Really painless to work into the budget too!
#30
02-21-2012, 08:27 PM
As cheap is interest is right now, there is nothing wrong with financing your toys, IF you can easily afford the payments and are not upside-down. If you have good credit, you can get an excellent rate through Harley. A good F&I guy can work wonders.
