Before I post what this is about, please, the last thing that I need to hear is that "if I don't have the cash up front, I don't need to be buying." Some people may think this way, and that's fine, for the most part, I do too, but as far as a bike, my friends and I agree that this isn't necessarily one of those.

Now, what this posting is mainly about is my confidence, and that's where I need your help and experience. As a still young guy, at 22, I am a little scared to sign on the dotted line for a loan.

I have wanted a Harley since I was 17, have ridden bikes (dirt) since I was 12 before then. Motorcycles at this point are a big part of my life. I ride my dad's more than him even, but the biggest things that are keeping me from actually purchasing are 1) if I lose interest in it and still owe on the loan, will I be able to get rid of the bike? and 2) if something happens financially to me, will I be able to get rid of the bike?

Let me explain. I don't really foresee anything that would make me lose interest in having a Harley for the term of 5 years or whatever the loan will be for. But as I have NEVER financed anything before, I am just afraid of the "what-if." As far as something financial happening, I am talking about a job lay-off or anything along those lines.

I have a great union job driving concrete mixer, to where if something was to happen to the company itself, I would be able to work out of the hall and most-likely be picked up by another company. If I ever "lost" the job, the same would be able to happen, but starting out on the bottom of seniority would be tough for a bit.

The plan is to make at least a $5k down payment, but maybe more if I am not comfortable with the payment. I plan on buying a Road Glide Custom, but depending on how some test rides go, an Ultra Classic might be the one.

I will not be burning all of the $ that I have, I'm not stupid, I wont buy unless I have a comfortable amount of money in the bank.

How are these bikes in general, along the lines of being able to advertise on craigslist for "taking over payments" with some cash, maybe?

I'm sure a few of you have been through this, and I'm sure that you guys know what resale looks like on these bikes after a few years.

Lastly, I don't see why any of this would happen, but like I said I have the "what-if" in the back of my mind, and I just want to have a back up plan before I buy.

 

just make sure that the payments are small enough that if you had to flip burgers in McDonald's you could cover them. with $10,000 down my payments, back in 03, were $247/month and the sticker price was $27,000 after taxes.

as for losing interest, in the bike or riding in general?

maybe you should look at renting a couple different models or take out some demos to see what model you like the feel of them most.

 

Shoulda coulda woulda...
Just get the bike and slap yourself after for even thinking you'd not enjoy it enough to make it all worth it.

 

Where are you driving mixer at?
Unless you screw up you shouldnt have to much trouble taking care of the bike even if you do lose your job. Just get a couple months ahead, that will give you a cushion till you can land another job if something does happen.

 

If your dead set on financing a bike the look at maybe a 2-3 year old one so you dont take a hit on depreciation. Dont want to be upside down. Check out a credit union or bank before HD. Although you could make an arangment with a credit union then finance through HD get some dealer perks then walk out the door and pay it off for a lower rate from the credit union. Personally i saved up for years to put a 75% down but you didnt want to hear that. Good luck.

 

Here's my take... I never buy a new bike unless I absolutely have to have it, and if there are no used ones on the market. New only lasts about a week.

With that said... if I were you I would hold to my guns and find a late model blinged out bike that has low miles and is still under warranty. You can buy them privately many for $1000's less than you can new from a dealer. We call these bikes "Garage Queens".

While your shopping for the best deal on your bike, shop for your best deal on your financing. HD has a program for used bikes, so you can check them out also. Chances are if you are a member of a credit union, they will have the best financing deal.

If you buy a used bike at a good price and find out riding isn't your ball of wax, chances are you can sell the bike and not lose much (if any) money depending on how good of a deal you made.

Choices, choices, choices... just be patient and the right deal will fall in your lap.

 

If you've never financed anything before, I first off doubt that Harley would take you on without a co-signer or a HUGE downstroke. And even with a big downstroke your interst rate's going to be astronomical. As far as getting rid of a bike, I sold my three year old Fat Boy for 2,500 less than I paid for it on Craig's List. Don't know how common that is though, and the economy was better when I sold mine. But since you plan on making a nice sized downpayment I would imagine you could get out from under it if you had to, even if it was for less than you'd want.

 

There's no such thing as "getting a couple of months ahead". Any extra payments you make come off the back end of the term.

 

4 great answers - don't bother reading anymore after this - just go get that damn bike you have been dreaming of and start enjoying it.

Oh. and not sure about down there, but if you end up financing through HD they will finance you on private sale bikes as well.

 

Maybe for vehicles, but my ex and I had our house payments ahead by six months. It would show the next payment due listed six months ahead.
We paid it off early anyway making principal only payments also.