Good afternoon everyone,


I'm currently shopping around for the best finance rate on a 2015 FLHX I've got on hold. I was wondering if anyone has purchased a Harley in the last three or four months and did they get any decent rates. Specifically with USAA or Service Credit Union, although any would help.


After scouring the pages regarding financing, the general overall consensus is credit unions and some banks are far better than Eaglemark, but not always. Any help on finding the best finance place would be greatly appreciated.


v/r,


ShawnP

 

I bought a 2014 Road King in June. My bank offered me a 3.9% rate and Harley beat them at 3.2%.

 

Doesn't hurt to give the dealer a shot at financing, if you have good credit Eaglemark can be very compete. Local HD dealers were offering 3.9% all year, not the absolute lowest rate out there but certainly in the ballpark. The dealers make a small profit when they place loans, so using them may get you some concessions on price, etc. Credit unions also offer good rates.
If you have good credit you get the best rates out there.

 

2.9% at Eaglemark at the end of March 2014. I didn't bother shopping anywhere else...

An advantage to going with Eaglemark: If you're the type who pays extra each month, as you get ahead on your payments, no payment will be due until your principal balance gets back on schedule. Right now, I don't need to make a payment for almost a year if I don't want to (or couldn't). The statement every month says $0 due. Obviously, interest is still added during that time.

I have always paid ahead on loans to pay them off early, and Eaglemark is the only bank that ever did this. The others always want the scheduled payment whether you're ahead on the loan or not.

Nice to have if something goes to crap with the finances or budget.

 

Just so you know, Eaglemark IS NOT doing you any favor by crediting overpayments in this fashion. The way they are doing this for you NEVER reduces the total amount you pay in finance charges. The system that wants the full payment each month regardless of last months overpayment greatly reduces your total finance cost. So in the short run Eaglemark is your buddy but the other banks are actually looking out for your best interest first.

 

Of course it reduces the amount you pay. The interest is calculated periodically based on the remaining principal. The lower the amount of the principal each month, the less interest you pay. If you coast every time you get a statement with $0 due, you will not save much of anything because you will lose everything you've gained. You need to pay the required payment plus the extra amount every scheduled payment date, regardless of what they show due, especially early in the loan.

The favor would be if you were to lose your job, have a significant unexpected expense, etc., and not have to worry about making that bike payment. Yes, you will not save as much money overall, but you have time to get back on your feet without racking up late charges. My bike payment is less than my cable bill, but some on this forum have mentioned $400-$500 dollar payments. Not having to pay that can make a huge difference if financial trouble comes a person's way.

I saved $2500 on my last car loan by paying extra every month to pay it off early. The last new bike I bought, I paid $24 in interest on a $4500 loan by doing the same thing. The bike I just bought, if I can continue to repay by my plan, will cost me a total of about $150 in interest and be paid off next year.

I also do not carry balances on my credit cards. I understand the math (and that makes them hate me, I think). I'm not the customer they're looking for!

Although I am not rich by any measure, I am very thankful that I am fortunate enough to be able to do this. I also donate time and money to help those in need, usually single women with children through charities like Home of the Sparrow and our local food pantry. There was a time when I wasn't sure when I was going to eat again, or where it would come from. I haven't forgotten how that feels.

 

Started with USAA and Navy Federal, EagleMark beat them both.

 

Doesn't your interest rate depend on your credit score?
What someone gets may not be what you get. Financing in Japan could be a different ball game.

 

I just financed a new flhxs a couple weeks ago through service credit union, 1.65 for 4 years with a credit score of 800. I have a auto loan through them as well, can't beat the rates through them. They also gave me up to 90 days before my first payment is due.

 

Absolutely. The Low 2.9%, 3.9%, etc... usually to to those with the best credit score. It even says so in the advertising. Lower credit scores = higher risk to the lender= higher rates to compensate for the risk. But each lender has different standards so it always pays to shop around. But at 2.9% I'd jump on that.