First Purchase Guideance
Thread Starter
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
I am not an expert by any means, but applying for a bunch of different loans is not gonna help your credit. Even though the credit unions payments came back the same, the term is 2 years less. That's about a 10,000 difference. Finding a used bike is probably not going to get lower payments just shorter terms. If you can't afford it now, I'd keep the current bike and put what would be the payment aside and save for another year for a bigger down payment plus keep bumping your credit score up.
You are correct, applying randomly won't help me at all but this is the last one I am submitting, three branches (HD Eaglemark, credit union, and military USAA) should be good enough to know what I can realistically afford and give me something I can negotiate with. I am pretty solid at $400.00 or less per month since I will still need insurance and any other emergency. True about the used bike and shorter terms, did not think of that, appreciate your input, any other tips will help. This is my first big $$$ purchase and want to do the right thing. I do not have children, twenty eight years old, school and a mortgage with a decent paying job, so I feel maybe the future will strain me from getting a bike, do not care much for cars to be honest. =)
Thanks in advance!
Ultimate HDF Member
Joined: Jan 2007
Posts: 6,421
Likes: 108
From: Tennessee
Not sure about the equity in your home, but if possible, look into a line of credit on your home.
If a line of credit is possible for you, whenever and wherever you run across the scoot you want, you can just pay cash for it. And unlike a conventional loan, any interest you pay on the money can be be deducted on your 1040 federal tax form.
Just a suggestion...
If a line of credit is possible for you, whenever and wherever you run across the scoot you want, you can just pay cash for it. And unlike a conventional loan, any interest you pay on the money can be be deducted on your 1040 federal tax form.
Just a suggestion...
Thread Starter
|
Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
Not sure about the equity in your home, but if possible, look into a line of credit on your home.
If a line of credit is possible for you, whenever and wherever you run across the scoot you want, you can just pay cash for it. And unlike a conventional loan, any interest you pay on the money can be be deducted on your 1040 federal tax form.
Just a suggestion...
If a line of credit is possible for you, whenever and wherever you run across the scoot you want, you can just pay cash for it. And unlike a conventional loan, any interest you pay on the money can be be deducted on your 1040 federal tax form.
Just a suggestion...
I just refinanced my home back in March so I cannot do the line of credit route, I thought about it at the time but did not feel right. Hopefully in five years from now I will have most of the bike paid off and use the equity to buy another home or sell the one I have for the future children. =)
I do not want to sound or come out like I have my whole life figured out, because I obviously do not, still "young and dumb". I do read everyone posts and listen, just a quick note.
Outstanding HDF Member
Joined: Nov 2012
Posts: 2,644
Likes: 397
From: Nonya, BS
Either one of two things. 1. your credit score is not what you claim or (hence the high interest rate), or 2. you have no provable income. I would agree Harley is trying to stick it to you but 0 down with a bad score is gonna cost points, Even with 20% down your credit union wants only 3 points less. so see 1 or 2 above.
Thread Starter
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
Either one of two things. 1. your credit score is not what you claim or (hence the high interest rate), or 2. you have no provable income. I would agree Harley is trying to stick it to you but 0 down with a bad score is gonna cost points, Even with 20% down your credit union wants only 3 points less. so see 1 or 2 above.
Thanks bro!
Thread Starter
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
Lucky you, wish l could say the same! This is my first loan ever, always paid cash for past vehicles & my bike as well. So not having any past credit history might add up to the "risk" & high tags they are taking on financing me a bike.
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Ultimate HDF Member
Joined: Jan 2008
Posts: 6,532
Likes: 132
From: SoCal
I found this on a HD dealers webpage
Harley-Davidson Financial Promotions
New and Used H-D Motorcycles with qualifying credit and 10% down payment
Promotional Rates
New (48 months)
4.99% for Tier 1
5.99% for Tier 2
7.49% for Tier 3
New (60 months)
5.49% for Tier 1
6.49% for Tier 2
7.49% for Tier 3
New (72 months)
6.99% for Tier 1
7.99% for Tier 2
Used (48 months)
5.49% for Tier 1
6.49% for Tier 2
8.49% for Tier 3
Used (60 months)
6.49% for Tier 1
6.99% for Tier 2
8.49% for Tier 3
Used (72 months)
7.49% for Tier 1
8.49% for Tier 2
Special Low Rate subject to change.
Nowhere do I see 17%
Harley-Davidson Financial Promotions
New and Used H-D Motorcycles with qualifying credit and 10% down payment
Promotional Rates
New (48 months)
4.99% for Tier 1
5.99% for Tier 2
7.49% for Tier 3
New (60 months)
5.49% for Tier 1
6.49% for Tier 2
7.49% for Tier 3
New (72 months)
6.99% for Tier 1
7.99% for Tier 2
Used (48 months)
5.49% for Tier 1
6.49% for Tier 2
8.49% for Tier 3
Used (60 months)
6.49% for Tier 1
6.99% for Tier 2
8.49% for Tier 3
Used (72 months)
7.49% for Tier 1
8.49% for Tier 2
Special Low Rate subject to change.
Nowhere do I see 17%
Ultimate HDF Member
Joined: Jan 2008
Posts: 6,532
Likes: 132
From: SoCal
I thought you said you just Re-financed your home, thats 2 loans at least. So which is it?