Harley financing
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Stage I
Joined: Jan 2005
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Harley financing
Hey y'all
I'm thinking about financing my bike through HD. However, I've been scared off by people saying that the STANDARD rate for a new Harley is 19%!?!?! Is that correct? I understand that the rates will vary with crdit worthiness, but a 19% standard is ludicrous.
I'm thinking about financing my bike through HD. However, I've been scared off by people saying that the STANDARD rate for a new Harley is 19%!?!?! Is that correct? I understand that the rates will vary with crdit worthiness, but a 19% standard is ludicrous.
Cruiser
Joined: Dec 2004
Posts: 201
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From:
RE: Harley financing
Don't know what the standard is, sorry. My first one was 26% because of my poor credit report. Just a few months later I sold it for full value after realizing just what a bad deal that was. A few months after that, I was able to get my current one at 14%. My rating had gone up because of the regular payments the first time and because I'd spent a few months cleaning up my credit report. Hell, I had two mortgage payments in the report. The companies had sold my account to another company but never took themselves off of the report. There were a couple of items from my dad's credit history and from my ex-wife. I challenged them and got them removed then went in and bought the bike. Before going in for a loan, check out your credit score.
Carl
Carl
Seasoned HDF Member
Joined: Nov 2004
Posts: 7,437
Likes: 3
From: TEXAS!!!!
RE: Harley financing
That's not correct but you're not going to get your 1.9% deals like a car. Best you'll probably get is around a 6-7% because motorcycles are considered a luxury vehicle. It does depend on your credit but if it's over 9.5-10%, I'd run. I do have a buddy that got suckered into 18% on a Honda, but he was an idiot that day. He ended up refinancing pretty soon after.
Tourer
Joined: Jan 2005
Posts: 321
Likes: 0
From: Riverview, Florida
RE: Harley financing
I just got my financing done through HD last week and just need to sign on the dotted line during pick up. I got 6.9% with HD. It all comes down to your Credit rating (Beacon Score). They are still better than the bank or credit union especially if you want to stretch it out a few years.
Ty
10 days and counting of sleepless nights before I take delivery !!!!!
Ty
10 days and counting of sleepless nights before I take delivery !!!!!
Tourer
Joined: Jan 2005
Posts: 396
Likes: 0
From: Hinesville, Georgia
RE: Harley financing
if i am not totally mistaken, i got either 4.9 or 5.4 %
the dealer i went to gave me a break on the interest rate if i went with the extended warranty. shop around!!! local dealer said 9.9 was the best they can do, and remember, they all finance through the same people!!![:@]
the dealer i went to gave me a break on the interest rate if i went with the extended warranty. shop around!!! local dealer said 9.9 was the best they can do, and remember, they all finance through the same people!!![:@]
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Seasoned HDF Member
Joined: Dec 2004
Posts: 8,978
Likes: 34
From: Cedar Point, NC
RE: Harley financing
My rate was through my Credit Union...2.9%.
Shop, barter, work a deal, whatever, but don't pay more in interest rate than you could earn if you were to invest that same money. Also, the rate goes up as the length of the loan grows...careful, and look at what you are paying in the end...you'll be shocked.
If your rate is super high, wait a few months, pay yourself (as if you were paying the new loan) and then go in with a down payment. Down payments tend to show fiscal responsibility and with the lower amount financed, banks are a little more willing to work.
2 or 3 months can make a big difference. Seems to me like if you are ordering a bike...just start making the payments to yourself while waiting on it, then walk in with a down payment at the time of the deal. You'll do much better for yourself. (and mama will be happy!)
My $.02.
Mac
Shop, barter, work a deal, whatever, but don't pay more in interest rate than you could earn if you were to invest that same money. Also, the rate goes up as the length of the loan grows...careful, and look at what you are paying in the end...you'll be shocked.
If your rate is super high, wait a few months, pay yourself (as if you were paying the new loan) and then go in with a down payment. Down payments tend to show fiscal responsibility and with the lower amount financed, banks are a little more willing to work.
2 or 3 months can make a big difference. Seems to me like if you are ordering a bike...just start making the payments to yourself while waiting on it, then walk in with a down payment at the time of the deal. You'll do much better for yourself. (and mama will be happy!)
My $.02.
Mac
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Seasoned HDF Member
Joined: Jan 2005
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From:
RE: Harley financing
I want a Harley as much as anyone but I wouldn't pay 19% for it. With all the lending companies out there that want your money, shop around and I know that you will get a better rate. When I was looking at my local Harley dealer, it seemed that he was around 6.9 or close to it.