Just wondering how many folks finance their new bikes? (Might make me feel more comfortable knowing other folks do the same...)

I'm usually not one to take out loans or use credit cards but were I to purchase an Ultra Limited (dealer want's almost 30k, with fees, tax, license, etc...) I would need a loan.

This would also be my first Harley Davidson motorcycle.

Have never owned a motorcycle that cost over ~9K so it's a different world.

Will probably shop local banks as opposed to HD financing. (Any experience with HD financing, good, bad, ugly?)

 

I wouldn't have a bike if not for financing. I can't save money worth a ****. I can make payments, however.

 

I don't have any finance on my current bikes, but took out my first finance on a new BSA back in 1968! Been doing that on and off ever since.....

 

 

Don't be afraid of HD financing i just bought my new road king and the rate was 2.9%. They are easy to deal with also.

 

i owened my last bike, but it was only worth 5K. The bike i have now i had to take 10K loan, i joined a credit union and found i got the best rates from that. My suggestion is get your money from a bank or credit union instead of a loan through the same place your buying. They know you need the loan through them and will stick it to you if they can, much better to show up with the money so thats one less thing they can use against you.

 

i would suspect that the majority finance their bikes. aint no shame in it, as long as you don't get in over your head. if you have to go out to 84 months to afford the payment, then i would say you probably can't afford it. i went 5 on my cvo, but paid it off just under 4. some would say that is still too far out.

don't discount hd financing. but, make sure you have a backup plan in effect when you go in. when i bought my cvo, i already had an approved loan from my credit union. they wanted to run my numbers at the dealer so i let them. came back almost 4 points lower than my cu was going to give me.

now, here's the bad with hd financing so you're aware of it going in. if you make a 'one time' payment over the internet or the phone, there is a 'convenience' fee. but if you set it up on autopay, there is no charge. or if you use bill pay through your bank (unless your bank charges a fee). and if you pay extra, your next invoice will show a lesser amount due, or no payment due. ignore that. if you don't then the loan will still mature at the same date with the same amount of interest paid. keep paying, then it'll be paid off sooner, saving you tons on interest.

and contrary to popular belief, each pull on your credit report is not a ding. they understand when your shopping for a vehicle, that you are also shopping for a loan. as long as they are within a certain time frame, each one will not count against you.

the 2019s are set to be released soon. compare whats new with the 2019 vs the 2018, and if nothing earth shattering, see if you can score a better deal on a leftover 2018.

 

There is nothing wrong with making payments BUT, something I like to do is shop for something I want, figure out what the payments would be and then plan on buying it 5 years down the road after making the payments to a savings account. earning a little interest instead of paying interest usually leaves me enough money to pay cash. I'm making payments on my next future car right now....

 

Agreed, same here. No issues with them at all on my 2018 ultra classic

 

I financed my road glide. I hate credit and interest, but at 2.9% interest (through Harley) in this economy almost makes sense to finance as I can trop money into a stock investment accountant and get 10%+ a year in this market. I think I paid half in cash and financed the rest. Truck is paid off, boat paid off, and I don't have any credit card debt so I thought it made sense. I'll probably double up payments eventually to pay off the bike quickly.

With all that said, everyone should be saving. The economy is cyclical (almost doesn't matter who is in the White House IMHO) and right now everyone is spending and borrowing. There will probably be a reckoning in the next few years as interest rates rise and people start falling behind on credit card and home payments.