Best Place to Finance a Bike
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Road Master
Joined: Apr 2008
Posts: 1,230
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From: Oak Park, IL
Best Place to Finance a Bike
So I have been looking at buying a touring bike in the next month or so. I own a home, am "older", and have excellent credit. I have talked to a couple of HD dealers on new bikes, so far the best they are quoting is something like 9% financing and of course they do not want to move on price since the weather is finally coming around. I have also been looking at the papers, ebay,and such and see some very nice '07 models that would meet my needs very nicely. The problem I have there is that my bank will not finance a bike.
So I ask, does anyone know of a good, reputable place to go for fianncing that would do better then the dealer and would finance a purchase from a private party?
And a secondary question, traditionally when does HD release the new (in this case2009) models?
Thanks,
Harry
So I ask, does anyone know of a good, reputable place to go for fianncing that would do better then the dealer and would finance a purchase from a private party?
And a secondary question, traditionally when does HD release the new (in this case2009) models?
Thanks,
Harry
Road Warrior
Joined: Nov 2007
Posts: 1,800
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From: Houston, Texas
RE: Best Place to Finance a Bike
I used my credit union. Your bank will probably give you a better deal than the dealer. My credit union was willing to finance a 100% because they hold their value so well.
Really depends on what you want out of your financing. You'll get a better interest rate from a bank or credit union but Harley will stretch it out so the payments are cheap.....but for the rest of your life!
Really depends on what you want out of your financing. You'll get a better interest rate from a bank or credit union but Harley will stretch it out so the payments are cheap.....but for the rest of your life!
Elite HDF Member
Joined: Oct 2006
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RE: Best Place to Finance a Bike
Harry, if you're bank won't finance a bike for you - you need a different bank. This isn't some 20 year-old kid wanting a toy - this is a mature adult wanting to spend disposable income. My credit union took less than 30 minutes to approve me up to 50k on any bike I wanted (up to MSRP, taxes and accessories) with up to 84 mos @ a max of 6%. When I told 'em I wanted a 36 mo. note, they rolled that back to 3.5% APR. Now, I do quite a bit of business w/them (including my personal and business banking) - but they routinely go up to 60 mos @ 4.8% APR.
You're likely being "bought" by the financing companies at 5-6% or so, but the dealer is trying to make some $$$ on the "back side" of the deal as well. It's NOT uncommon - it's routine at every car dealer I've ever dealt with. When I bought my '08 truck last month, Ford gave me 7.5% APR. I accepted it because they were also giving a $1k rebate for going through Ford motor credit. I went to the credit uniona coupla weeks later (once the registration came in), an' refi'd it with them at 3.8%.
You're likely being "bought" by the financing companies at 5-6% or so, but the dealer is trying to make some $$$ on the "back side" of the deal as well. It's NOT uncommon - it's routine at every car dealer I've ever dealt with. When I bought my '08 truck last month, Ford gave me 7.5% APR. I accepted it because they were also giving a $1k rebate for going through Ford motor credit. I went to the credit uniona coupla weeks later (once the registration came in), an' refi'd it with them at 3.8%.
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RE: Best Place to Finance a Bike
ORIGINAL: Geoff
If you own a home, consider a home equity loan. Interest rates are much lower than bike loans andthe interest is tax dedictible.
If you own a home, consider a home equity loan. Interest rates are much lower than bike loans andthe interest is tax dedictible.
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Road Master
Joined: Apr 2008
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From: Oak Park, IL
RE: Best Place to Finance a Bike
Thanks for the quick repsonses so far. Iwas reallyPOedby the bank's attitude. I have my personal account and my business account there, you would think they would bend a bit. No credit union at my work. Second mortgage is out, my business went under last year and we lost a good chunk of the equity in my house paying that off. My wife is still smarting from that one! Just have to keep working on it.
Tourer
Joined: Apr 2008
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RE: Best Place to Finance a Bike
I make most purchases on a home equity loan not having a credit union. I think mine is about 4%. Most lenders for bike loans are going to be right there with Harley or freedom loans at about 9%. I bet most banks will not want the loan. The dealers will deal though. Get on the internet , find the lowest price for the same bike in your area (250 mi or so) and call them and ask them to meet that price. Their sales are down and they want to get bikes off the floor. I gavea lower quote then what I got and they gave me the price I asked for. I got my 08 for about 1k under msrp and was offerd the samedeal on any bike in the store. I have heard 09 will be on the floor in Aug. 08?