How many finance their bikes?
Intermediate
Joined: Mar 2005
Posts: 44
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From:
RE: How many finance their bikes?
ORIGINAL: Topper
Never known anyone with a Jap bike to get back their investment.................Last 2 Harleys I have owned, made money on one and broke even on the other, after riding it for 1700 miles before I saw a SG!! Look at a Harley as an investment, 18K in a money market account will not yield much these days, yet you can ride a Harley for a year or 2, make small payments and basically ride it for free.
With the EPA clamping down, I personally see the late model bikes gaining value over the next few years.
Never known anyone with a Jap bike to get back their investment.................Last 2 Harleys I have owned, made money on one and broke even on the other, after riding it for 1700 miles before I saw a SG!! Look at a Harley as an investment, 18K in a money market account will not yield much these days, yet you can ride a Harley for a year or 2, make small payments and basically ride it for free.
With the EPA clamping down, I personally see the late model bikes gaining value over the next few years.
Cruiser
Joined: Feb 2006
Posts: 113
Likes: 0
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RE: How many finance their bikes?
I just read the post regarding added points that dealerships tack on from HD Credit and found it very interesting. I'm in the process of looking for the best financing for my '06 Ultra Classic, which will be shipped on May 26th. The salesman checked with their finance personnel and this is the response I received:
"Harley Davidson credit came back at 9.99% for 84months or 8.89% for 60 or less months. Oak Brook Bank came in at 10.79% for 84 and 9.59 for 60. H.D.C. only requires 10% down of the total deal; this includes all parts & accessories, motorclothes and warranties. We also offer such products as Guaranteed Asset Protection (G.A.P. plus). H.D.C. has no penalty for early payoff."
After reading your post I wonder what the REAL percentage rate from HD Credit actually was. I do not plan on financing any accessories, motorclothes or warranties. I'm not sure what G.A.P. is all about so that's something I'll need to look into. Based on these figures I plan on shopping around at a local bank or credit union to see if I can find some better rates.
"Harley Davidson credit came back at 9.99% for 84months or 8.89% for 60 or less months. Oak Brook Bank came in at 10.79% for 84 and 9.59 for 60. H.D.C. only requires 10% down of the total deal; this includes all parts & accessories, motorclothes and warranties. We also offer such products as Guaranteed Asset Protection (G.A.P. plus). H.D.C. has no penalty for early payoff."
After reading your post I wonder what the REAL percentage rate from HD Credit actually was. I do not plan on financing any accessories, motorclothes or warranties. I'm not sure what G.A.P. is all about so that's something I'll need to look into. Based on these figures I plan on shopping around at a local bank or credit union to see if I can find some better rates.
Grand HDF Member
Joined: Jun 2005
Posts: 3,711
Likes: 3,438
From: SW WA.
RE: How many finance their bikes?
Are you a homeowner? a home equity loan is a great way to buy a bike.
You get the title to the bike,the interest is tax deductable and you can get a 20 year loan.
I wouldn't take 20 years to pay it off,do it in five by paying extra on each payment and save a bunch on the already low interest rate.
If you do ever get in a tight spot you can make a minimum payment that won't hurt so bad.
You get the title to the bike,the interest is tax deductable and you can get a 20 year loan.
I wouldn't take 20 years to pay it off,do it in five by paying extra on each payment and save a bunch on the already low interest rate.
If you do ever get in a tight spot you can make a minimum payment that won't hurt so bad.
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Outstanding HDF Member
Joined: Nov 2005
Posts: 2,357
Likes: 1
From: Iwakuni, Japan
RE: How many finance their bikes?
Financed mine, did a 4 year loan to keep payments low have made a few double payments, if it wern't for all the chrome I've bought it would be paid for.
Outstanding HDF Member
Joined: Jan 2006
Posts: 3,015
Likes: 5
From: Alaska
RE: How many finance their bikes?
I don't mind a $200 a month payment for a Harley so I make a down that brings the payment to that level.
Then I make the money for the payment from sales on eBay.
Works for me.
Then I make the money for the payment from sales on eBay.
Works for me.