How many finance their bikes?
Road Master
Joined: Dec 2005
Posts: 873
Likes: 2
From:
RE: How many finance their bikes?
Generally cash, sometimes I use the credit line on the house. Interest is usually the lowest you can get, you can pay as much or as little as you want every month, pay it off quickly, and write the interest off on your taxes...
Dealer financing, be it car or motorcycle, is generally no deal. If you need to borrow, arrange the loan yourself through your bank or credit union...
Dealer financing, be it car or motorcycle, is generally no deal. If you need to borrow, arrange the loan yourself through your bank or credit union...
Road Captain
Joined: Apr 2006
Posts: 592
Likes: 28
From: Wisconsin
RE: How many finance their bikes?
Just picked up a 05 EG and a 06 Sportster. Put the 10% down and financed the rest for 4 years. My interest rate is 7.5% (thru dealership). I know my credit score and the interest rate seems a little high to me. The only reason I can think of is because both bikes are used. The finance guy asked that we make the 1st 3 payments before we pay it off. That is one thing I cant do. I am going to the credit union and if the interest rate is lower the loan will be switched. I figure I will have to pay some interest on the original loan for the days I had it but I will save $$$ over the life of the loan by switching to a lower rate.
Seasoned HDF Member
Joined: Apr 2006
Posts: 10,675
Likes: 95
From: Billings,Mt.
RE: How many finance their bikes?
I just purchased my Road Glide a month ago.Yes I did finance the bike with a down payment.
As stated before,the Harley dealer will try to tack on 3 points on the loan for their profit.When my wife and I were talking to the finance person,we almost fainted when he told us that the loan rate through HD credit would be 10% even with a high FICO score.
Well thats when we started to grind.We got the loan down to 7.49%.It was probobly a waste of time because we refinanced the bike thru my wifes work(US Bank)and got the loan for 6.49%.
I would suggest shopping for a loan before walking thru the dealership doors.Dont wait because rates are rising.
Another thing to look out for is the dealer set up charges,anywhere from $700 to $1400 depending on the dealership.
As stated before,the Harley dealer will try to tack on 3 points on the loan for their profit.When my wife and I were talking to the finance person,we almost fainted when he told us that the loan rate through HD credit would be 10% even with a high FICO score.
Well thats when we started to grind.We got the loan down to 7.49%.It was probobly a waste of time because we refinanced the bike thru my wifes work(US Bank)and got the loan for 6.49%.
I would suggest shopping for a loan before walking thru the dealership doors.Dont wait because rates are rising.
Another thing to look out for is the dealer set up charges,anywhere from $700 to $1400 depending on the dealership.
Road Warrior
Joined: Apr 2006
Posts: 1,659
Likes: 0
From: Prattville Alabama
RE: How many finance their bikes?
Financed through Max Federal Credit Union. 3 year deal for $290 a month. Nothing down. %6 interest. 95 Electra glide loaded.
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Road Captain
Joined: Nov 2005
Posts: 680
Likes: 1
From: Seattle area
RE: How many finance their bikes?
I have the same rule for toys. However, every toy is first put on my Platinum Visa to get the airline miles. Then I pay that puppy off. My last scoot got me a BUNCH of miles.
Road Master
Joined: Apr 2006
Posts: 895
Likes: 0
From: Really close to Atlanta...
RE: How many finance their bikes?
Pay 20 G's in cash for a "toy"? You guys must be loaded. Either that or you are old folks...and have been hiding pennies for a decade...
I am a young fella and of the now generation. Which means, I want it NOW.
Get your noses out of your tailpipes. The carbon monoxide is going to your brains...
I say, sizeable downpayment and pay it off early...
But not all at once... Geeeesh!
(Just kidding about the "old folks" crack above...) HA!
I am a young fella and of the now generation. Which means, I want it NOW.
Get your noses out of your tailpipes. The carbon monoxide is going to your brains...
I say, sizeable downpayment and pay it off early...
But not all at once... Geeeesh!
(Just kidding about the "old folks" crack above...) HA!
Intermediate
Joined: Feb 2005
Posts: 36
Likes: 0
RE: How many finance their bikes?
Those days are over. No longer will you be able to get even close to what you paid for your hog. The industry is becoming more and more like the Japanese market every day. 2010 will bring the water cooled Harleys!!
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