Best Interest Rate for HD Financing
Cruiser
Joined: Apr 2011
Posts: 165
Likes: 9
From: Fredericksburg VA
Used harley
A few months back I was looking at a used Harley Ultra Classic on the weekend and my bank was not open so I got the lady at Harley to run my credit. She came back with 770 credit score and a crazy monthly payment. I questioed it and then she told me the rate was 14%. She told me with my credit thats about the best I would find anywhere. Next day i got my 2012 Electra Glide classic with a check from my bank and financing at 0.9%. HD loved to feed you a line of crap when it comes to financing their bikes!!!
Advanced
Joined: Dec 2006
Posts: 68
Likes: 6
I found the same thing recently when I purchased my 2013 Electraglide Classic. I think that H-D Credit is sold based on convenience and for those with less than ideal credit....
Club Member
Joined: Jul 2012
Posts: 2,697
Likes: 10
From: San Angelo, Texas
The other thing that plays in to HD Finance is rather the dealer has a partial or full recourse deal with the lenders they use. If they are "kissing the paper", basically cosigning your loan in the back ground to sell more bikes, they want the higher rates so THEY aren't losing money, or at least as much. I've seen some of the repos over the years at one of our local banks where I was on the board, and with one or two exceptions, they weren't really autos we WANTED back, and I can only imagine that the problem is the same or worse with bikes...after all, they are selling to "BIKERS", and we all know what kind of low class riff raff THOSE people are!
Honestly, I'd trust my wallet, and my LIFE, with a biker before I would a banker!
LOL!
Elite HDF Member
Joined: Dec 2010
Posts: 4,229
Likes: 10
From: Oklahoma
This guy must have slept through his finance class in college...
Here is the difference ( I ran the numbers )
The Future Value between the 2 interest rates. I based the loan on $25,000 for 7 years.
$30,735.96 at 2.99%
$36,342,86 at 5.49%
As many mentioned, it would be best if you visit your local Credit Union and apply for a loan. Get preapproved, walk into the dealership with the paper and select the bike of your choice...
DO NOT tell the salesman that you're preapproved. Work the deal as you normally would. Once the deal is made, they will send you to finance to do all of the signing (and to try to sell you an extended warranty). At this time (and only at this time) let them know that you have done your homework and are preapproved through your credit union.
If you tell them up front they will not give you as good of a deal. They know they can make a point or 2 on the interest running "in-house" finance. So do not tell them until the salesman "drops you off" at finance.
Let me know if you need anything else.
Good luck brother!
Here is the difference ( I ran the numbers )
The Future Value between the 2 interest rates. I based the loan on $25,000 for 7 years.
$30,735.96 at 2.99%
$36,342,86 at 5.49%
As many mentioned, it would be best if you visit your local Credit Union and apply for a loan. Get preapproved, walk into the dealership with the paper and select the bike of your choice...
DO NOT tell the salesman that you're preapproved. Work the deal as you normally would. Once the deal is made, they will send you to finance to do all of the signing (and to try to sell you an extended warranty). At this time (and only at this time) let them know that you have done your homework and are preapproved through your credit union.
If you tell them up front they will not give you as good of a deal. They know they can make a point or 2 on the interest running "in-house" finance. So do not tell them until the salesman "drops you off" at finance.
Let me know if you need anything else.
Good luck brother!
Last edited by mmcbeat; Sep 13, 2013 at 02:16 PM.
Former Sponsor
Joined: Aug 2005
Posts: 10,968
Likes: 54
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Road Warrior
Joined: Jun 2006
Posts: 1,443
Likes: 3
From: Behind you
Not many financial analysts would support paying interest on something that depreciates. Double loss.
Intermediate
Joined: Jul 2013
Posts: 28
Likes: 1
From: Key West
It won't cost you anything except some time to shop for a better rate if you can find one. When I bought my new RK in July I qualified for the HD 2.99 at 36 months. I couldn't do better at my CU so I went with the HD loan but rates will vary within banks and communities. We put 5k down and plan on having the bike fully paid for in less then 12 months with extra payments.