Hello to everyone at the forum. I've been sorta looking around for a Low Rider for my first Harley, I'm 5'10" 175lbs and after riding my buddies Low Rider I wanted one. My dealer has one in Black Pearl with chrome rims that I really like that I'm close to pulling the trigger on. I have $5,000 to put down and a 563 credit score, not for bad credit but I don't have alot of credit history. I've always paid cash for everything but my house, which is paid off. I make $1600 a week at my job. If I have to I'll save up and pay cash in a few months but I was thinking about trying to get financed through HD Credit at my dealers. Are they pretty flexible when it comes to financing?

 

Unfortunately, if you go into the dealership with a 563 credit score you're going to have a rough go. The dealer will probably turn your credit app into Harley Davidson Credit and they will hit you for a 21%-23% loan for 7 years. That will double your total price if you pay the bike off on schedule. Try to arrange a loan locally. Or save some more money and pay cash. Sounds like you make good money. Practice a little patience and next year walk in there with cash on the barrelhead. Another option, take that crummy loan with the high interest and just pay it off real fast. With the money you make, make your normal payment and then pay extra on the principle. That means you are paying on the bike and not the interest. If you have a lot of dough you can pay that bike off pretty quick that way.

 

I agree with 06FXDCIRider. they will kill you with interest. If you want the bike now you could probably get a home equity loan at a much lower int rate. Then just pay it off quicker. It will also help your credit score. Good luck man!

 

or......... stop being a responsible wuss and go to Harley, yes, they'll finance you, and yes, it'll be a crappy rate, and yes you'll pay double for the bike....... but, you won;t waste another day without the next big love of your life... you'll instantly be so overjoyed you'll foget to stop kicking yourself for waiting this long!
...then, like the rest of us, convince yourself you'll make 2 or 3 extra payments per year and an extra few hundred here and an extra few hundred there to get her paid off...

 

Well if you can save up the money in acouple months as you say...you might want to finance it from hd..with high intrest..it will help your credit score for the future & not cost you alot..because thier is no pre payment penalty at hd...& just pay it off in a couple months..that way you get what you want better your credit score with out costing a ton..

 

That'show I got my bike a year ago last March 1st. I did the "jump in" despite all the bad options. I went through a bunch of financial back stabs andI managed to survive it. I decidedI neededa Harley. I had been without a bike for 12 years and I got my new bike. I would have rather done it the more responsible way. But there is only so much time.

 

5 grand down and almost 5 grand a month in income, even with a crappy rate you'll be able to make triple payments and pay it off with normal interest anyway...check out http://www.bankrate.com/brm/auto-loan-calculator.aspIt will let you fill in any extra principle payments you might be able to make and you'll see your savings by paying extra. Have the dealer run your credit to get an estimation of what your rate will be. Don't get me wrong, it's sick. I got approved for 9.25 for 7 years with a credit score of 801.A friend of mine got approved at 10.75 with a credit score of 620. Itprobablywon't be as badas what some of the others have posted.

For the record, both my friend and I went with a credit union...me at 6.25 and he at 7.25 for 6 years.

 

since your house is paid off...i am sure you have equity...lol...so do a equity line lower intrest rate pay of as quick as you want & a write off on your taxes...

 

check out your local Credit Unions.
Around here they offer zero down with5 to 6% rate on a
new Harley for 6 years andmaybe 7 years.
The key is; Shop, don't just settlefor rates because it's quick.
It's much like the bike you want, you didn't just settle onthat model did you?

chappy

 

just go to your local credit union.