If a bank or credit union won't write the loan, don't take it as rejection -- take it as advice. They have a lot of experience and they're telling you that in their experience this loan would hurt you (and possibly them.) Just because they're looking out for their interests, don't assume they're not looking out for yours too. Finance companies (like Harley credit) don't have a lot of conscience about putting you deep into debt.

Banks generally have better terms than finance companies and credit unions generally have better terms than banks.Take this interim time to find one that seems to have good terms; open an account with them; talk to the loan officer -- you'd think in this day and age everything runs off a formula and gets decided by a computer, but if the loan officer actually knows you it makes a big difference.

If you think you could make the payments on the bike, start putting those payments into a savings account targeted toward a bike. Sit down with a payment calculator and work out the costs then make those payments into your account for six months. Toss in any side-money too and build a "bike fund." At the end you'll know if you could do it and you'll also have a wad of cash. That cash could be a down payment or it could completely pay for a used bike. (And I don't want to talk heresy here, but keep in mind there are a lot of fine bikes that can be bought outright for the down payment on a Fatty.) Then make your choice. If the bank is still nervous about writing the loan, showing that you've been setting money aside will honestly impress the loan officer. And having a bigger down payment won't hurt in the least.

Othertips would be: don't take a bike loan for more than three or four years. You don't want to be in the position of owing more than the bike is worth. Consider the cost of riding gear and accessories, but don't wrap them into the loan. You'd be paying for years on that gear. Buy the gear out of pocket (preferably) or on short-term credit if you must. Again, a key concept is that you don't want to owe more than something is worth.Imagine wrapping a $100 pair of boots into athree year loan -- chances are the boots will be long gone while you're still making payments. Finally, remember that being able to afford to buy a bike doesn't mean you necessarily can afford to own it. Maintenance is costly; accessories are costly; and if you're a young guy with a family and a substantial debt load, you need some life insurance.

 

That's kinda true, but it changed in the last few years. If a number of places poll your credit in the same 30 days, it's assumed you're shopping around for a loan and it gets treated as a single inquiry. Also if you pull your own credit report that doesn't count against you at all. (It used to.)

Before you apply for a loan, it's a good idea to pull your own credit report -- there are places that will give you reports from all three agencies -- and see what they bank is going to see. Some times you'll see things that are inaccurate or wildly wrong. It takes months to get them fixed, but you can get it on record that you're disputing them.

 

My suggestion is don't concern yourself with financing anything elseat this point in your life. Your next big bill could become a house payment; at that point you will probably lean toward selling your bike, (at a loss), after you've paid interest on it, (more loss).
If you shop around you may be able to pick up a used sportster for what was going to be your down payment. You will owe nothing, have an asset, and be able to insure it at a lower costif you want too. Then you can put your efforts into paying off those two auto loans, when they are gone H.D. will still be making that bigger bike you may still want (and they will take your sporty in trade).
Credit is like being an indentured servant, even after your stint with Uncle Sam is up,you will still have to face those bills.

 

Hey, fellow Ammo troop here. I, like you had wanted a Harley for a long time, but I had to wait a bit before I was financially able. I am an E-5 and got my bike when I sewed on (sort of a promotion present to myself). I was able to finance through my credit union on base, but it took 5 years of solid credit to allow me to finance it. The good thing was my raise was just a hair less then my monthly payment. Just keep saving and shopping around for a good loan. You'll get it.

 

Ammo - I went into the dealer in 2003 to finance a 1200 Sporty. I told the dealer that I wanted to put 1/3 down, would Harley finance me. The dealer told me in almost these exact words. Harley will finace anyone with good credit with 10% down. They will finace anyone with bad credit with 20% down. With 1/3 down, they will finance Osama Bin Laden. And they did finance me, but with 17% interest rate.

I kept the 03 for 17 months and went to trade it in. During those 17 months I was three payments ahead. When they called H-D to finance my 05, H-D told them to "give him anything he wants" The new interest rate is 9% and he said he was sorry that he couldn't do better than that.

H-D will finance when others won't - that's why they own Eaglemark Bank, so that they CAN finance when others won't or can't.

C66

 

When I bought my Low Rider in July the dealer tried to set me up with about 12% interest, but I told him I could get better financing with my credit union at about 7% and I ended up getting 4.9% thru Harley. Work the interest rate like you work the price of the bike and they might come down.

Chris

 

Take a tour to Iraq and save all your extra dimes that you will recieve (Tax money, family sep $250, Hazard Duty Pay $225 and such.) This can add up and you might be able to pay at least 75% of the bike and it would be easy enough to finance the rest.... I had soldiers buying BMW's like crazy when we got back from our deployments.

 

Quite frankly - these lenders are probably doing you a favor by not giving you financing.
This should be a clear message to you that your debt/income ratio is too high - as a few others have stated. I'd also guess that your age has something to do with it as well. The banks take a risk every time they lend money - so in order to minimize the risk - they throw all factors into the equation.

I'm really old - but it seems to me that you may have had a grace period after college before you had to start repaying you student loans? If this is the case - then you really have not been paying for long? Give it another year or so - you're young - the bikes are still going to be there - and you have many years of riding ahead of you.

 

If you have a name that sounds legit any stealership will finance you. just like everyone else said, expect your interest rate to be astronomical.

 

not to be judgemental here, but i offer the following because i've been where you are...

if you have two loans, hopefully you have two cars. if that's the case the harley wouldn't be your primary means of transportation, which means it's a toy. the last thing you ought to do is finance a toy.

just my opinion.