It seems to me that Eagle Mark (HD's financing company) will finance pretty much anyone that is breathing...and they do used bikes. They have a "dealer assist" financing process to facilitate private party to private party financing.

If they reject him, he really cannot afford it.

 

Four major things to look at before you decide:

1. How does this fellow treat his other creditors? Don't assume that just because you're a bud he will treat you any differently. A payment is a payment. You'll actually find that some folks find it easier to stiff friends and relatives than it is a corporation. They don't figure a friend/relative will sue them.

2. How does the fellow treat his equipment/vehicles? Folks who take care of their stuff usually keep up with the payments as well. If his car/truck is trash then you can figure the bike will end up trash. And why make payments on something that is falling apart?

3. How long has he had a job? If he's unemployed or has a habit of jumping jobs regularly then be careful. I've rather do this with someone who is in a lower paying job they've had for years than to someone with a high paying job they just got ... especially if they have a habit of changing jobs without good reason.

4. What's the hassle worth? Either put the cost on the front end (raise the price of the bike) or on the term (charge interest). No matter how faithful he is with the payments the reality is that you are putting your money in his pocket unless you get some extra. Even at a crappy 2% savings account your money is worth something, so why give it away? If he's really a friend then he'll insist on a reasonable interst rate anyway. I always figure that a tad above what my bank gives me on a savings account is a fair rate.

 

I would not do it. The quickest way to lose a friend is to do a business deal with him. If anything goes wrong there will be hard feelings.

 

I can only repeat the advice given here:

SAY NO!

 

Sure, great idea. Let him make the payments and when the final payment is finished he can pick up the bike. Maybe give him a lower interest rate than the bank. If he defaults on the loan you still have the bike and the monies paid.

 

Don't do it!!!! If he can't get a loan from a bank screw it!!!!!

 

Whenever I've wanted something REALLY bad and didn't have the money for it I would go out and find one or two part-time jobs in addition to my full time job...the part-time jobs' wages would go into a special account for what it was I wanted along with whatever I could scrape from my full time job wages after all mandatory bills were paid...I'd eat a lot of top ramen and potatoes throughout the months and in about 3 1/2 months I had enough to pay cash for something I had wanted badly...a real nice Sportster...I definitely felt like I earned that bike and it meant a lot more to me than owing a friend or relative money.

I second the motion for Eagle Mark...your friend should be able to get financing through them, although depending on how screwed up his credit rating is will dictate the interest rate...And if does gowith Eagle Markand he makes prompt payments, it will improve his credit reputation...

I'd have to vote no on loaning money to relatives or friends, too...considerloaning themmoney, but don't expect any return...and if you do receive payment, consider it a bonus for you!

 

Dont walk away.....just run. Why the hell do you think he cant get anyone to front him the money for a new bike.....because he dont pay.