Will HD dealers try to "pad" interest rates like car dealers do?

Looking at buying a new road glide. I saw where HD has 5.99% for 60 months with 10% down for tier 2 rating. I'm a solid 2 and have 8K down and they say 16 something percent?

 

Sounds like you may have some old credit records that need cleaning up. Investigate your current credit rating yourself. Ask H-D finaning to explain their method of rating system.

 

things are cleaned up.

 

+1 on what he said ask them to explain it's your right to know. If they stick to that % shop for a better rate at banks and other institutes.

 

As a former sales guy my feeling and experience tells me the special interest rates have a lot of pre-qualifiers. Something like being a recent grad, or any number of 'fine print' requirements. As a consumer you should always negotiate prices, interest rates, etc. Tell them you'll but the bike but only if you get the special rate. All they can do is say no.

 

Go to a credit union. But yeah rates are also negotiable. May not be Eaglemark, but dealers use other resources.

 

I was inclined to go to my Credit Union and even my salesman said that HD would kill me.

As it turns out, HD was SO LOW, that they beat my Credit Union, which itself had beaten two other banks that I deal with.

If you have very good credit, HD is unbeatable.

 

I was buying 2 bikes back in December and the dealership had me at 14%, I told them to forget it and they came down to 9.5%. So I would think yes they do try to pad the interest rate for extra kick back.

 

And most people aren't aware that most states allow dealers to ADD up to 3% above the "wholesale loan rate" that the bank gives them as additional profit, (and not tell you.)

Always ask what the wholesale rate is before you sign. ( And watch the finance guy turn red.)

 

Just bought a RK last month. 4.99% for 60 months w/10% down. Credit rating is in the high 7's!!