NO worries, as long as mom aint tucking you in still, u cool with me lol Get that damn bike but seriously consider one that is slightly used and stil has the factory warranty.



Doesnt mean chit up here (mortage) Had a mortage for 6 years - went into bank for a loan - they told me I had NO credit??? wtf Not bad credit just had no credit. Came to find out that the biggest loan you wil ever take out in your life does not appy to your credit - fknin blew my mind lol

 

I'm curious who your lender was, because here in the States, your mortgage DOES show up on your credit. It will show your monthly payments, and what your "high credit" is, meaning what the highest amount you've ever borrowed is, which is generally your home. I'm guessing that your lender just didn't report to TRW, Equifax, or Trans Union, which is odd as hell to me.

 

By the way, I have great credit, just no history that applies (I guess is how you'd day it).

I have had a monthly cell phone bill, reoccurring for about 5 years, but for some reason they don't count that towards my credit.

Basically, credit score of 780, but no long term history of payments.

Huh, go figure, and Ford somehow approved me for a 5.99% loan for 6 years on a $40k truck. With 7k down and no co-signer. Come on, they can always play with the numbers. The dealer is personal friends with my buddy, so I am sure that something comfortable can be worked out for me and something doable can be worked out for them.

I am not so much worried about the financing and dealing right now so much as I am worried about walking through that front door ready to deal.

 

I can only say one thing ---

There is a bull and his steer son standing on a hill looking down upon a herd of cows. The young steer looks up at his father and says - "hey Dad, let's run down there and **** one of them cows!!" And the father bull calmly looks back down at him and says ------ "Son you have alot to learn. Let's walk down and **** em all!!!"


In other words - walk in there like "you own the place" and do what you need to do.

 

If you put 5K or more down on the bike and keep it a year, you should be able to at least break even. That is, without having someone "take over payments", you should be able to get out from under the bike in a straight sale. Not the best scenario, but certainly not the worst.

If you have any reservations at all that owning a Harley is not for you, don't do it. Or at least wait until you can fully commit. That is my advice.

Shakey

 

Not true, Jeff. My first bike, an '04 EG Ultra, was financed through HD credit (interest rate sucked, but HD finances older bikes, and my credit union didn't want to finance a 5 y.o. bike). I made extra payments from time to time, in addition to paying above the scheduled payment every month. When I checked the account by calling HD Credit, they told me that I was paid ahead and a payment would not be required for 3 months. My monthly statements arrived saying "Amount due: $0.00" for the entire time I had the loan.

OP, you will get a better interest rate on a new bike. In addition, the extended warranty is cheaper on a new bike than on a used one. I purchased a 6 year extended warranty on my 2012 Road Glide Ultra for $1470 with tax. The 3 year ext. warranty on my '04 cost more than that.

You will lose some in depreciation with a new bike, but with a $5000 down payment you should stay ahead of the curve, especially if you pay additional money above the scheduled payment. Decline the "death and disability" insurance, which is hideously expensive. Make a couple of extra payments and you get the same "coverage"-the ability to skip a payment or two, without paying a lot of $$ every month for something that you may never use. Don't let them suck you into extras you don't need at closing on a bike (wheel and tire package on ext. warranty, Gap insurance, etc.). Keep the accessories to a minimum at time of purchase too. That eats up any equity your $5000 gets you. DO get ABS if you buy new-it can save your life.

Shop around for loans. HD has a 5 year loan @ 4.99%, but you can do better at a credit union and perhaps a bank. The lack of credit history may be an impediment, so you need to answer this question first. HD may give you the loan on a new bike with a fair interest rate, but will rape you on a loan on a used bike. They do even for people with great credit scores. Do your homework.

You will love the Road Glide, but the Electra Glide Classic is a great bike and a great value too. It boils down to which suits you better. You can buy a used bike, but go for one that is relatively unmodified if you do. In the end,though, new makes more sense in your circumstances.

Good luck, Ride Safe!!!

 

negative ghostrider.

i've been making extra payments on my bike and my next payment isn't due until oct 2013. i think that qualifies as 'a couple months ahead'

granted, that is with the credit union, not hd, but you didn't specify, just made the blanket statement.


i think you just blew your whole 'incognito' thing there.

i think you're being pretty smart about the whole thing. but a lot of it is just fear of the unknown. never having had a loan, it's hard to suddenly place yourself in that much debt. but if you have a good job, and no short term prospect of losing it, then go for it. make extra payments, and pay it off early, then you'll be right back where you are now (no debt), but you'll have a nice harley to show for it. and if you didn't notice, i'm pretty partial to the road glide myself.

 

I got a loan for my first Sporty when I was 19 with no co signer through my credit union.
I say go for it, if you can afford and want it, just go for it.

 

Don't be stuck on only buying the 103 motor. A good stage 1 96 will give you more then a stock 103. There are a lot of one year harleys that don't even have 1k on them yet and can be had for a 5-7K savings. Why not consider that and give these garage queens another chance

 

+1 on this. Buy used and you will save tons of $$$. Keep your payment as low as possible and you won't have to worry. In my opinion, used is the way to go for your first bike. Especially with the bike you want to get, there are a lot out there with very low mileage that you can pick up for a steal. Use the extra money for upgrades or to pay it off early. If you have budgeted in for that extra $100 keep paying that amount and you'll cut your loan duration almost in half. Just my $.02.