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Discussion Starter · #1 ·
Good morning everyone,

I am looking at making my first motorcycle purchase and couldn't go with anything but a Harley!

I started out by looking at a Sportster. The 48 specifically. After doing some research and reading I have ultimately landed on either a DYNA Lowrider or Wideglide.

I went to my dealer and got the financing set up. He ran some numbers for me and they currently have a 2014 Wideglide at $13,799. Here's my question. He quoted me 7%, 6 years, and $352/mth. At that rate, on 6 years and $352/mth, that would put the amount financed at $20,646. What are they trying to do here? I'm new to motorcycles but not new to math!

Just looking for any input on what my dealer may be trying to do so I can go back and have an educated conversation.

Thanks for reading, and thanks even more for any help. Hope to be on the road soon.

Newbie
 

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Wayward Son
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MC financing is really no different then car financing.
It`s about the final sale price. Interest rate charged. Length of loan and down payment.
 

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Good morning everyone,

I am looking at making my first motorcycle purchase and couldn't go with anything but a Harley!

I started out by looking at a Sportster. The 48 specifically. After doing some research and reading I have ultimately landed on either a DYNA Lowrider or Wideglide.

I went to my dealer and got the financing set up. He ran some numbers for me and they currently have a 2014 Wideglide at $13,799. Here's my question. He quoted me 7%, 6 years, and $352/mth. At that rate, on 6 years and $352/mth, that would put the amount financed at $20,646. What are they trying to do here? I'm new to motorcycles but not new to math!

Just looking for any input on what my dealer may be trying to do so I can go back and have an educated conversation.

Thanks for reading, and thanks even more for any help. Hope to be on the road soon.

Newbie
Try your credit union if you are a member...I got 1.99 for 5 years...it was a great deal!:)
 

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Super Moderator
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Be ready to walk. Pit dealer against dealer. Shop for your own financing. 6 years is a long time to be paying $350/month.
 

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As this is your 1st bike, have you looked at a good used bike? All the local dealers around here have a decent inventory of low mile used bikes and the interest rate is not any worse than what you can get on a new bike.
 

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Lost in Space
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As cheap as it is to borrow now, that is a pretty bad rate. As long as your credit is decent you should be below 4% shop around and you can get even better.
 

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As has already been said, check with your credit union. Don't have a credit union? Get in a phone book and find a couple to call. Most only charge about $5 or so to join.
 

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Stay away from Harley Financing...better off borrowing from a loan shark . Those people were the worst I ever dealt with...I would send in double payments and have more than half taken in interest...they never answer your emails and getting them on the phone was just short of impossible .

I can't put it any clearer...do not go with Harley Financial Services...do your homework...:thumbsup
 

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Discussion Starter · #9 ·
Thanks everyone. Seriously. I think I'll call my banker now and get away from dealer financing. The price on the bike is great I just couldn't get over the amount financed.
 

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Addicted Since 2010
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Thanks everyone. Seriously. I think I'll call my banker now and get away from dealer financing. The price on the bike is great I just couldn't get over the amount financed.
Good call.

Shop around for a loan and other dealers if possible to try to get better financing
 

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Thanks everyone. Seriously. I think I'll call my banker now and get away from dealer financing. The price on the bike is great I just couldn't get over the amount financed.
If your bank is not helpful, take your time and try other finance places. Don't let the fever to ride now, make you regret those payments for a long time.
 

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Wayward Son
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If your bank is not helpful, take your time and try other finance places. Don't let the fever to ride now, make you regret those payments for a long time.
:nod
What you save by shopping rates will go a long way in gas and pieces parts.
No fun to have a scoot and no cash for gas.
 

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:nod

No fun to have a scoot and no cash for gas.
Told a HD sales person that back when I tried to buy my first Harley too...It was a 2007 Night Train...He quoted a payment that was too high and I told him "Whats the point of having a sweet bike I cant afford to ride?" His response was "It will look good in your drive way."


Their math was fuzzy as well...$330 for 60 mo. on a 14k bike....I understand paying some interest but damn (in my case) 20k for a bike with 14k marked on it on the floor.

When I asked about that and how they got those numbers he told me "Thats credit bubba!" IT took serious restraint not to swing on him.
 

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Rider
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Local banks and credit unions should be able to do 60 months and around 4% if you got good credit. Not so good credit and that rate Wil soar
 

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Good morning everyone,

I am looking at making my first motorcycle purchase and couldn't go with anything but a Harley!

I started out by looking at a Sportster. The 48 specifically. After doing some research and reading I have ultimately landed on either a DYNA Lowrider or Wideglide.

I went to my dealer and got the financing set up. He ran some numbers for me and they currently have a 2014 Wideglide at $13,799. Here's my question. He quoted me 7%, 6 years, and $352/mth. At that rate, on 6 years and $352/mth, that would put the amount financed at $20,646. What are they trying to do here? I'm new to motorcycles but not new to math!


Just looking for any input on what my dealer may be trying to do so I can go back and have an educated conversation.

Thanks for reading, and thanks even more for any help. Hope to be on the road soon.

Newbie
Most likely that $13,799 does not include Tax, Dealer prep, Title and plates. The dealer may be even sneaking in extra insurance incase you were to default on the loan. My guess is that the actual loan amount ends up being close to $16,000. I'm sure if you were to go to your bank you can get that $352/month down to about $300/month.
 

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On the loose
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Yes check out other financing , my credit union gave me a better rate than that on a used 2001, they would have went to lower rate yet on a 2010 or newer.
 

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Yo bro, if this is your first bike, buy something used and don't finance. $350 for 6 years for a first bike is insane, you might want a different bike next season and you'll be screwed. Just save a few grand and get something used.


Sent from Motorcycle.com Free App
 

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Hell, first time rider, you never know. You might well find you don't even like riding and then you'll be stuck with a "new" bike that's worth several thousand less. GET a GOOD USED bike and feel out riding, before spending damn near 20 large!
 

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My quote through eaglemark for a 2014 low rider was $273 a month on $14k financed for 60 months, 6.49% (17.5k with the options I chose and tax,title,reg included with a down payment of 3.5k- no prep, no freight and no labor on parts installed, didn't buy, I'm going with the 2015 street bob with ABS and security
 

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Good morning everyone,

I am looking at making my first motorcycle purchase and couldn't go with anything but a Harley!

I started out by looking at a Sportster. The 48 specifically. After doing some research and reading I have ultimately landed on either a DYNA Lowrider or Wideglide.

I went to my dealer and got the financing set up. He ran some numbers for me and they currently have a 2014 Wideglide at $13,799. Here's my question. He quoted me 7%, 6 years, and $352/mth. At that rate, on 6 years and $352/mth, that would put the amount financed at $20,646. What are they trying to do here? I'm new to motorcycles but not new to math!
Just looking for any input on what my dealer may be trying to do so I can go back and have an educated conversation.

Thanks for reading, and thanks even more for any help. Hope to be on the road soon.

Newbie
There is something very wrong here. The payment on $13,799 even at those rates should be $235/mth. The payment of $352/mth is financing $20,646.
 
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