Well after about several years of being turned down I got approved for my 1st harley..its a 2006 sportster 1200...I got the bike for $5500 and had to put twenty percent down at a apr of 22.9 percent...but my credit score was only 543...this isnt a rosy deal or the bike of my dreams but after a good solid year of good payments...ill be able to get a newer dyna with a lesser rate..at this point im just glad to get my foot in the door with harley
got 1st harley with bad credit score
chris smalls
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Chris,
I was a dealer/consumer loan officer with a bank for 18 years in another life. Your interest is calculated daily and paid monthly with each payment. The first dollars of each payment go to pay off whatever amount the accumulated interest is. The rest of the payment goes to principle after the interest is paid. This is true of all simple interest installment loans. So, any extra money you pay on each payment goes directly to principle thus effectively paying the loan off early. This should also pay the loan due date out into the future, example: If you pay an extra amount equivalent to a full payment, not only will the extra pay off the principal faster, it will make the next payment due date one month out into the future. I do this all the time on my vehicle and home loans. It gives me an extra cushion if some extra expense happens in life, I don't have to make that payment if I don't want to. Hope this helps.
I was a dealer/consumer loan officer with a bank for 18 years in another life. Your interest is calculated daily and paid monthly with each payment. The first dollars of each payment go to pay off whatever amount the accumulated interest is. The rest of the payment goes to principle after the interest is paid. This is true of all simple interest installment loans. So, any extra money you pay on each payment goes directly to principle thus effectively paying the loan off early. This should also pay the loan due date out into the future, example: If you pay an extra amount equivalent to a full payment, not only will the extra pay off the principal faster, it will make the next payment due date one month out into the future. I do this all the time on my vehicle and home loans. It gives me an extra cushion if some extra expense happens in life, I don't have to make that payment if I don't want to. Hope this helps.
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572 Posts
Congrats on the new bike!!!
Having worked as a real estate agent for a few years and seeing what people had to do to build up a good credit rating, I know you are doing the right thing! (As long as you make all your payments on time or early as others said.) You get a bike now, AND you get to start re-building your credit. It'll be worth the year at 23% to do that!
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85 Posts
Yes and thanks again for all the helpful advice on here...harley finance does not play screw them once and thell never help you out again regardless of credit score or down payment...I am proud and honored to be a part of harley and to be out riding on a nice bike they have given me the oppurtinity with
61 - 64 of 64 Posts
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