Harley Davidson Forums banner

1 - 20 of 53 Posts

·
Registered
Joined
·
70 Posts
Discussion Starter #1
Hello all, i just put in an application over HD website where i make my pymts for my current bike, it came back approved for 20k and some change, but it doesn't give me a % rate, so how d i know what it is or do i have to discuss that with the dealer? and is it easier to get a lower interest rate on a new vs used bike? Thanks
 

·
Poser Member # 99
Joined
·
17,649 Posts
Getting Financing from H-d and buying a Harley kinda sound like to old coal miner working for the mines paying the mine for their housing and buying their food at the mine company Store . You might be getting the Shaft

Most credit union have the best rate and term and are easy to join ya might want to check it out before you sell you Soul to the company Store

On New Bikes you get Better rates then used generally and the amount you put down makes a difference and Number of years you finance for also

Good luck with what ever you Do WE NEED PICS OF WHAT YOU bought OR IT DIDNT happen:devil:grin
 

·
American
Joined
·
26,960 Posts
Motorcycle not like car rates..... expect it to be higher....
 
  • Like
Reactions: bertman61

·
Super Moderator
Joined
·
12,729 Posts
I had the springer on a HD loan and it was competitive % rate for a 10 year old used bike, 5.9%. I paid it off last March though.
 

·
Super Moderator
Joined
·
4,344 Posts
I have found at the dealer that the interest rate and extended warranty are 2 great bargaining chips. I usually pay off early so I finance through HD and try and get the extended warranty or extras for free. Since they bank on recouping interest from the loan they want you to get it at HD. You can always refinance it also if you have a good Credit Union as suggested above but I would at least get them thinking that they will be getting the interest at first since basically, they see it as getting more from the bike. Also look for "Early pay off penalties" in the contract. Sometimes they do that to make sure they get the most squeezed out of you.
 

·
Registered
Joined
·
621 Posts
If you're ex-Military, I like USAA. If HD doesn't post interest rate on their web site, I'd stay away. Taken from the fine print on HDs financial website:

For example, a 2014 Dyna Wide Glide Vivid Black with an MSRP of $15,799, no down payment and amount financed of $15,799, 60 month repayment term, and 4.35% APR result in monthly payments of $293.46. The APR will vary based on the applicants past credit performance and the term of the loan, which can vary from 24-84 months.

If that rate is accurate (note the caveat in the second sentence), then it's not bad at all. But I'd still shop around.
 

·
Kicking Rocks...
Joined
·
11,125 Posts
Depends on many factors... credit score, debt to income etc..
I just got 2.5% from a credit union on a new 2017.
Shop around


Sent from my iPhone using Tapatalk
 

·
Registered
Joined
·
7,340 Posts
I have found at the dealer that the interest rate and extended warranty are 2 great bargaining chips. I usually pay off early so I finance through HD and try and get the extended warranty or extras for free. Since they bank on recouping interest from the loan they want you to get it at HD. You can always refinance it also if you have a good Credit Union as suggested above but I would at least get them thinking that they will be getting the interest at first since basically, they see it as getting more from the bike. Also look for "Early pay off penalties" in the contract. Sometimes they do that to make sure they get the most squeezed out of you.
The dealer owes the MoCo the same for the bike no matter what they sell it for. Any discounts from list are eaten by the dealership. They may make a $100 in origination fees or some other kickback on the loan, but the dealership isn't recouping anything from the interest.

As for a "free" extended warranty, the dealership owes the warranty company for the coverage. They might be willing to eat their markup on it, but they still have to pay the warranty company. If you got it for free, then they squeezed the cost of it out of you somewhere else. They're not in the business of losing money.
 

·
Registered
Joined
·
11,031 Posts
It's hard to beat the services/loans from credit unions. They are trying to take care of their members and while they still need to make some money they aren't as greedy as the regular banks. Also, if you don't already know, some credit unions sell service plans similar to an extended warranty. When I bought a new 2013 RGC I checked the HD extended warranty prices at two different HD dealers here in Louisville and also a plan at a credit union. I can't remember the numbers but the SAME plan from two different dealers was $250 higher at one dealer than the other dealer. And the plan at the credit union wasn't as good as the HD plan but the credit union plan did cover all the major components and the price was only about 1/3 the amount of a HD plan. I would have bought the credit union plan except it had the similar language as the HD plan about not covering after market components/associated parts, etc. and my ThunderMax tuner would have made a lot of the credit union plan as well as a HD plan worthless so I didn't buy a plan from any of them.
 

·
Super Moderator
Joined
·
12,729 Posts
I have 2.9% from Wells Fargo on the wife's Mustang. My credit Union will refinance at .9% (they beat any current loan by 2%) but I have to wait 90 days.

I refinanced my Ultra from 3.9% to 1.9% with my Credit Union last fall.
 

·
Registered
Joined
·
111 Posts
Locally (Huntsville, AL) HD was within .25% of what the local CU’s advertised rates were. Additionally, HD, Chase, etc. provided instant approval vs the local CU telling me it could take 5-7 days to make a decision and complete the process.

If you’re planning to finance for an extended period, every percent counts, but if you’re paying off [very] early it might make less of an issue.
 
  • Like
Reactions: bertman61

·
Call me Gig.
Joined
·
3,964 Posts
Locally (Huntsville, AL) HD was within .25% of what the local CU’s advertised rates were. Additionally, HD, Chase, etc. provided instant approval vs the local CU telling me it could take 5-7 days to make a decision and complete the process.

If you’re planning to finance for an extended period, every percent counts, but if you’re paying off [very] early it might make less of an issue.

You need to find a better CU. 5-7 days is ridiculous. When I called my little, one office CU from the dealer showroom I had my approval on the spot. I don't think they even asked how much I wanted.
 

·
Registered
Joined
·
7,519 Posts
When I got my loan from my CU. I did it from my dealer while he was writing up my bike over the phone. We had it done with an hour . But I still had to wait for them to prep it So we got it the next day.

I don't remember any warranty covering add on's unless you ask them about it .

Small price to pay if you bike gets stolen. :thumb
 

·
Registered
Joined
·
621 Posts
These days there is no excuse for a bank or bank like operation to take any longer than 1-2 hours to give you a credit approval. Even that is a long time.
 

·
weird member
Joined
·
2,283 Posts
Getting Financing from H-d and buying a Harley kinda sound like to old coal miner working for the mines paying the mine for their housing and buying their food at the mine company Store . You might be getting the Shaft

Most credit union have the best rate and term and are easy to join ya might want to check it out before you sell you Soul to the company Store

Also... check your credit if you don't know it.

I use Credit Karma. It just gets updated maybe twice per year or something and only gives you two of the three reporting agencies (I can't remember which one they don't give, but it's the one that matters more than the other two).

It's free because of all the ads they serve you, trying to get you to buy cards. They won't spam your e-mail though.

And if you're credit is low, depending on who you bank with, you can get a boost by getting a bank credit card. I actually didn't have any credit until a year and a half ago. The only thing on my report was a cell phone contract. The card gave me a second line of credit, which gave me a score.

See if you can find one, especially if you do online banking, where they don't charge you interest if you pay it before the bill due date, and then just use it like a debit card and pay it off. Boosts your credit the longer you have it and as long as you keep it paid off (open-line of credit + low balance in relation to your credit limit). Don't forget about it though, because if you don't pay before it's due, the apr is insane.
 
  • Like
Reactions: bertman61

·
Registered
Joined
·
111 Posts
You need to find a better CU. 5-7 days is ridiculous. When I called my little, one office CU from the dealer showroom I had my approval on the spot. I don't think they even asked how much I wanted.
Well, that’s why I “bank” with USAA and the other CU doesn’t have any of my business yet ;)
 
  • Like
Reactions: bertman61
1 - 20 of 53 Posts
Top