Harley Davidson Financing

Discussion in 'General Harley Davidson Topic' started by GimmeFuel, Oct 25, 2010.

  1. GimmeFuel

    GimmeFuel Member

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    The only way I'm going to get a Harley anytime soon is by financing it. Now, I've "heard" that Harley is better about giving approval than most manufacturers, and that they are more concerned with debt to income ratio than credit history, etc, etc. Any thoughts?
     
  2. pahunter

    pahunter Active Member

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    I have used Harley credit on both bikes. It took about 5 min to get the loan. Ride Safe doug
     
  3. jafhdo

    jafhdo Member

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    My personal experience was that they are more likely to grant a loan based on debt-to-equality but credit scores are a major factor in the interest rate and length of loan. They will beat CU's and other financials if your scores are high enough.
     
  4. david26

    david26 Active Member

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    I got harley finacing on a new bike rather easy BUT it was 15% a.p.r. so after a year of paying that and gettin tired of not seeing the amount I owed on the bike barley move every month I went and got refinanced threw my credit union once again was just as easy and droped my apr to 3%. So I would talk to a few credit unions first and dont be in a big hurry could save u a good deal of $$.
     
  5. nakkers

    nakkers Active Member

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    I don't think HD financing's acceptance rate of lending would be any better than a CU or bank. I think there was another thread that mentioned the low rate that was being promoted and then only qualifing for the loan at a much higher rate due to the person's credit score not meeting HD's standard for the promo rate being offerred.

    IMO, the financial institution that will offer you the best lending rate and approval is the one that knows you best. However, you must shop around to keep them honest because they can get lazy and take you for granted as well.

    Although a lot has changed in the last 3 or 4 years, one principal remains when is comes to financing. Those that DONT need it, will get it fairly easy and relatively cheap. Those that NEED IT usually pay more or may not qualify at all.

    Take some caution shopping around. The inquiries can negatively effect your credit score. Maybe start by finding out your credit score first by contacting one of the credit reporting agencies. Depending on what you find out will determine what kind of financing options you should consider. Trans Union and Equifax are the two largest credit reporting agencies in North America.



    Cheers.
     
  6. Elmosac

    Elmosac Active Member

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    I'm not sure what they are more interested with when approviing a loan. My credit score is great as is my debt/income ratio. I was headed to the dealership with a check from my credit union but the dealer found me a better deal with another bank. The finance guy at the dealership gets paid by finding you financing. If he doesn't arrange loans, he doesn't get paid. As long as I was paying less in interest I was good with it. So instead of sending payments to my credit union, I mail them to another bank.

    Let the dealer see what they can find for you.
     
  7. Dr. Dolittle

    Dr. Dolittle Experienced Member Staff Member Moderator Contributor

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  8. Iceman24

    Iceman24 Well-Known Member

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    I wouldn't use HD financing, unless it was my last resort. They're no different than many of the credit clearing houses and will definitely try to take you for a ride. If you have decent credit, and really want a bike, go talk to your bank, or a reputable lending institution. Much better deal & they'll work w/your budget - not try to loan you ca$h & then apply huge fees when you miss a payment. I know it's tough when you're all "glassy eyed" on that new scoot, but be patient & try to work a better financial deal. Good luck!
     
  9. jafhdo

    jafhdo Member

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    As said above, "shop, shop, shop".

    My credit union has 2.99% on new and used autos, 6.49% on new and used motorcycles, no difference on length of loan. Harley finance was willing to do 5.99% on 60-72 months. They did 4.99% when I went with a 48 month loan.
     
  10. GimmeFuel

    GimmeFuel Member

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    I wish it were as easy as that. My trouble is getting approved, period. You see, my credit (EDIT) but my debt-to-income is pretty good. I'm working on repairing my credit, but I really would like to have a bigger bike sooner rather than later. Besides, rebuilding credit can be a life long process.

    That's why I ask about Harley financing. When I went to them before, I was denied, but the salesman made mention of my debt-to-income not being satisfactory. Hearing that gave me a glimmer of hope. It takes much less time to fix that than one's credit.


    Please read this...
    [note]
    A Friendly Reminder - Harley Davidson Community
    [/note]
     
    Last edited by a moderator: Oct 25, 2010