How to get financed?

Discussion in 'General Harley Davidson Topic' started by wildey, Mar 25, 2012.

  1. wildey

    wildey Active Member

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    Well after all the problems we went though last yr and having to lose our Ultra. Our bankruptsy was discharged in Sept 16th 2011.

    So now were debt free, make good money and were ready to buy a bike.

    Our problem, we can save $1000 a month and buy one next spring :-( which we really don't want to miss another riding season.

    Or option two, can anyone tell us who or how to get a loan after a chapter 7 for a bike? Seems you can buy a car if you want one but no one loans for a bike.

    Any suggestions? besides waiting

    Thanks
     
  2. STEVE07

    STEVE07 Well-Known Member Staff Member Super Moderators

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    Have you applied for financing from HD?
    I have seen them give it to people that I had to turn down on the purchase of a trailer because of bad credit.
     
  3. Iceman24

    Iceman24 Well-Known Member

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    Glad to see you're on the financial rebound...any luck w/your current bank???
     
  4. wildey

    wildey Active Member

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    All local banks and credit unions won't touch me since its only been 6 months.

    I have not tried HD for a loan. I guess I figured since I had to do a voluntary repo with them on my 08 that there would be no way they would finance me.

    I will give them a call tomorrow and find out. The one thing I have to be concious of is how many credit checks get done cause to many looks bad. Right now I only have one the rest were just phone calls where tbey told me no thanks
     
  5. Redfish-Joe

    Redfish-Joe Senior Member

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    What ever institution accepts your loan application, be prepared for high interest rates and possibly higher insurance premiums.
     
  6. wildey

    wildey Active Member

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    I kind of figured he higher rate. But with some down I don't want to borrow more than I can pay off in 1 yr so 13 grand is my limit and there are lots of road kings to ultras in that range.
     
  7. Breeze3at

    Breeze3at Well-Known Member

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    I'm gonna have to blow "sour grapes" on this one. Whatever the reason you filed, you defaulted on your previous financial obligations. You are heading right back where you were. A Harley is not a necessity. Reevaluate your financial thinking. There's nothing wrong with money in the bank.
    This was not written as a flame, or otherwise derogatory to the O.P., just my view/opinion.
     
    1 person likes this.
  8. wildey

    wildey Active Member

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    Trust none taken and its true and good advice. I just don't want to wait one more yr when I can easily afford this and not looking to go big on a loan. We don't want cfedit cards or anything as we do cash for everything. But to wait one more yr seems like such a waste.
     
  9. ironmark

    ironmark Junior Member

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    I understand that you have the urge to ride. If you save the money and wait another year and then pay in cash you do save a lot of money in interest which is a big big bonus IMO. The other option you have is maybe shop around for a less costly metric bike in a lower price range and ride that for the year. Now I know it is not a Harley but it will get you out riding plus it will give you time to save the money that you need for your next Harley, and you can sell or trade the metric bike and recover most of your money when it is time to buy a Harley. You can find some decent metric bikes in the $5000 or less range if you look around.
     
  10. dbmg

    dbmg Experienced Member

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    Try to be patient. I know its hard. If you can get financed, you will find the interest rate is going to be so high the loss will out pace the gain. Like Ironmark has said which is a great idea by the way, like a used Kawasaki Nomad may fit the bill for now. Something like model year 2005. Then next year when all is right trade Metric in and add large amount of cash and you will be good to go..
    Sometimes you have to go backward a bit before you can go forward....:s