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Old 02-11-2003, 01:25 PM   #1 (permalink)
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Question Harley Davidson Interest rates??

What interest rates are you guys seeing out there.. Rates here are as low as 5.9% for Harley financing with good credit.. Other shops are only offering 7.9% in the area ??
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Old 02-11-2003, 03:43 PM   #2 (permalink)
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One of my local dealers had 10% on their stickers. I don't know if that was their actual rate or if it was just a rough example for getting a ballpark figure on the monthly payments. I asked another dealer about their rates and they said they wouldn't discuss rates until they had the bike I wanted on hand, which would be April or June, as interest rates change.
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Old 02-11-2003, 04:23 PM   #3 (permalink)
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Harley credit is expensive - runs around 8.5% ++ up here - depends on your credit rating. 5.9% is good for a bike.
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Old 02-11-2003, 04:40 PM   #4 (permalink)
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Check peoplefirst.
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Old 02-11-2003, 04:41 PM   #5 (permalink)
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Quote:
Originally posted by Yard dog
One of my local dealers had 10% on their stickers. I don't know if that was their actual rate or if it was just a rough example for getting a ballpark figure on the monthly payments. I asked another dealer about their rates and they said they wouldn't discuss rates until they had the bike I wanted on hand, which would be April or June, as interest rates change.

My dealer first quoted me 10%. When the loan was approved They told me it was 14%. Of course I bit(hed at the dealer but I`ll have the bike paid off within a year so I`m not too worried, but be careful before you give your NON REFUNDABLE deposit! If they didn`t have my deposit prior to loan approval I would of backed out and found a better deal somewhere else. My mistake giving the deposit too soon but I just had to have the 2 Tone 100th Anniversary VROD they had sitting on the floor......
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Old 02-11-2003, 07:59 PM   #6 (permalink)
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My rate is 10.99% I hope to have it paid off early to avoid all that extra money.
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Old 02-11-2003, 08:53 PM   #7 (permalink)
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Dealers will try and sell you a payment (%rate) that they think you will buy. In fact it is actually called "selling a payment". That is why you cannnot find one central public source for standard Harley finance rates.
You can get approved at a rate for a given term by Eaglemark (HDFS) and the dealer can make additional money on the "back end" by bumping the rate by as much as several points. This is totally legal and unless you know better, can add thousands to the dealers take on the sale and subtract it from your wallet.
It is done every day in all types of financing...I can assure you of that...I've done it (not on autos of any kind..Industrial/Constuction equipment). This is the most overlooked area in the game. Everyone does their homework on what the bike should cost...MSRP yada yada yada. They search hi & low for the right price usually to save only hundreds, and then blow thousands on the note.
One practice is to get the approval rate told to you on speakerphone in front of your dealer finance person; even then it is "iffy". Easier said than done most times too, as the bank stands to gain as well and will play along. Don't even bother calling Eaglemark underwriting dept. to try and get your rate or any info re: your application. They will only give info after verifying that it is a dealer on the other end. I tried and argued, and was told to go sit with my dealer and have them call and put me on the phone.
I was checking up for "rate bumping" on my deal after doing what is the best thing you can do. Tell them you are pre-approved at a very competetive rate from your own lender early on in your dealings/negotiations. Offer to see what Harley will offer by filling out the app.. Sit tight on your "info" and act as if you could care less about what they offer. Just don't get caught in your bluff by saying you have a bank that will go 72 or 84 mos. Few do 72 on bikes and none to my knowledge (except HD) do 84. You say that and they know they got ya. They are more likely to give you the straight rate in this scenario in order to be competetive and for their own convenience. It is easier and faster for them to deal with HD, along with incentives on their end.
You can also use another dealer to check. Go to a different dealer and say that you faxed an app. for approval to "XYZ dealer" but were told to stay away from them or the deal fell apart or whatever. Ask them to check on your app. status/approval rate with Eaglemark.
Keep in mind that bikes will always finance higher. Even in these low rate days. There is simply more risk associated with bike loans on several fronts. 1.In tough times people stop paying for the toys before the rent and such. 2. A bike is always one tough cookie to Repo if the note goes bad. Given that, you will always pay more.
Hope this helps & good luck!
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Old 02-11-2003, 09:07 PM   #8 (permalink)
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Follow Pasadena's advice,call Peoplesfirst.com 6.9% as of January, the dealer quoted me 8.9% and was miffed when I came with my own money. Then he offered to match the 6.9% Too late , F' em They had their chance.

P.S. THEY ARE OFFERING 7.9% ON USED BIKES TOO.
Super easy I was approved in 15 minutes on a Sunday
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Old 02-11-2003, 10:39 PM   #9 (permalink)
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For any military and ex-military out there (Navy, Marine Corps, Coast Guard)...Navy Federal Credit Union's rate on a new bike is 6.5% for 60 months...I just got mine financed, approval took no time, and the draft was in my mailbox in 2 days, with a 60-day period to choose and buy...gives you some time to shop and discuss options before you commit.

You have to belong to NFCU, and the membership qualification criteria is very weird, but, I've been a member for 20 years, and have not used my accounts for about 5 years, and they approved me no sweat!

Check it out at:

http://www.navyfcu.org/

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Old 02-12-2003, 12:52 AM   #10 (permalink)
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Loan rates

Yep, I was told by dealer I would get 8% through Harley. When I went to sign papers They had it down as 12%. We argued a bit about it. I already had a pre approved loan though Navy Federal Credit Union but was waiting on the check. I let the dealer know that I would have a check in a day or two and they could keep their high rates. So mine is at 6.5 % for 60 months. Dealer understood why I went with NFCU, save over a grand if finance charges.
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Old 02-12-2003, 04:37 AM   #11 (permalink)
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Barnett HD in El Paso sells new bikes at 5.9% through HD with 10 % down. Any dealer selling above 5.9% is sticking the extra money in their pocket. Shop, shop, shop.
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Old 02-12-2003, 08:30 AM   #12 (permalink)
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Home Equity loans and/or lines of credit are also offer good rates. I wrote a check through my line of credit, current rate is 3.75%. Because it's a lime of credit the minimum payment is very small, but I pay as much I can each month.
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Old 02-12-2003, 10:54 AM   #13 (permalink)
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I went with peoplefirst.com also. It was too easy, watch out.
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Old 02-12-2003, 06:57 PM   #14 (permalink)
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I just bought a 2003 V-rod. Was told during my innitial visit that my rate "could be as low as 5.9% depending on my credit approval". When the deal was done and I was presented with my workup, I got 11.5%, which "of course, could be LOWERED to 9.5% if I choose to take the extended warranty." What a bunch of crap. I was hooked, so I bought the bike. The following Monday, I found out that my credit union recently started financing new bikes. I talked to them, I was able to get 6.5% for 72 months. KNock a whole year of payment, and about $4,000 of the total cost of my new V-rod.

Bottom line, LOOK AROUND!!! Dealers are crooks.
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Old 02-13-2003, 09:32 AM   #15 (permalink)
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Got 7.9 thru HFS with a high 700's credit score, was the lowest in my area last summer, even with my local and a military credit union ; go figure, I hope to have the bike paid off real soon.
Yeah Barnett's in El Paso might have low rates but they really jack up the prices on their bikes.
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