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For many enthusiasts, owning a Harley-Davidson motorcycle is a dream come true. These quality bikes can be costly, however, and you may find your checkbook standing between you and the open road. If you do, here are four financing options that can help you get on the road quickly.
You want to buy a bike and Harley wants to sell you one. If you can’t get financing, you both lose. As such, your local Harley Davidson dealer will work hard to help you finance a bike through the company’s financial services division. Eaglemark Savings Bank services Harley-Davidson dealer loans. At the time of publication, financing was available for up to 60 months and interest rates started at 3.99 percent.
You can save a lot on a Harley if you’re willing to buy one of many pre-owned motorcycles or a fixer-upper. Harley-Davidson dealers sometimes sell used motorcycles or you can search Craigslist and other listings for a private seller. Either way, Harley will help. If you can’t secure enough financing to buy a used bike privately, Harley’s rider-to-rider program can provide financing. If they do, they’ll offer you a chance to have the bike inspected before you purchase it.
Harley can help you finance your purchase, but they’re certainly not the only option. You can apply for a motorcycle or personal loan at your local bank or credit union if you prefer. Doing so may even get you a lower interest rate, depending on your credit score and your bank’s loan products. Your bank may also give you a longer loan with more time to repay what you borrow.
If you’re having trouble getting financing in place, consider seeking out a secured loan. A secured loan allows you to use something you already own as collateral. If you own your home, for example, you may qualify for a home equity line of credit (HELOC). A HELOC will turn the equity in your home into cash money that you can use to buy your bike. Tread carefully, however. If you default on a secured loan, your lender can take the assets you pledged as collateral and sell them. In some cases, lenders will allow you to use the bike you’re buying to secure the loan. This arrangement works only if you’re not borrowing more than the motorcycle is worth.
You have several options for financing a motorcycle, and it’s important to consider them all carefully. You could easily find yourself making bike loan payments for five years or more, so take your time with your decision. Doing so will ensure your bike sets you free rather than weighing you down.