Thanks for all the great feedback. Sounds like Harley Finance is the problem and should be avoided. I did find a credit union loan for 4.99. BTW, I am buying my first Harley. Thought I was going to get the 2010 but going for the 2011. However badly companies behave these days, its nice to know there are great people in the community.....thanks to all of you that responded.
Harley Buying experience
- Thread starter dauber
- Start date
I don't think HD or any dealer financing will best financial institutional offerings, it is not their forte' and they really do not want to low ball to take on "RISK"...that is how creative financing got most creditors into trouble. That they offer high interest rate is to ensure they cover losses, as they are in essence unsecured loans, MOCO is still cash strapped...JMO
I know that in 09 when I traded my Sportster up into a Fat Bob I asked my local delaer about HD financing. He told me their rates were outrageous and that I would be better off going with the local CU. The bike I bought was going to be bought by a young guy who was approved by HD financing and given 18% interest rate. I got 4.99% on the bike. I guess HD financing is just lying in wait out there for any "sucker" that wants a bike bad enought to pay that rate.
Mainah
Junior Member
I use the Dave Ramsey finance Co. (Google Dave Ramsey) Save my money and pay the interest to myself. When I have enough in my account I go buy a bike and never worry about interest rates or losing the bike if something happens. I figure that I need a new one every ten years or so which makes the payments really low. :s
Yes I expect that behavior. But it is unethical and I would report them to the BBB. Does it do any good? I don't know, but if enough people report such behavior mabe someone will take notice. It would be something to keep trying different dealers and purchase the bike from the one that is honest and tell the others that they goofed up and lost a sale. The net from the sale and future business is way more than the interest on the loan.
Unfortunately it is common practice for dealerships to bait and switch like that. I have heard from friends that purchased their bikes recently that HD credit rates are higher than others.
My suggestion is to shop for rates with local banks / credit unions on your own prior to going to the dealerships and be pre approved at least with financing. Even better (this works for me) is to have a pre approved line of credit and be able to barter "same as cash" with the ability to write a check at the dealership when you decide on the bottom line price.
My suggestion is to shop for rates with local banks / credit unions on your own prior to going to the dealerships and be pre approved at least with financing. Even better (this works for me) is to have a pre approved line of credit and be able to barter "same as cash" with the ability to write a check at the dealership when you decide on the bottom line price.
Charlies Harley
Active Member
Why would they loan money at 4% when they can get 10% from someone that cant get a loan someplace else. Thats how these payday loans places work.
First thing Cash Is King, but if you are going to finance if you are not able to get the losest rate , then you need to save some more Money. becuase as soon as you come on to some hard times you will be giving that bike back,:bigsmiley15: You need to stop paying for somebody easle vacation:34:
J
Jack Klarich
Guest
H D financing hates me LOL, I always pay off early or refinance, That said I have never been hijacked with bogus rates, I would come back with more cash