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[Jerzboy739]

Hey guys, has anyone ever refinanced their Harley with a bank or other financial institution?  Who's the best to use with the best rates? Any info would be helpful, I didn't get such a good interest rate when I bought my CVO at the dealership, and the few company's I tried said they only do autos and not cycles.  Bill

[ultrarider123]

Find a good credit union.  Normally, they will have better rates than a bank but it all depends on your credit score.

Good luck

[kiro]

From my experience with this, Haird is right on. After I paid my bike off I used the title at my credit union for a short term loan to dump on card debt because the rate was significantly cheaper with the collateral. They had no issue with it being a motorcycle as long as you're not trying to borrow more than Blue Book value.

[Jerzboy739]

Sound good guys.  I have great credit, but it was my first harley and they told me that the special rates from Harley didn't apply to the CVO,s so I got hit at 8.99.  They said I coulda got .99 if I didn't get the CVO. Not very happy with that rate. 

[Wrongway]

 Someone wasn't very honest with you Jerz, I got 4.99% on my CVO through Harley.

[BostonboyDH]

   
     Whenever I buy a new vehicle I always wait to see what their offering then tell them I can get at least 1.99 at my Credit union and I always get the same response from the dealer  " WELL WE DEAL WITH MANY BANKS LET'S SEE IF WE CAN BEAT YOUR CREDIT UNION " They usually can by a fraction & they don't want to lose the commission on a loan!!!!

BOSTONBOY

[grc]

Sound good guys.  I have great credit, but it was my first harley and they told me that the special rates from Harley didn't apply to the CVO,s so I got hit at 8.99.  They said I coulda got .99 if I didn't get the CVO. Not very happy with that rate.

Someone wasn't very honest with you Jerz, I got 4.99% on my CVO through Harley.

NEVER automatically believe what a dealership tells you about finance rates.  They make money on financing, and they will try to "hit a home run" on that just like they will on the sales price of the bike.

In the future, ALWAYS do some homework on financing before you make the deal on the vehicle.  Get quotes from a credit union, local bank, and one of the big national outfits.  Then you can easily sniff out the bogus offering from the dealership and do as BostonboyDH mentioned, play them against the quotes you already have in hand.

Many people still think the rate a dealership offers is the rate the actual lender has offered.  It isn't.  Any additional percentage they can add to what they were quoted by their financing source is pure profit to the dealership.  And yes, I've seen car dealers do it even when the manufacturers are running special financing deals. 

JMHO - Jerry

[danner55]

Shortly after financing my CVO through Harley I took out a loan against my 401K.
I paid myself back @ 3%i interest.

[CVODON]

Just go online and check rates, prior to buying. If you already bought make sure you didn't let the finance guy have you sign that you would pay a penalty if you paid off early, usually during a specific period after initial purchase.
8.99 today is terrible. Harley guy just lied to you, go back and raise hell with him, what do you have to loose. But you must bank somewhere or belong to a credit union at work, or your insurance company has lending available. All would have been less than you paid. Where you ever in the service? If so call USAA, they would be glad to fix you up, also they will handle the complete payoff, transfer of loan thru fed-ex & phone so you don' t have to even leave the house.
If you don't belong to a federal credit union already join one somewhere. If nothing else just being a member will get you free checking, loans for alot of things thru life and most offer as a perk a life insurance policy that they pay for, at least mine does.

[DesertHOG]

I went through my local credit union. Here are some quick rates I found on the net without looking hard. Unfortunately you know have a "used" motorcycle.

Navy Federal Credit Union: 7.45%
USAA.com: 5.99%

Local to Albuquerque
Sandia Area CU: 4.99%
Nusenda CU: 8.20%

Motorcycle Lender.com: 5.99%

So you can see they are all over the board. Some research is in order. Sometimes you can get a secured loan at a CU or Bank for a lower rate. So if you have some Certificates of Deposits with a financial institution, you can use your CD as collateral and get a lower rate.

Best of luck,
DH

[skratch]

Someone wasn't very honest with you Jerz, I got 4.99% on my CVO through Harley.

agreed.  I got 2.9 on my cvo through Harley also.

[DesertHOG]

agreed.  I got 2.9 on my cvo through Harley also.

Even Harley rates can be kind of interesting. They work on a cycle. When you are looking at a new bike in the current production year, they offer credit worthy people good rates around 3.99, 4.99 or 5.99 depending on current conditions/market(?).

When they want to move last years models off the floor, like to 2016 models right now, they come up with even better rates. I have seen as low as 0.99 to 1.99%. However, even those rates can be tied to only certain models.

Also, you can try to shop rates. Tell your Credit Union (assuming you have one), "Harley is offering 1.99% on new bikes. Can  you meet of beat that?". Of course, be prepared to pull up the proof of the rate.

When I bought my last car, the credit union offered me 2.99%. The dealer offered me 2.09%. The CU counteroffered with 1.99%, an unpublished rate in order to get the loan.

Current Harley special offer, 1.99% on featured 2016 Motorcycles including CVO Road Glide Ultra
http://www.harley-davidson.com/content/h-d/en_US/home/offers.html

[SDCVO]

agreed.  I got 2.9 on my cvo through Harley also.

HD offered me 2.9% when i got my 17 couple weeks ago

[HUBBARD]

Good advice here.  Credit Score needs to be 740, or better, to get the best rate.  The Rates vary as to New, or Used, obviously, as does the Term of the Note.  Always demand an "SLA" (Straight Line Amortization), as opposed to a "Rule of 78", contract.  The Loan Officer will probably looked shocked when you ask for that, with a smile on your face of course, as he, or she, will recognize immediately they ain't dealing with an amatuer.  Personally, I was never for puttin' my money up as collateral, and therefore pay interest on my own money.  But that's just me.  Good Luck.  Everythings a negotiation.  Later--HUBBARD 

[fastfreddy]

sad that they oky doked ya... check out VERIDIAN CU they do the on line stuff and saved me ton on my last bike and took good care of me on the new one... and yup i got hit by HD credit pretty hard too.

[skratch]

Always demand an "SLA" (Straight Line Amortization), as opposed to a "Rule of 78", contract.  The Loan Officer will probably looked shocked when you ask for that, with a smile on your face of course, as he, or she, will recognize immediately they ain't dealing with an amatuer. 

haven't seen a rule of 78 loan in over 15 years.  every car i've bought since and every bike has all been simple interest.  does anyone still offer rule of 78?

[JCZ]

If the bike is less than 12 months old, you can refinance at a credit union as "new" and get the lower interest rate.

I belong to three credit unions however, when I was looking to buy used, I got my best rate 1.75% at Bank of Stockton and I'd never done business with them prior.  However, they only finance locally.  Point being to shop around your local financial institutions.

[Rooster]

Rule of "78" Good one. Ol Hub been around awhile bringing that up 

[FLSTFI Dave]

HD offered me 2.9% when i got my 17 couple weeks ago

Back in 09, I applied with HD for my 2009 SERG, they gave me a 8.99% or so rate, with me having a 798 credit score.  I went with USAA at 4.99.  Then for the 12 SERG USAA was 5.99.  Same with the 13 SERK, 15 SERGU and now the 17 SESG. 

Had i realized HD was now doing good rates I would have tried them again as my score is 801 right now.

[skratch]

it was a shock for me as well.  I went in with financing already pre-arranged.  the salesman said 'lets run your credit and see what they say'.   when it came back 2.9, I was pleasantly surprised.  my local cu was over 5.  so I went with eaglemark.

[FLTRCVO]

Back in 2009 Harley Financial Services offered 3.99% on the CVO for 48 months and MB Financial offered 1.99% for 48 months; 2.9% for 60 months at the time I had never heard of MB Financial.

[Jerzboy739]

Thanks guys all great advice.  I got screwed.  Gonna join a local credit union.  Never belonged to one.  I'll go from there and try to refinance it as new also if I can, its only 6 months old.  Gotta do better somewhere.  I appreciate all the responses.  Bill

[Texas 103]

Bought my '16 CVO RG . HD was offering a 1.99 simple interest loan . Dealer bought it down a point. Ended up with a .99 interest rate. Press hard bottom is yours... Think I can put some cash in a coffee can in the back yard and at least do that good to offset the interest..lol

[TNCarters]

Don't think our local credit union has branches up your way but they are at 2-3% depending on length of loan.  Best bike rates around unless some type of special promotion.  Funny story, I went in to open an account and did not fit any of their member groups.  They said but if you make a $5 contribution to their favored charity they will let you join anyway.
https://www.southeastfinancial.org/resources/rates/loan-rates

Check the credit union rates before joining.  My other credit union for federal employees does not finance bikes.

[Pita]

Is  your 8.9% rate for 72 or more months? The rate is higher for the 72+ month loans versus 60 months or less.

For those w/excellent credit, rates are 0.99% for 60 months /or less on 2016 model year.

With an 850 score, Eagle offered 3.99 on a 2017 CVO 2 1/2 weeks ago, so curious how someone scored a 2.99% rate from Eaglemark w/801 (excellent score) unless it was a 48 month term.

Call around (credit unions, your local banks, etc) and ask if they finance motorcycles, and if so, what are the rates for specified terms (36, 48, 60 months).

Example: $35,000 loan at 3.99/60 months is $644 and change versus $726 and change at 8.99/60 mos or $630 and change at 72 months---compare that to the 3.99/60 months and that's an extra year of $600 plus per month or roughly $7k more at 72 months or approx $ 4,900 more at 60 months.

[jmanderson6]

my credit union Suncoast schools federal credit union in florida I'm at 1.75 for 6 yrs credit score in the good range.

[BostonboyDH]

   Maybe a little off topic but I remember when the maximum length even on a car loan was only 48 months

[68 XLCH]

   Maybe a little off topic but I remember when the maximum length even on a car loan was only 48 months

250 dollars down, 90 dollars a month for 36 months, 65 Chevy, 327, 300 HP, 4 speed, super sport.

I had a pretty good job, running IBM machines, 125 dollars a week.

Then i got drafted.

[CmeO]

Is  your 8.9% rate for 72 or more months? The rate is higher for the 72+ month loans versus 60 months or less.

For those w/excellent credit, rates are 0.99% for 60 months /or less on 2016 model year.

With an 850 score, Eagle offered 3.99 on a 2017 CVO 2 1/2 weeks ago, so curious how someone scored a 2.99% rate from Eaglemark w/801 (excellent score) unless it was a 48 month term.

Call around (credit unions, your local banks, etc) and ask if they finance motorcycles, and if so, what are the rates for specified terms (36, 48, 60 months).

Example: $35,000 loan at 3.99/60 months is $644 and change versus $726 and change at 8.99/60 mos or $630 and change at 72 months---compare that to the 3.99/60 months and that's an extra year of $600 plus per month or roughly $7k more at 72 months or approx $ 4,900 more at 60 months.

That's 3.99 for how long of a term? .... dealer told me 3.99 for 84 month right now for tier 1 ...