Choose between multiple loan options to finance your next Harley.
If you’ve found the bike of your dreams, you have options. There are several loans specifically designed for purchasing a Harley-Davidson and it’s worth exploring finance brokers that offer specific loan packages. Our guide will walk you through what you need to know before closing the deal.
What options do I have to finance a Harley-Davidson?
Although standard car loans work similar to motorcycle loans, some lenders consider motorcycles riskier investments and will be unwilling to issue loans for your Harley-Davidson. You have a few different options when looking to purchase your new Harley.
- Harley-Davidson financial services. Harley-Davidson offers customers packages to finance the purchase of the bike along with parts and accessories. You can apply online or at an official Harley-Davidson dealer.
- Your bank. Your bank may offer motorcycle loans, but the eligibility criteria tend to be much higher than if you chose to go through an online lender or finance broker.
- An online loan marketplace. The connection service submits your application to several lenders, increasing your chances of approval. Alternative lenders have more lenient lending criteria, but loan terms and interest rates may be more expensive.
Compare a range loans to buy a Harley-Davidson
How should I compare my Harley-Davidson loan options?
You’ll need to consider multiple factors when finding a loan to finance your Harley. Knowing how much you can afford, how you want to make your monthly payments and the fees attached to borrowing will help you narrow down your search.
Whether you’re borrowing directly from Harley-Davidson or choosing a loan from a bank, review the interest rates and terms. How much will the loan cost? Will you be able to tackle the payment plan? Will you be able to afford the maintenance that a motorcycle requires? These questions should factor into your decision.
Like all loans, make sure you find a deal that doesn’t hurt your finances. The best way to do this is to do a side-by-side comparison of interest and fees. Once you’ve found the right loan, contact the lender and see if you qualify.
Looking at a used Harley?
You can use a personal loan if you want to purchase a used motorcycle. Here are some providers to consider:
- OneMain Financial. Personal and auto loans for people with a wide range of credit profiles. Must complete loan processing at a branch location.
LendingClub. Peer-to-peer loans with affordable rates. Turnaround time can be up to seven days.
- Even Financial. An online connection service that can match you with reputable lenders.
How much do Harley-Davidson motorcycles cost?
A new Harley can cost anywhere from $7,000 to $35,000, depending on the type. It can cost even more if you want to customize it.
Used Harleys tend to be cheaper, but you’ll want to do your quality checks to make sure it’s in good condition and well-maintained.
What should I consider before I buy a Harley?
Here are some of the things to consider when shopping for your Harley.
- Secured or unsecured. If you’re considering a used Harley, some secured loans won’t accept a bike over a certain age.
- The condition of the bike. If you’re buying from an individual, make sure you’re getting what was advertised. Make an appointment to inspect the bike for sale, and if you’re a novice, take along someone with some knowledge about Harley-Davidsons. Ask to see service records and guarantees for replaced parts.
- Insurance. Whether new or used, a Harley-Davidson is an investment that should be covered with insurance. If your lender doesn’t offer insurance, ask about your options at a Harley-Davidson dealership. You can also look into independent motorcycle insurance policies.
- Riding experience. If you’ve never ridden a motorcycle, it might be a good idea to start with something smaller. Take lessons and get some experience on a motorcycle before making a serious investment.
- License restrictions. Your drivers license doesn’t qualify you to drive a motorcycles. You’ll need to apply for a specialty license before you take your Harley out for a ride.
- Maintenance. Your Harley-Davidson will need to be serviced regularly. This is especially true of used models. Keep in mind the cost of maintenance when determining your budget.
Frequently asked questions
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