Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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Heart set on a Harley? Buying one of these iconic bikes can be a considerable investment with some models over $30,000. Luckily, there are several loans specifically designed for purchasing a Harley-Davidson and it’s worth exploring finance brokers that offer specific loan packages.
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.
It depends on the motorcycle you get and your specific circumstances. Generally, here’s what you can expect from Harley Davidson:
You can knock a full percentage point off of these starting rates if you complete the Harley Davidson Rider Training Course.
The main benefit of financing through Harley Davidson opens you up to deals that you might not get from other lenders — like low introductory rates and rebates. And you might not even get the best deal that you’re eligible for.
To cover all your bases, consider prequalifying for a personal or motorcycle loan elsewhere and using that as leverage when you go to the dealership. You might be able to get a few points shaved off your rate.
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.
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||Comparing multiple offers from reputable lenders.|
You don’t necessarily have to forego Harley Davidson financing if you want to buy a used motorcycle. Many of its dealerships sell used vehicles. And its rider-to-rider program offers private party financing if you want to buy from an individual. You’ll have the benefit of getting the vehicle inspected by a Harley dealership and need to meet similar credit and eligibility requirements.
Generally you need to meet the following requirements to qualify for a Harley Davidson loan:
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.
Here are some of the things to consider when shopping for your Harley.
Image source: Shutterstock
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