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.
Harley-Davidson financial services. Harley-Davidson offers financing to buy a bike along with parts and accessories. You can apply online or at an official Harley-Davidson dealer.
Personal loans. Many personal loan providers offer loans up to $50,000 and allow you to use your funds for any legitimate purpose, including buying a new motorcycle.
Recreational vehicle loans. Some online lenders, banks and credit unions also offer financing for recreational vehicles, including motorcycles.
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.
What rates can I expect?
It depends on the motorcycle you get and your specific circumstances. Generally, here’s what you can expect from Harley Davidson:
New Harley: Starting at 4.49% APR
Used Harley: Starting at 5.49% APR
You can knock a full percentage point off of these starting rates if you complete the Harley Davidson Rider Training Course.
Dealership finance vs. outside lenders
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.
What to consider when comparing lenders
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:
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.
Am I eligible?
Generally you need to meet the following requirements to qualify for a Harley Davidson loan:
Good credit. Harley Davidson doesn’t publish credit score requirements. But you’ll have more options if you have a credit score above 670 — what most lenders consider to be a good credit score.
Low DTI. Your debt-to-income ratio (DTI) shows how much money you have left to after paying monthly bills. Typically you need a DTI under 43% to qualify for any type of loan.
Proof of income. You generally need to provide a pay stub or other proof that you make enough to afford monthly repayments.
Proof of residence. Harley Davidson might ask to see a utility bill or other proof that you live where you say you live
Over 18. You need to be over 18 to take out a loan in most states, 19 in Alabama and Nebraska. The minimum age to borrow is 21 in Mississippi.
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
Once you’ve found the bike you want, submit an application to the lender or financial broker, which either comes back with a loan offer based on what you can afford to repay or ends in a rejection. Just like a home loan or car loan, if you accept, you’ll be expected to make regular monthly payments.
Financial brokers offer customers assistance throughout the process, from filling out the application to finding the right lender and rates to suit your budget. Traditional banks don’t usually approve borrowers with bad credit, but smaller and second-chance lenders have different criteria and loan terms for people with a poor credit history.
This is more of a question of what you can afford, but also your riding ability and personal taste. Some riders like the character of a used bike, which is probably also the better option for a beginner. Older bikes are a riskier choice because they have a lower resale value. If you’re buying used, make sure that the dealer is reputable and approved by Harley-Davidson.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.