Harley Financing on my mind

[LShawn08]

Went into one of the shops and found a bike to start me off. Didn't want to put in a application but went a head as I knew I was going to be financing probably. They just called me back and said I was approved with No Cash Down. Sounds great, right ? Is there a catch ?! LOL, The price of the bike was about $8.700, Streetbike 500. Just wanted to know if anyone can give me any advice, when I go back into the shop ? What do you think my PAYMENTS and APR are going to be ?

To note: Looks like they dinged my Experian report and looks like the financing was going through Harley/Eagle and it was categorized as a Business Loan too, is that odd ?

[LShawn08]

Bump. Looking for any words of insight to help me out.

[Anonymous]

They will offer you a high apr more than likely. I just bought a new 1200 custom 2 weeks ago. They tried to give me a 7.49 apr, I bargained and ended up with 5.99% which isnt to shabby with eaglemark savings. I put 1200 down and financed 10,300. I pay $200 a month for 60 moinths. Good thing with eaglemark is there are no prepayment penalties so you can pay as much as you want on the loan to get it paid off quicker. They will add another $1000 give or take for taxes and other fees. Did you think about leftover models? You can get some great deals this time of year on leftover 2014 models. Congrats!

[LShawn08]

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@Anonymous wrote:

They will offer you a high apr more than likely. I just bought a new 1200 custom 2 weeks ago. They tried to give me a 7.49 apr, I bargained and ended up with 5.99% which isnt to shabby with eaglemark savings. I put 1200 down and financed 10,300. I pay $200 a month for 60 moinths. Good thing with eaglemark is there are no prepayment penalties so you can pay as much as you want on the loan to get it paid off quicker. They will add another $1000 give or take for taxes and other fees. Did you think about leftover models? You can get some great deals this time of year on leftover 2014 models. Congrats!

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Giant Red Flag! Is that High Apr a Harley thing or Eaglemark thing ? Big turn off already. They said my Credit Score was great but does that not have any bearing towards what your APR would be like ?  Really starting to lean towards throwing my money at the Portugal trip instead. Sorry didn't clarify. The total price seemed to come out at about $8,600.The actual bike price was more like $6,700 so, yeah they had already tacked on that additional grand and some.

[sccredit]

A motorcycle is a luxury purchase and you will receive a higher APR because of that.  My RV loan with a 740 FICO was at 5.9%.

[Anonymous]

Harley and eaglemark are the same. Eaglemark is just the name of their finance company. I have great credit also. I have heard of people getting .99%apr through eaglemark but thats pretty insane.

[cartwrna]

Shop around at credit unions. I just got a new Yamaha R6 $0 down and 3% APR through a local CU the bike shop ran me through. Score they pulled was 707, although MyFicos are all mid-high 700s.

[cartwrna]

Mine was a 60mo loan btw.

[Anonymous]

Most friends and coworkers I know with Harley's turned down the HD credit because it was usually 3-5% higher than they could get from their own bank or CU.

[LShawn08]

Wow super late back to this post. Ha,ha. I gave it some thought after posting this earlier in the year and decided to wait it out, get some cash to put down on the bike and get my license certifed to ride first. I'll have my certificate August 4th. Thanks for the advice and tad bits of info guys and gals.