topic Re: Approved by harley in Auto Loans

Approved by harley

Anonymous — Sun, 02 Aug 2009 20:37:49 GMT

Average fico around 630, approved for 09 harley night rod special for 19k OTD, 10% down, 19% apr. I have two charge offs for ~600 each from 05, and all of my good credit is less than 1.5 years old. I did not expect them to approve the loan, I went on an apping spree to try to find credit to help speed up the rebuild process. I am not sure if eaglemark/harley financial is low credit friendly, but I put my income as 90k / year. Then they asked me for W2's to prove income (not sure if this is standard), and the rest was history. The APR is high, but i plan on having the bike paid off within the year.

Re: Approved by harley

Anonymous — Sun, 02 Aug 2009 22:58:50 GMT

Wow, 19%. I hope you can really pay off in less than a year.

Asking for paystubs and/or w2 is not unusual as proof of income. Occassionally you may be asked for tax return from last year (CU's and banks will sometimes as for that).

Re: Approved by harley

Lyythine — Mon, 03 Aug 2009 00:23:14 GMT

Unless you go to my credit union... Who financed a 45k car a couple years ago for a 21 year old who put down 65k as income, which was true - but never requested a single piece of financial information - which I almost laughed at... I mean, really? 65k at 21? My situation included an inheritance and family stipend, but no verification.

OP, 19% is crazy high - if you decide to do it, make sure to pay it off ASAP!!

Re: Approved by harley

Anonymous — Mon, 03 Aug 2009 04:03:40 GMT

The bike is already in my garage :] My garage is starting to get crampted, this is my 5th bike lol. I have the liquid capital to pay it off now if I wished. However i rather remain as liquid as I can, and build credit in the process. Credit is kind of a scam, in the way that you have to spend / throw away money to build credit. My end game is to get a good mortgage rate / terms. A means to an end.

Message Edited by masterblake on 08-02-2009 09:03 PM

Re: Approved by harley

GregB — Mon, 03 Aug 2009 16:02:33 GMT

And people tell me I'm crazy with 5 bikes in my garage. Only one is financed and it is at 0.9% interest.

19% will kill you. Use some of the cash on hand to pay down the principal soon and then you will be paying 19% on a much lower balance. Your payments will stay the same but the money wasted on interest will be much less. You still get the benefit to your credit score.

Find an amortization table and look at the difference between paying $5,000 now verses the same $5,000 in extra payments over a year and you will find a big difference.

Re: Approved by harley

Anonymous — Thu, 06 Aug 2009 08:24:49 GMT

@Anonymous wrote:
The bike is already in my garage :] My garage is starting to get crampted, this is my 5th bike lol. I have the liquid capital to pay it off now if I wished. However i rather remain as liquid as I can, and build credit in the process. Credit is kind of a scam, in the way that you have to spend / throw away money to build credit. My end game is to get a good mortgage rate / terms. A means to an end.

@Not really. There are other ways to build credit besides $19K @ 19%. You chose to do this.

Re: Approved by harley

Anonymous — Fri, 07 Aug 2009 12:19:11 GMT

There are a million ways to skin a cat. I needed another closed, good standing loan on my credit report (that did not say secured). Could I have borrowed a smaller amount? Yes... but I wanted a large amount on the report to show I can manage large sums of money. I am a big boy :]

Re: Approved by harley

GregB — Fri, 07 Aug 2009 14:27:52 GMT

Learning all the details of a business transaction and then making an informed choice makes sense to me. If you are looking at having better info on your reports then having the bigger loan to start sounds logical. If you make a large principal reduction soon then the interest won't hurt so bad.

In a year or two, all that will show on your report is the original balance and that it is paid. It won't show interest rate, down payment, extra principal, etc.

Re: Approved by harley

Anonymous — Mon, 27 Oct 2014 19:18:40 GMT

Harley will approve ANYONE as long as you put 10% down...

I thought my 13.99% was bad. But i get it, I've been riding for several years now. And sometimes you can't put a price on the freedom you get on a motorcycle.

Re: Approved by harley

Epcot — Mon, 27 Oct 2014 21:25:43 GMT

Wow, a five year old thread bump.. Zombie thread!

Re: Approved by harley

IrishPM — Mon, 27 Oct 2014 23:24:05 GMT

I financed my 2011 Harley Davidson Streetglide through HD Financial Services (Eaglemark Savings Bank) and did it just as a matter of convenience because the dealer makes it really easy. My APR was 9.2% for 60 months....I made the equivalent of 3 payments per month, for 10 straight months, just to pay down the principal a lot faster so I wouldn't be stuck paying all of that interest. In 10 months I got the principal down to a reasonable level and ended up depositing a balance transfer check (with no fee) to my checking account for 0% interest over 16 months and paid off the balance of the loan. So, I gave HD Financial Services a small amount in finance charges but in the end I paid off the bike a lot faster and a heck of a lot cheaper by borrowing at 0% on a credit card balance transfer check. Yeah, it doesn't work for everyone and I'm not recommending that's what you do....but it worked for me.

Just my opinion but you will want to double or triple up on your loan payments with an interest rate at 19% APR...you will want to pay down on the principal and do it fast....assuming it's a finance contract you signed (it showed up on my credit reports as a "finance account") with simple interest and it calculates each and every day 365 days per year...meaning the higher your principal balance on any given day, the more you're going to pay in interest and it calculates daily. You can check out your account by registering with Harley Davidson Financial Services and pay online...they accept checking, debit and credit card payments which is really convenient if you want to rack up some rewards points on a particular credit card...they charge $6 for each online payment transaction.

Re: Approved by harley

EddieK — Tue, 28 Oct 2014 00:38:56 GMT

With the original post in 2009...hopefully this loan is paid off by now.