Want to buy a Harley-Davidson using a loan or finance? We've compared the different finance and loan options for buying a Harley, including in-house finance, a bank loan, broker finance as well as secured and unsecured personal loans.
What options do I have to finance a Harley-Davidson?
In-house. Harley-Davidson Australia can offer financing packages to cover the purchase of the bike, as well as loans through its partner lender Bank of Queensland. You make fortnightly or monthly direct-debit payments, along with interest and fees.
Secured loan. Some lenders offer dedicated motorcycle loans, but you can normally get a secured car loan to cover the cost of other vehicles like motorcycles.
Contact a broker. A finance broker is another option. The broker submits your application to several different lenders, which increases your chances of getting the loan approved. Alternative lenders have more lenient lending criteria, but loan terms and interest rates may be less flexible.
Non-bank lender. There are also a number of non-bank lenders that supply loans that are either specifically for motorcycles, car loans that are inclusive of motorcycles or personal loans. See below for more details.
A motorcycle loan is a loan specifically designed for purchasing a motorcycle. Benefits of this may include tailored packages and expert knowledge from the lender that will fit your specific needs.
Motorcycle loans usually vary between $5,000 and $100,000. They are also usually secured by the purchase, so the actual amount available to you will depend on the cost of the Harley you want to buy.
If you don't have perfect credit, you may have to pay a higher rate, but you could still qualify for a loan. This is because the lender faces less risk when the loan is secured.
Car loans
Many car loan lenders also cover motorcycle purchases. If you see a car loan that you like the look of, contact the lender directly – if you're on Finder, you can do this by clicking "Go to site" – and ask them if they fund motorcycles. Car loans can be both secured and unsecured and vary widely in funding amounts.
Personal loans
You can also use a personal loan to purchase a Harley-Davidson. There are two types of personal loan - secured and unsecured.
With a secured loan, the asset (in this case the Harley-Davidson) is used as security against the cost of the loan. If you fail to repay the loan, the lender may take ownership of the bike.
How to compare Harley-Davidson loan options
When comparing Harley-Davidson loans, it’s important to consider the factors that determine whether or not you can afford to repay the loan.
Loan terms. Different lenders offer different loan terms, so pick the loan term that best suits your budget. Note that the longer the term, the more the loan will end up costing you. On the other hand, shorter term loans require much higher repayments.
Interest rates. This impacts directly on how much the loan will cost. Interest rates differ depending on the lender, so before committing to a loan offer, it’s a good idea to shop around.
Traditional versus alternative lenders. If you have bad credit, a traditional bank is less likely to approve your loan. However, an alternative non-bank lender might disregard a bad credit report and offer loan terms based on what you can afford to repay.
Fees. Like interest rates, these additional charges directly affect how much you end up paying in instalments. Make sure that you understand a loan's fee schedule before signing a loan contract. Instances when you may be charged additional fees include in the case of late payments, settling the loan amount early or changing due dates. Some lenders also charge monthly or annual account-keeping fees.
What should you consider before getting a Harley-Davidson loan?
Here are some of the things to consider when shopping for your Harley:
Secured or unsecured?
Some secured loans will not accept a vehicle over a certain age. If you want to buy a used Harley, check with the lender to see if it can be used as security. If not, or if you don't want to use your Harley as security, consider an unsecured loan.
Checking the bike
If you’re buying from an individual, it’s important to make sure that you’re getting what was advertised. Make an appointment to inspect the bike for sale. 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, enquire about your options at a Harley-Davidson dealership.
Riding experience
If you’ve never ridden a motorcycle, it might be a good idea to start with something smaller than a Harley-Davidson. Take lessons and get some experience on a motorcycle before making a serious investment.
Licence restrictions
Motorcycle licences have CC restrictions. It is illegal for you to operate a bike that is bigger than what you’re licensed to ride. These rules vary by state so you’ll need to check before you purchase.
Maintenance
In the same way that a car or a house requires constant care and maintenance, a 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.
Beware loan fees
Fees differ depending on the lender, so it’s important to understand what you’ll be paying in fees, as well as in interest.
Frequently asked questions
Does Harley-Davidson do finance?
Yes, Harley-Davidson offers financing options for both new and used Harley-Davidson motorcycles through its partner Bank of Queensland.
How does a Harley-Davidson loan work?
Already own a car or a house? If you do then you already know how these kinds of loans work. Usually home loans are taken out with traditional banks, but the procurement and repayment processes are similar.
Once you’ve found the bike you want, you submit an application to the lender or financial broker, who will then come back with a loan offer based on what you can afford to repay.
What are the benefits of going through a finance broker to buy a Harley-Davidson?
Financial brokers offer customers assistance throughout the process, from filling in the application forms to finding the right lender and rates to suit your budget. Traditional banks don’t usually approve borrowers with bad credit, but smaller and short term lenders have different criteria and loan terms for people with bad credit history.
Should I buy a new or used Harley-Davidson?
This is 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.
Ben Gribbin is an automotive writer at Finder. He is a life-long car enthusiast, bringing many years of experience working with and writing about cars. During his time, Ben has been a freelance writer, editor and reviewer for a number of leading publications across the UK. He was voted the Guild of Motoring Writers Breakthrough Blogger in 2015.
Finding finance for your motorbike needn't be a hassle. Licensed Aussie loan broker Driva specialises in a range of vehicle loans and could help you find the perfect motorbike loan for the bike of your dreams.
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