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Heart set on a Harley? Buying one of these iconic machines represents a considerable investment, with price tags of up to $50,000 for certain limited-edition models. With the added costs of riding gear, maintenance and licences, the business of owning one of these iconic bikes quickly becomes an expensive one. Luckily, that's where loans for Harley-Davidsons come in.
If you’ve found the bike of your dreams, you have the option of several loans specifically designed for purchasing it. Whether you’re considering a new or a used model, it’s worth exploring finance brokers that offer specific Harley-Davidson loan packages, as these are set up with terms and repayments suited to this kind of purchase.
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Getting a loan from you bank can sometimes prove tricky, especially if you don't have a perfect credit record. And even if you do, due to their monopoly of the market banks can usually afford to charge higher rates than their smaller competitors. Therefore, it's a good idea to shop around for other options on offer before you get in contact with your bank.
There are a number of different loans from non-bank lenders that you can choose to opt for, all with slight different features:
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 - $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.
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 on site, 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.
These types of loans are more flexible in their usage. There are two main types of personal loans:
Unsecured personal loans can be used for just about anything. This means that if you wanted to take out an unsecured personal loan to cover the cost of your Harley-Davidson, you wouldn't have to use the bike as security. Unsecured personal loans do however have higher rates than secured loans.
If you have bad credit, an unsecured personal loan will likely have a much higher rate than other types of loan.
Taking out a secured personal loan will usually cost you less than an unsecured one. But, unlike car and motorbike loans, you can use almost anything you own of value as security. This could be useful if, for example, you wanted to make modifications to your Harley. Securing a loan with the bike would usually mean that you would be unable to do this, but if you secured the loan against your home equity, car, some valuable jewellery or even art - you would be free to do so.
When comparing Harley-Davidson loans, it’s important to consider the factors that determine whether or not you can afford to repay.
You can still find a secured loan if you want to purchase a used motorbike. Here are the lenders and criteria to consider:
Here are some of the things to consider when shopping for your Harley:
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.
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.
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.
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.
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.
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.
Fees differ depending on the lender, so it’s important to understand what you’ll be paying in fees, as well as in interest.
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 process' 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.
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.
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.
Before submitting a loan application or committing to a loan contract, it's important to remember to compare your options. Comparing your options equips you with the knowledge to make the best possible decisions. If you want to find out more about a Harley-Davidson loan or you're ready to apply, click "Go to site" to contact the lender directly.
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