Kamis, 26 Mei 2011

How to Finance a Used Harley

How to Finance a Used Harley

The story of Harley Davidson USA -- or Harley-Davidson Motor Company as it is also known -- begins in 1903 with four young men building a single motorcycle in a small shed. Driven by a desire to understand and test internal combustion, the men built a motorcycle with an engine strong enough to last more than 100,000 miles -- under the operation of five owners. The following year, C.H. Lang of Chicago, IL, opened a dealership and sold one of the first three-produced Harley-Davidson motorcycles ever made. Today, new and used Harley Davidson motorcycles are sold all over the world. In 2010, the XL Forty-Eight was introduced worldwide. According to the Harley Davidson official website, the motorcycle reflects, "the raw, custom Sportsters of earlier days."



    • 1

      Find a Harley Davidson used motorcycle dealer. A dealer locator tool is available on Harley Davidson's official website (see Resources). Search by location or dealer name. Enter your city and state or ZIP code when searching by location.

    • 2

      Ask the dealer about finance options. Private-label credit card financing is a common option; however, this type of financing is subject to interest rate changes. A standard fixed installment loan is an alternative -- and, in many cases, less expensive -- option. Fixed installment loans are not subject to fluctuating interest rates, so you'll save over the life of the loan.

    • 3

      Provide the dealer with a copy of your credit report or sign a consent form to allow the dealer to request, view and print your credit report.

    • 4

      Review the terms and conditions of the loan. Inquire about interest rates, late fees (in some cases, a late fee can trigger an interest rate increase), the length -- or term -- of the loan (i.e., when the final payment is due) and early payment restrictions. Rule 78 allows a lender to penalize a borrower for repaying a loan early.

    • 5

      Fill out a loan application and pay any applicable down payment fees and other processing fees.

Tips & Warnings

  • Not all Harley Davidson dealers specialize in bad credit motorcycle financing, so ask beforehand.

  • Before buying a used Harley Davidson, inquire about the motorcycle's service history and past problems. "Is there evidence that the motorcycle has been ridden off-road," is a good question to ask.

  • Mileage can affect pricing; however Harley Davidson engines have a strong reputation for lasting many miles. You may not see a huge savings as the number of miles goes up.

  • If you opt for a private seller, you'll need to finance the motorcycle with cash or obtain a personal loan through a bank or credit union. The same application process applies.

  • Avoid private-label credit card financing, when possible. Opt for a fixed installment loan instead.

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