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Tips for Financing a Harley-Davidson Motorcycle

There is a sizable selection of Harley Davidson motorcycle models available if you’re in the market. There is a Harley bike made for your riding style, whether you’re looking for a versatile street bike, a sporty cruiser, or a touring motorcycle for a long road trip. However, these fantastic two-wheelers can have high sticker prices, and not many people can afford to pay the full price upfront. Because of this, a lot of prospective Harley owners decide to finance all or a portion of their purchases. 

Our mission at Horsepower Financial is to provide customers with a simple and straightforward financing experience so they can purchase the bike of their dreams. This quick guide to obtaining financing for your Harley-Davidson motorcycle has been put together by us. 

Build a Budget 

To buy a bike, you must first decide how much you can afford to spend. This achieves two objectives. First off, since you’ll start by excluding models that are too expensive from your search, it prevents you from falling in love with models that are too expensive. Additionally, it aids in preventing you from omitting features or models that you can afford. You can purchase the highest caliber Harley motorcycle you can afford by establishing a reasonable upper spending limit. 

Make sure to bear a few things in mind as you create your budget. You should plan your investment appropriately because Harley-Davidson motorcycles can last for many years. Don’t forget to account for supplementary expenses like fuel, upgrades, and maintenance. You should keep in mind that most loan terms can last anywhere from two to six years, so you should think about how your financial situation may change over time. 


Down Payment & Monthly Installments 

An upfront down payment of 10% to 20% of the bike’s total cost is typically required for financing options. Save up for that payment right away! Remember that paying more money upfront will save you money over time because interest rates will be lower. 

Before you obtain financing for your motorcycle, you should be certain that you will be able to make your monthly payments. Calculate the potential cost of these payments for the Harley bike you want, as well as the interest that will accumulate over time. A bike loan payment typically shouldn’t account for more than 20% of your gross income in order to avoid going into debt. Consider your long-term budget when looking at Harley-Davidson motorcycles for sale, and put down as much money as you can upfront. 


Check Your Credit Score 

Your credit score is a major deciding factor in getting a motorcycle loan. You’ll be in better shape the higher your credit score is. Concentrate on increasing your credit score to at least 700. You shouldn’t let poor credit prevent you from purchasing your ideal bike, though. Everyone is welcome to apply at Horsepower Financial because we accept applications with all types of credit. Our motorcycle financing is as simple as it gets! For your convenience, you can apply for financing right now online or contact us to get started with one of our knowledgeable staff members. 

Is it hard to get financing through Harley? 

Conditions for Credit Approval 

When your score is between 720 and 850, it is deemed excellent, and you will have no trouble getting approved for any loan. When your score is below 629, it is deemed poor. Harley financing is not entirely dependent on credit scores, unlike financing from banks. 

What kind of credit score is needed to finance a Harley-Davidson? 

Harley-Davidson motorcycle dealers provide loans for both new and pre-owned models, with the majority of applicants being eligible for interest rates as low as 3.49%. Military members may also be eligible for reduced rates, flexible term options, and a $0 down payment. There is no minimum credit score required to be approved for a loan. 

What is a good interest rate for a Harley-Davidson? 

Harley-Davidson is the best for manufacturer financing. 

If the loan term is 60 months or less, the APR for graduates of rider training who have the best credit can be as low as 4.75%. Additionally, military personnel may be eligible for no down payment, flexible term options, and discounted rates. 

What is a good down payment for a motorcycle? 

Put between 10 and 20 percent down on a motorcycle as a general rule. You end up in a favorable, fair position as a result. If you put more money down, lenders may view you more favorably if you have poor credit. Most of the time, it depends on your credit score, but 10% down is more common than twice that. 

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