There is nothing quite like the freedom and prestige of riding your own Harley.
Nevertheless, the privilege of riding in style comes with a considerably high price tag. Some of the more desirable limited editions will be connected to price tags exceeding $50,000. Then there will be other costs like proper gear, maintenance and license fees, which can add up to a small fortune.
The good news is that there are many financing options available for Harley-Davidsons.
In 2015, the motorcycle industry contributed $24.1 billion in economic value to the US economy via sales, state taxes paid, services, and licensing fees. Also, it employed 81,567 people.
Harley-Davidson was a large percentage of that contribution and because of the loyal following and culture around the brand, the marque plays a significant role in the Australian market as well.
You probably already have your eye on the bike you want and there are a variety of specially designed loans you can choose from. This is the same for used and brand new models. Your best option for finding a loan that suits your budget plan is considering one of the Harley-Davidson loan packages. You will find these are especially well suited to these types of purchases.
What options do I have to finance a Harley-Davidson?
In-house
With Harley-Davidson Australia’s OWN loan package customers can receive a loan to purchase the bike as well as the necessary accessories and parts. Direct-debit payments can be made each month or fortnight and include interest and fees.
Bank loan
You may also seek financing for your purchase with a direct loan from the bank. If you have a high credit score and manage your debts well, this could be a good way to secure a loan.
Contact a broker
Finance brokers are another possible solution. The broker will submit your loan application to a variety of lenders. This allows you a variety of options and increases the chances that your loan is approved. You will find that alternative lenders have more lenient criteria for this, but the terms may be less flexible.
Non-bank lender
You will also find that there are many non-bank lenders that will supply loans specifically designed for motorcycles, or designed for cars but include motorcycles. You will find more details on this below.
How to Compare Harley-Davidson loan options
When you are shopping for financing to buy a Harley-Davison there are some important factors that you will need to consider in your financial planning.
Loan terms
Harley Davidson loan experts Creditcapital say, “you will find different loan terms offered from different lenders and types of loans. They suggest, “choose the loan term that best suits your budget plan. You should note that shorter loan terms will feature higher payments, but longer plans will cost you more in the end.”
Fees
Just like an interest rate, these fees will affect how much you can actually afford when it comes to financing. Be sure you understand the schedule for your loan’s fees before you sign anything. You may be charged fees if you are changing due dates, settling your debt ahead of schedule or making a late payment.
Interest rates
Finance Analysts AskFunding.com.au say, “the interest rates will directly affect how much the loan is going to cost you. You will find that there are different loans offered by different lenders. It is always a good idea to shop around for a good interest when looking for financing.”
Traditional versus alternative lenders
If you are not working from good credit, you may find it harder to get approval from a traditional bank. But a non-bank lender may not be so picky about the bad credit and work out a plan for you based on what you can afford to pay.
What should you consider before signing for a Harley-Davidson loan?
There are some things that you will want to consider before you begin shopping for your Harley.
Checking the Bike
If you are not buying from a licensed dealer, you will want to make absolutely sure you are buying what has been advertised. You will want to make sure your inspection of the bike is extra-thorough. As a matter of fact, you will want to take an expert in motorbikes and especially Harley-Davidson bikes to assist in this inspection.
Riding Experience
If you don’t have a lot of experience on these bikes, you may want to begin with something a little smaller so that you can get some experience. Take some lessons and begin with a slightly smaller option before you take on something of this calibre.
Maintenance
Just like your house or your car, you will want to provide special maintenance if you hope to keep and enjoy your Harley-Davidson for many years. You will want to research the exact needs of your Harley with a licensed dealer. Be sure to factor in the cost of maintenance into your budget plan.
Insurance
Whether it is a new or used bike, you will want to make sure your Harley-Davidson investment is covered by a suitable insurance plan. If your lender is not offering insurance, ask about what options are available at your closest Harley-Davidson Dealership.
Secured or Unsecured Loans
Some secured loans will not be approved for a bike over a specific age. If you have your heart set on a specific model, make sure that it can be used as security. If you find out that this is not possible, you may have to consider an unsecured loan.
Loan Fees
Be sure you check and compare loan fees and interests rates with your lender before you sign anything. These are not the same with each lender, so shop around and find the best options for you.