bigger bike financing - Harley Davidson Street Forum - Street 500 and 750
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post #1 of 9 Old 05-30-2016, 02:44 PM Thread Starter
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Question bigger bike financing

am i wrong in thinking if i trade my bike in for a bigger bike that my monthly payments will go up? or will a higher ticket make the loan available to spread out over more years, so it won't make much difference?

i just heard of a retail trade-in deal, and it got me wondering. the dealership is kind of far away, so i thought i'd ask before just running out there.

or just go to the dealership and ask?

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post #2 of 9 Old 05-30-2016, 05:21 PM
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Most financing can only be done up to a 72 month loan. Depending on your current loan term and amount you might be able to keep it about the same but if the new loan with be a few thousand more than the current loan then your payments will most likely go up

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post #3 of 9 Old 06-07-2016, 01:43 PM Thread Starter
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Thanks. Quick checking this at work on my lunch break. So a 500 street over a couple of years versus a Street Glide of 72 months? You think would be significant then correct, if they would do 72?
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post #4 of 9 Old 06-07-2016, 05:01 PM
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If you did the 500 at 2 years then I would imagine the street glide at 72 months should be about the same. Maybe $100 or so a month difference

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post #5 of 9 Old 06-07-2016, 05:12 PM
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That will depend in your interest as well and if you roll in any negative equity from the 500 or you had a down payment on the 500 and won't on the street glide

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post #6 of 9 Old 06-13-2016, 10:37 PM
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Just do a search for a auto loan calculator. You can plug in the prices, the rates, and the term and it will calculate the monthly payments. Just realize that generally you will get better rates on shorter terms (I think I got .5% better rate going with 36 months rather than 60). So factor that into your calculations.
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post #7 of 9 Old 06-14-2016, 04:30 PM
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Additionally (pun intended) Harley has a payment estimator on their website. Motorcycle Payment Estimator | Harley-Davidson USA
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post #8 of 9 Old 06-22-2016, 03:45 AM
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If you aren't upside down in the 500, you could quite possibly get a lower monthly rate if you finance over 72 months. The caveat to that is you may not necessarily be getting a better deal, many dealers will pimp out long term auto financing to people. People think that because their monthly payment is low they are getting a good deal, that isn't necessarily the case. Over 72 months (6 years) even with a competitive interest rate you could end up paying thousands of dollars in interest that you wouldn't need to spend if you can stomach paying a higher monthly rate. Theoretically speaking you finance a street for 7000 with 3% APR for 2 years you are paying ~210 the first year in just interest, which isn't bad. The next year you will be paying less because the principle the next year will be much smaller. However on a much bigger bike with a larger amount financed even at a similar rate, spread over 6 years, is still more interest than you might want to spend. Say you want to finance a Fat Boy for lets say 14k, over 6 years the interest at 3% for the first year is ~420. And since it would be financed over 6 years your principle the following year isn't going to be much lower, so your interest is going to stay pretty much the same. If you financed the same thing, same rate, but over 2 years, your interest for that first year is still ~420, but your monthly rate is going to be much higher because your covering more of your principle in a much shorter time. Granted your payments don't fluctuate, the amount of money that gets deducted from your principle is low, because a sizable chunk of your monthly payments goes towards paying your APR, what is left over from each months payment is what gets deducted from your principle. So in the long term you will be paying more than what your bike is worth. If you plan on keeping and you are cool with bleeding some interest, it isn't a terrible idea. However if you are using this bike as a stepping stone and you already know you will probably want to sell or trade it later, I wouldn't do it. *All my hypothetical "loans" are purely notional and are in no way 100% accurate or indicative of what a dealership would actually give you.* That being said that are a lot of variables that come into play, but the general rule is the longer the term of the loan the more interest you pay, or in the terms of depreciating assets like cars or motorcycles, the more money you lose.
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Last edited by lubbenpat; 06-22-2016 at 03:49 AM.
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post #9 of 9 Old 05-23-2017, 04:55 AM
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Nice thread, thanks for the answers
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