I am wanting to buy an '01 Road King from a friend and I am finding that getting loan for a bike that old is challenging, even with good credit. It has a brand new S&S 124 engine with 600 miles on it and every upgrade and add on imaginable but banks only want to consider the base value of the bike. Would a small town local bank be a better option? Do y'all think they would take the whole package into consideration on a loan unlike the bigger guys who don't care? The engine alone is worth the $7500 he is asking for it.
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It's hard to find a bank that will finance one over 8 years old. Try a credit union, or if you really want the bike, look into a line of credit with your bank. -
Maybe a signature loan, little higher interest rate but less hassle!Comment
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Get a cattle loan [emoji16]
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Do you have something else you can use for collateral? Banks are not gonna want an old motorcycle that would be hard for them to dispose if the loan went bad.Comment
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Try Eagle Mark, they are the "Harley bank" of financing. Other than a personal/signature loan, they will probably be the easiest way to go. Your local Harley dealer might be able to handle the loan process for you but they might charge a fee.
And btw, add on's on a bike don't mean squat to the finance company. Never has. And if you buy the bike and want it covered in full for the add on's, you need to specify that to your insurance carrier.Comment
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Thanks for the recommendations guys. I will give some of these options a try.Comment
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Not much problem with age at a my credit union, but loan value has to be documented i the file usually NADA. All those adds don't really add book value. Kinda like kinda like lifts, big wheels and tires on a truck....Comment
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I have no idea about financing a 18 year old motorcycle, but i really couldnt blame a bank for not wanting to carry the note.Comment
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Wow! I would never have guessed an 18 year old motorcycle engine would be worth $7500!
How much would that bike cost new?Comment
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I know a man that once bought an older corvette on a credit card, zero percent interest for 24 months......he used to laugh and laugh about it.
RwcComment
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It has a brand new S&S 124 engine that has 600 miles on it. That engine and the install costs what he is asking for the bike and is a better, more powerful engine than the brand new Harley's have. Plus he has thousands in accessories that would cost me a fortune to add to a new bike. I sold my 2018 in January because I wanted a bigger bike (bagger) for the wife and I to take long road trips. I really don't want to go spend $20-30k on a new bike right nowOriginally posted by Burnadell View PostComment
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Seriously though, I financed a ‘76 Harley when I was 21, 9 years ago. If my bank wouldn’t give me $7500, I’d find a new bank.
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