You may be able to buy a Harley-Davidson even if you don’t have an established credit history.
Financing a Harley-Davidson with no credit may be a lot easier than you think. Not having an established credit history means you don’t have to worry about being rejected because of a history of late payments, charge-offs, collections and other credit blemishes. Sufficient income and stable employment could easily overcome your lack of a credit history. If that isn’t enough find a co-signer with excellent credit, such as a parent.
1. Gather as much money as possible for a down payment. The larger the down payment, the less a credit risk you become to the bank or credit union. Without a credit history the bank will have a hard time predicting your likelihood of repaying the debt. Offering a down payment of 20 or 30 percent, for example, could improve your chances for approval.
2. Visit with a loan officer at your bank or credit union. Tell her about your plans to purchase a Harley-Davidson. Make the loan officer aware of your accounts at the bank, including any savings or retirement accounts. Describe your income and employment situation. Inquire whether the bank has any loan products to fit you.
3. Apply for financing at your bank, credit union or a Harley-Davidson dealership. Emphasize your large down payment as you apply at several banks or dealerships. The website Bankrate says the multiple inquiries on your credit report won’t hurt your score as you shop around. Take the best deal and buy your new Harley-Davidson. Take some time to build your credit if you are turned down by everyone and can’t find a co-signer. Establish a good credit history by applying for department store cards, gas cards and eventually full-featured MasterCard or Visa accounts. Use the cards for about a year and then reapply for a loan to buy your Harley-Davidson.