News from Oakland Harley-Davidson

What Will My Monthly Payment Be?

Posted by Oakland H-D Contributor on Dec 26, 2017 4:00:00 PM

What will my monthly payment be? This is one of the more interesting question we get on almost a daily basis. The Harley-Davidson Motor Company has a payment calculator on their website and a lot of people will use it to try and get an idea of what their payments might be. On the surface this seems like a great idea, right? I know that if I was purchasing something I would want to know what it might cost me, especially if I am just starting out and not ready to run my credit yet. Here’s the thing. H-D has to make this calculator work the best they can for all 50 states. Not all states have sales tax (which in the state of California at the time of this writing was 7.25%). Not all cities and counties tack on their own sales tax (ahem. 10% in San Leandro). Not all states have License fees. And the interest rate they start you at is one of the best that is available. For more on that check out (Financing a Luxury vs a Necessity). Payment Calculator.jpg

So how do you get an idea of how much you are going to be paying out every month?  Other than getting an approval and seeing exactly what your credit situation offers you (Credit Application: Hard Inquiry or Soft Inquiry), sometimes the best answers are the ones that have been around the longest.  Long before computers and cell phones, when I used to have to walk 10 miles to the dealership, in the snow, uphill both ways, with saber-toothed cats chasing me... you asked someone what the payment on something might be they would always give you the same answer. $20 per $1000 financed.  Now you must build in a little wiggle room just in case. So I always say $20-$25 per $1000, or $200-$250 per $10,000.  I threw together a quick reference guide below for you just in case math is not your friend. 

Amount Financed 

Monthly Estimate 

$5,000

$100-$150 

$10,000

$200-$250 

$15,000

$300-$350 

$20,000

$400-$450 

$25,000

$500-$600 

$30,000

$600-$700 

$35,000

$700-$800 


Please do not forget this is just an estimate that can be used when you are first starting to look at buying a Harley-Davidson motorcycle. It should help you get an idea of what price range you are trying to keep your payment in.  They are most likely on the higher side too. My great grandfather used to always tell me 
to plan for the worst and hope for the best.  If your payment comes in $20-$30 under budget I wouldn’t see that as a bad thing. 

So what is next for you? Are you ready to find out exactly what payment and down payment your credit situation will offer you? Let's send some information to the bank and find out. Not ready for all that? Continue to check out more of our articles about buying a new or pre-owned motorcycle.

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Topics: Oakland H-D News, Motorcycles, Finance and Insurance

News from Oakland H-D

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