If you are just getting started and are trying to plan for a typical credit situation… Plan on10%-20%. Most typical Harley-Davidson loans will require 10%-20% down. This means that if you are buying a $10,000 motorcycle you should plan on putting $1,000-$2,000 down.
People also ask
Should you buy a used motorcycle with a bigger down payment?
The bigger your down payment is, the less you鈥檒l have to pay through monthly payments. Still, there鈥檚 a catch to this because buying new and used bikes isn鈥檛 the same. First of all, used motorcycles are often sold privately where people don鈥檛 offer to finance. In this case, you鈥檒l have to get a bank loan which isn鈥檛 always as easy to get.
How do I calculate my monthly payment on a motorcycle loan?
1 Add up your total cash assets. 2 Figure out your monthly income after taxes. 3 Add up your total monthly expenses. 4 Subtract your expenses from your income to determine how much you can afford to pay per month on your motorcycle loan. … 5 Multiply that amount by the number of months you will need to pay off your loan. … More items…
How much can you afford to pay per month for a motorcycle?
Add up your total cash assets. Figure out your monthly income after taxes. Add up your total monthly expenses. Subtract your expenses from your income to determine how much you can afford to pay per month on your motorcycle loan.
What is the difference between monthly and down payment for auto loans?
Monthly Payment 鈥揟his figure represents the amount the borrower is responsible for on a monthly basis. When allocating a budget for a monthly auto loan payment, a purchaser should also consider auto insurance, repairs, maintenance, and fuel costs. Down Payment 鈥?This figure represents the amount a purchaser is going to pay at the time of purchase.