Anybody got any suggestions on where to get a bike refinanced? I've got a really high interest rate and figured after a year of paying on it, I might be able to refinance it. What do y'all think or suggest?

 

Why is your interest rate really high? Poor credit score? If so your options may be limited.

If your credit is OK I find that credit unions often give good rates.

 

My credit is fair, originally it was poor. I'll check out some credit unions... Thanks!

 

Credit Union is the way to go or......if you have a 401k that has enough to pay it off. You can always take a loan and pay yourself back. That is what I did on my first new scooter, five years ago. I payed my loan back into my 401k and payed myself back.

 

Ya credit union. Harley finance sucks.

 

same issues here made some bad finance decisions early on and paying for them now.

 

It appears that you have been given some advise that might well help you.

My background in financial education and I simply want to add just a little. First, someone mentioned borrowing from your 401K - while tempting, please don't do this - especially for any sort of a toy.

Next, try to get a better understanding of your overall credit and your credit score. You'd be surprised how many folks pay a high interest rate because someone says they have a low credit score.

Before trying to refinance, review how much you owe on the bike and compare that to the bike value. It may be difficult to refinance if you are upside down. That may have also contributed to the excessive finance rate.

Position yourself to refinance it yourself. By that I mean, look at your contract and from the original date, run an amortization schedule. That schedule will help you determine how much principal vs interest is paid each month (I tell folks to do the same thing for mortgages). By using the amort schedule, you can prepay the principal thereby automatically reducing the interest. Perhaps you have heard of ways to reduce a 30 year mortgage to 17 years - this is the most used method (by the way, I never recommend a 30 year mortgage).

Finally, and perhaps more important, determine how you got on that low track and what you can do to reverse the adverse trend. One way is to make sure you establish and follow a budget. Within that budget, always "pay yourself first".

Married or single - which of you is the better with money. The better should take the lead on this.

Sorry I went on so much - I enjoy sharing ways to help in the financial arena.

Good luck

 

I like my .99 % rate I got on my 15 RGS,, now there is a 3.00 a month "Service fee" Which takes it up more,, didn't know about that till I made my first payment online. Not sure if there is anyway around it or not, I've just paid it and moved on.. 3.00 a month on 60 month loan,, a whopping 180.00 extra,,

 

Go onto one of the credit beurea sites to check your credit score. Then you'll know what your options are.

 

JimTJr - I haven't seen your contract but my guess would be the $3.00 service fee is for a monthly invoice.

You can often avoid that charge by setting up auto payments with your account and/or requesting paperless invoices.

Now, when I say auto payments - I mean you direct when payments are paid and to whom. It is never a good practice to allow anyone to withdraw from your account.