Refinance with upside down loan
#51
06-04-2018, 11:21 AM
People mistake being able to make the payment for being able to afford something. When I bought a house 10 years ago, I took a loan for $280,000. The loan officer told me I was approved for $500,000. I just said thanks, but no thanks.
#52
06-04-2018, 12:49 PM
#53
06-04-2018, 05:03 PM
The hard pill to swallow, is save up the cash, and sell the bike. Then buy one he can afford, with a smaller loan. Lots of used bikes out there, and good prices. So many people do not ride them.
Selling your bike is tough though. I would also run the numbers as see if anyway could pay it off early. Then the % matters a lot less. This takes discipline. It also assumes he is not trying to refi, cause he can't afford it now.
As far refi, I would go to a couple credit unions and see what they say. Even if they don't they may know if it is an option.
Signing 15% on bike, or darn near anything, is hard to swallow. Doesn't matter if his mothers husband needed an operation. Should not have bought the bike then.
They would go out of business if all their customers were taking out 15% loans.
Selling your bike is tough though. I would also run the numbers as see if anyway could pay it off early. Then the % matters a lot less. This takes discipline. It also assumes he is not trying to refi, cause he can't afford it now.
As far refi, I would go to a couple credit unions and see what they say. Even if they don't they may know if it is an option.
Signing 15% on bike, or darn near anything, is hard to swallow. Doesn't matter if his mothers husband needed an operation. Should not have bought the bike then.
They would go out of business if all their customers were taking out 15% loans.
Last edited by ChickinOnaChain; 06-05-2018 at 11:43 AM.
Thread
Thread Starter
Forum
Replies
Last Post