Refinance with upside down loan
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1st Gear
Joined: Dec 2017
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From: California
Refinance with upside down loan
anybody know any good companies that will refinance my bike with an upside down loan? Im about $2500 upside down on my street bob loan but my credit score is a 718. The last credit union said I needed that exact $2500 to be able to refinance. I had extremely horrible credit when I first started and Harley is raping me on interest but I dont have $2500 to just thrown down on a payment right now. I just refinanced my car with about $1800 upside down and that was no issue.
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1st Gear
Joined: Dec 2017
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From: California
Seasoned HDF Member
Joined: Aug 2007
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From: Driftless Area
If your credit score is that good, get a home improvement loan from your bank. The interest rate is lower, you won't wind up as upside down as now, and you'll have your title.
Then, don't keep putting yourself in that position.
Then, don't keep putting yourself in that position.
Tourer
Joined: Sep 2012
Posts: 494
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From: Bay Area, CA
Despite your now 718 score, you took a loan on a bike at 15%. That's still on your record and they see if. You are upside down and can't come up with $2500 - they are going to look at that too. It sounds like you have grabbed a handle on that, and I am not in any way knocking you. You are doing the right things. It just doesn't clean up what happened before quite as quickly as you are expecting.
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Tourer
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Some places will do the upside down portion as a personal loan
Last edited by toddskill; Jun 1, 2018 at 09:09 AM.
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Thread Starter
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1st Gear
Joined: Dec 2017
Posts: 5
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From: California
The difference is they think they can get their money out of your car. If you are upside down 2500 on a 15000 motorcycle, there's nothing for them if you default.
Despite your now 718 score, you took a loan on a bike at 15%. That's still on your record and they see if. You are upside down and can't come up with $2500 - they are going to look at that too. It sounds like you have grabbed a handle on that, and I am not in any way knocking you. You are doing the right things. It just doesn't clean up what happened before quite as quickly as you are expecting.
Despite your now 718 score, you took a loan on a bike at 15%. That's still on your record and they see if. You are upside down and can't come up with $2500 - they are going to look at that too. It sounds like you have grabbed a handle on that, and I am not in any way knocking you. You are doing the right things. It just doesn't clean up what happened before quite as quickly as you are expecting.
Yeah I understand that man, I can come up with the cash, Id just rather get this loan sooner than later and continue paying these payments for another 4 months before I can put the money down.
It it was a freak accident that happened and I had to help a family member with the $ I didnt have at the time, which caused the down spiral of my credit, I had a 823 when I was 21 and the last incident screwed it down to a 580. But hey, baby steps to getting it back up.
Just wondering if anybody knew of a good company that would help me out, I appreciate the advice.
Tourer
Joined: Aug 2017
Posts: 287
Likes: 88
From: Vermont
Been there on an upside down loan. I'd put away the cash and refi as soon as you can with your CU. You're likely not going to find a better rate elsewhere. It is what it is... It's hard sometimes when you want something taken care of right away but 4 mos isn't too far off.