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Old 08-06-2007, 11:55 AM   #1
gsxrboi
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I need to refinance my bike HELP if you can

anyone know any place that gives a good finance rate? I financed my bike at a very high rate because of my credit and my wife wasnt willing to help at the time because she didnt want me to get a bike so I got it anyway lol but now that I have it she will help me refinance and she has good credit let me know if you know or if you got a good rate yourself and where thanks
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Old 08-06-2007, 11:59 AM   #2
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your prolly better off, just getting a personnal loan and paying off the bike. but prolonging your note on a high-deprecitating asset like a bike is a bad idea.
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Old 08-06-2007, 11:59 AM   #3
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Quote:
Originally Posted by gsxrboi View Post
anyone know any place that gives a good finance rate? I financed my bike at a very high rate because of my credit and my wife wasnt willing to help at the time because she didnt want me to get a bike so I got it anyway lol but now that I have it she will help me refinance and she has good credit let me know if you know or if you got a good rate yourself and where thanks
Shell Fedreal Credit Uinion has great rates....Tell them Eric Martinez sent you I bank there and there rates are super....
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Old 08-08-2007, 08:51 AM   #4
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thanks
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Old 08-08-2007, 08:58 AM   #5
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get theft insurance, then go visit some friends in clear lake that live in an apartment, anyone will probably do.
problem solved in prolly an hour or less.
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Old 08-08-2007, 09:10 AM   #6
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I did the same thing and financed through Yamaha's sucky credit card thing at 19% APR. I'm refinancing right now through Rightchoice credit union ( Its Halliburton's credit union ) at 7.5%

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Old 08-08-2007, 09:14 AM   #7
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Shell Fedreal Credit Uinion has great rates....Tell them Eric Martinez sent you I bank there and there rates are super....
They do have awesome rates (7% signature) but you can't open an account there unless you or a family member works for shell, right?

I still have a used car loan at 3.25% that's almost paid off but I'm making more on the money in an ING account so I'm not paying it off early.
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Old 08-08-2007, 10:06 AM   #8
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3.25 on a used car loan? dayum! that's low isn't it? most are like 6ish i thought.
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Old 08-08-2007, 10:19 AM   #9
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yea i bank at shell federal credit union they have great rates!!!! It is free to sign up for a account.Give them a call.
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Old 08-08-2007, 10:25 AM   #10
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Quote:
Originally Posted by RACER X View Post
your prolly better off, just getting a personnal loan and paying off the bike. but prolonging your note on a high-deprecitating asset like a bike is a bad idea.
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Old 08-08-2007, 10:32 AM   #11
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your best bet would probably be Johnson Space Center FCU
good rates and if credits something to worry about they tend to be a bit more lax
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Old 08-08-2007, 10:40 AM   #12
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Houston Federal Credit Union (HFCU) is also someone you can talk to. They got very decent rates.

I'd try a signature loan first and if not, then do the motorcycle itself.
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Old 08-08-2007, 10:54 AM   #13
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0% Credit Card

If your wife has "really" good credit, have her apply for a zero percent, for a year, credit card... that way you're not paying interest. Then in a year, if you still haven't paid it off, transfer to another zero percent credit card. My wife and I get these zero percent card offers on a daily basis... so, that's what we do when we make big purchases. (we both have excellent credit, tho)... Just suggestion...

Edit: Oh, and if you want to improve "your" credit, have her add you as a co-signer... (make sure to not default tho)
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Old 08-12-2007, 10:32 PM   #14
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Another thing to keep in mind is that if you can pay off the existing loan by transferring it to an unsecured line of credit (signature loan, credit card, etc.) then you won't have to carry collision insurance anymore. The collision part of your policy is by far the biggest chunk - call your insurance company and check it out.

This is risky, but if you get liability and theft only, and try not to wreck the fugger for a while, you'll probably be saving something like $75-$100 a month on insurance premiums. You can take the money saved in insurance payments and apply that to additional payments on the principal balance, and if you get a lower interest rate by refinancing then you get it off the books even quicker.

Don't get too caught up in worrying about interest rates; at the loan amount you're likely dealing with, the interest rate is not killing you. Yeah, if you look at the total owed over the life of the loan, then yeah it makes a big difference, but month to month it ain't that much. As an example, if you owed $8k for the next three years, dropping your interest rate by 10%, say from 19% to 9% (which is unrealistic), it would lower your payments by $39 a month. Just changing to an unsecured loan and dropping collision would save you a lot more.
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