Refinance options???
#1
#2
#3
#4
The following users liked this post:
dave the welder (08-09-2017)
#5
#7
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
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
The following 8 users liked this post by cycle7447:
2010blueultra (01-07-2017),
30glock (01-07-2017),
BobRed0965 (08-09-2017),
CrBear (08-10-2017),
CSTALK0420 (01-12-2017),
and 3 others liked this post.
Trending Topics
#8
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,,
#9
#10
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.
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.