Bike Re-Financing - Chicagoland Sportbikes
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post #1 of 57 (permalink) Old 12-27-2007, 08:41 PM Thread Starter
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Bike Re-Financing

Hey is there a way to re-fi a bike? My current plan is terrible and I was just looking at how much I owe... and was like because the interest is super high!!! Stinking loan sharks.

Rhasheeda
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post #2 of 57 (permalink) Old 12-27-2007, 08:43 PM
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Check with your personal bank and see if you can take a vehicle loan to pay off the principle and wind up with a much better rate at a place you do regular business with

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post #3 of 57 (permalink) Old 12-27-2007, 08:49 PM Thread Starter
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Can't take a vehicle loan out at my bank...

Rhasheeda
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post #4 of 57 (permalink) Old 12-27-2007, 08:51 PM
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Home equity loan FTW. I am thinking of taking out a home equity loan so I can finance a Ferrari. True story.

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post #5 of 57 (permalink) Old 12-27-2007, 08:52 PM
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Check w/ your local credit union.

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post #6 of 57 (permalink) Old 12-27-2007, 09:35 PM
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credit unions usually have really good rates.

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post #7 of 57 (permalink) Old 12-27-2007, 09:36 PM
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Can't take a vehicle loan out at my bank...
I heard mao gives loans for bikes. The only catch is he repo's if your 3 seconds late on a payment.

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post #8 of 57 (permalink) Old 12-27-2007, 09:53 PM
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Home equity loan FTW. I am thinking of taking out a home equity loan so I can finance a Ferrari. True story.





Same here.
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post #9 of 57 (permalink) Old 12-27-2007, 09:54 PM
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credit unions usually have really good rates.



+1. I do all my dealings with my local select employees credit union.
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post #10 of 57 (permalink) Old 12-27-2007, 09:59 PM
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Check w/ your local credit union.
www.myconsumers.org - Done!

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post #11 of 57 (permalink) Old 12-27-2007, 10:04 PM
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Thats why i use cash to pay for my stuff

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post #12 of 57 (permalink) Old 12-28-2007, 08:39 AM
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Does your bank do personal loans? Sometimes you can get one with a decent rate if your FICO is good. The loans are usually for a few thousand, but that might be enough depending on your bike payoff.

Never a bad time to climb... unless the weather is really horrible, and then you climb inside!

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post #13 of 57 (permalink) Old 12-28-2007, 08:49 AM Thread Starter
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The only type of loans my bank does is on commercial real estate. I am not a homeowner... So that home equity loan won't work. Yeah I don't think I really thought about the amount of interest and I over pay every month on my payments. But when I was paying my bill I was looking at the remaining balance and was like

So I will look into the credit union...

Rhasheeda
2006 GSXR 750


"I never asked for nothing I don't demand of myself
Honesty, loyalty, friends and then wealth"
Jay-Z, Justify My Thug

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...I know it's trashy. Hense, the Slowass Experience.
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post #14 of 57 (permalink) Old 12-28-2007, 08:52 AM
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Thats why i use cash to pay for my stuff

Cash for toys is always the way to go

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post #15 of 57 (permalink) Old 12-28-2007, 08:56 AM
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Suzuki actually beat my credit union by a point.
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post #16 of 57 (permalink) Old 12-28-2007, 09:00 AM
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Quote:
Originally Posted by bluebusa07 View Post
Suzuki actually beat my credit union by a point.
yeah, but was that financing or was that a Suzuki credit card? You definitely pay more interest when using their credit card vs. a traditional loan even if the interest is lower by a point.

Never a bad time to climb... unless the weather is really horrible, and then you climb inside!

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post #17 of 57 (permalink) Old 12-28-2007, 09:02 AM
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yeah, but was that financing or was that a Suzuki credit card? You definitely pay more interest when using their credit card vs. a traditional loan even if the interest is lower by a point.
It was their financing. They put me at 9 and my credit union is anal about "recreational vehicles". Normally NFCU comes through for me, just not on bikes.
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post #18 of 57 (permalink) Old 12-28-2007, 09:11 AM
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Are you sure it wasn't actually on a Suzuki Credit Card?

Never a bad time to climb... unless the weather is really horrible, and then you climb inside!

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post #19 of 57 (permalink) Old 12-28-2007, 09:21 AM
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yeah im positive. its through their bank, hsbc.
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post #20 of 57 (permalink) Old 12-28-2007, 09:31 AM
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Cool.

Never a bad time to climb... unless the weather is really horrible, and then you climb inside!

I bleed GREEN
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post #21 of 57 (permalink) Old 12-28-2007, 09:36 AM Thread Starter
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That's what I have and HSBC is the bank that the credit card is through.

Rhasheeda
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"I never asked for nothing I don't demand of myself
Honesty, loyalty, friends and then wealth"
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Quote:
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...I know it's trashy. Hense, the Slowass Experience.
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post #22 of 57 (permalink) Old 12-28-2007, 09:41 AM
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maybe its their loan company as well because it shows on my credit report as an installment loan. either way though, my payments are made on time and my rate stays the same lol. I still think the rate is a little high considering my truck is less than 5 and my mortgage preapproval is 5 flat but I understand its recreational so its higher.
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post #23 of 57 (permalink) Old 12-28-2007, 09:55 AM Thread Starter
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Yawh! I pay ontime... But I was looking at how much my principle was and it was very close to what it was when I got the bike. I don't think I realized how much interest I am paying, until then.

Rhasheeda
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"I never asked for nothing I don't demand of myself
Honesty, loyalty, friends and then wealth"
Jay-Z, Justify My Thug

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...I know it's trashy. Hense, the Slowass Experience.
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post #24 of 57 (permalink) Old 12-28-2007, 09:57 AM
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start sending them more money.
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post #25 of 57 (permalink) Old 12-28-2007, 09:58 AM
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dump your tax returns on it or use them as a downpayment on a new duc 848 to track! :gangsta:
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post #26 of 57 (permalink) Old 12-28-2007, 10:12 AM
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Quote:
Originally Posted by Crazy View Post
Cash for toys is always the way to go

Some people dont have 8 grand cash laying around in there banks to go and pay all out right.

go time traveler style and go back in time, fuck his grandma, then shoot forward in time and then fuck his mom. Then return back to present state and call him a the product of two incest whores and hes your son and show video of you plowing the both members of his family. .
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post #27 of 57 (permalink) Old 12-28-2007, 10:21 AM
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Originally Posted by code2medic View Post
Some people dont have 8 grand cash laying around in there banks to go and pay all out right.

Exactly. And before anyone says, "well if you don't have the cash you shouldn't buy it" think for a minute.

A young person without a lot of credit can build it up with an installment loan like this. They have to start somewhere. Besides, if they can afford the monthly payment and insurance why not finance a motorcycle? I financed my first brand new bike. I worked a second job to help save for a down payment.

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post #28 of 57 (permalink) Old 12-28-2007, 10:29 AM Thread Starter
Mr.President-FTMFW!!!
 
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Yeah... I'm with you there. If I had thousands of dollars lying around I would pay cash for everything (wouldn't we all). I financed it because I could afford to do so... Same with my car. If I could have paid cash for my car I would have.

Rhasheeda
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Honesty, loyalty, friends and then wealth"
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Quote:
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...I know it's trashy. Hense, the Slowass Experience.
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post #29 of 57 (permalink) Old 12-28-2007, 10:33 AM
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Exactly. And before anyone says, "well if you don't have the cash you shouldn't buy it" think for a minute.

A young person without a lot of credit can build it up with an installment loan like this. They have to start somewhere. Besides, if they can afford the monthly payment and insurance why not finance a motorcycle? I financed my first brand new bike. I worked a second job to help save for a down payment.
+1

And theres also the school of though that investing the cash you have, (instead of buying a big item outright), outweighs the interest rate on a loan for that big item

Eric
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post #30 of 57 (permalink) Old 12-28-2007, 10:34 AM
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Exactly. And before anyone says, "well if you don't have the cash you shouldn't buy it" think for a minute.

A young person without a lot of credit can build it up with an installment loan like this. They have to start somewhere. Besides, if they can afford the monthly payment and insurance why not finance a motorcycle? I financed my first brand new bike. I worked a second job to help save for a down payment.
People can do what they want. That's America baby. There's no good argument involving fiscal responsibility that anyone could make about financing an $8,000 toy when they haven't made a down payment on a house or have cash invested elsewhere. It just sets you back way too much. Kinda reminds me of this whole home crisis we're in. If you can finance, buy it...I guess. Maybe the government will bail you out

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