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  #1  
Old 27th March 2013
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Default Refi Harley Loan with Bad Credit

I know this has been talked about before but I'm trying to refi my high interest harley loan in california and my credit isn't exactly the best. Any referrals to a lender who can refi my loan at a decent rate other than credit unions. I was thinking about a personal loan with the bike as collateral.

Anyone with ideas let me know...would like to do it asap.
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  #2  
Old 27th March 2013
fafcpa fafcpa is offline
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Your best bet is a credit union. Don't think a private party would be interested in holding the paper on a motorcycle.

Fred
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  #3  
Old 27th March 2013
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Quote:
Originally Posted by fafcpa View Post
Your best bet is a credit union. Don't think a private party would be interested in holding the paper on a motorcycle.

Fred
Not a private party, a personal loan with a bank and the bike as collateral.
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Old 28th March 2013
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most major banks will not do a personal loan with the bike as collateral. They will do a vehicle loan.

Most credit unions today have lowered the "requirements" check around your area and see what the requirements are. I know of some in NY that if you LIVE in a particular area, you can get in the CU.

Your best bet is going to be either a CU or a local (not national) bank.. Walk in and talk to them. See if you can get a copy of your Credit Report BEFORE you walk in. Ask the loan manager if they can give you a determination BEFORE running your credit with the report in hand. or at the very least know your score..

Trust me when I tell you that financing is a real pain with less then perfect credit.. and even worse when you decide to live a cash life for 10+ years.
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Old 28th March 2013
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I would like one too !
My credit union wont talk to me untill my score is above 650 !
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Old 28th March 2013
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if your credit is bad, your probably not going to get anyone to give you a loan ....just suck it up and pay off what you owe....in time your credit will get better.

if your trying to save money due to high interest, just pay it off quicker if you can.
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Old 28th March 2013
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Quote:
Originally Posted by Crosshairs View Post
if your credit is bad, your probably not going to get anyone to give you a loan ....just suck it up and pay off what you owe....in time your credit will get better.

if your trying to save money due to high interest, just pay it off quicker if you can.
That's what I did, I ended up paying my loan off 11 months early by paying a little extra each payment.
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Old 28th March 2013
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Quote:
Originally Posted by khaskins View Post
That's what I did, I ended up paying my loan off 11 months early by paying a little extra each payment.
Very good strategy... Harley financing is "simple interest"... you can pay a bit more each month towards the principal and reduce both the total interest you will pay and the term of the loan.
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Old 28th March 2013
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WHile it may be true that simple interest loan off early, if you can deduct 3-4 points of interest, you will pay considerably less. I am about 3 months away from refinancing my toolbox through Snap ON for the same reason. Used the new tech loan to reestablish credit.. paid high interest for a year on time plus some, now I can (Hopefully) refinance to a lower rate..
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Old 28th March 2013
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Thats what my SIL done. HD financed him but the interest was phenomonal. He refinanced at American General Finance and they dropped the intetest way down. Still higher rate because of credit problems but nowhere near what HD was charging. And he had a couple of repo's on his cr....
Look for finance companies locally. There are lots of them so shop around a little....

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