Bought a brand new bike for my husband as a wedding gift. Seemed like a good idea at the time - but now i'm paying off a loan with a huge APR. My bank won't let me refinance it yet. What else can I do?
2007-01-12 09:42:11 · 5 answers · asked by K9Girl 2 in Business & Finance ➔ Personal Finance
Sounds like you just have too much debt.
You should sell everything you can do without and pay off as much debt as possible. Then work on your budget and paying off all remaining debt.
Once you are debt-free, you can easily save the money to pay cash for a motorcycle. But I would never buy a new one. It is too easy to find great deals on barely used bikes all winter long.
2007-01-13 02:51:42 · answer #1 · answered by J. B 3 · 0⤊ 0⤋
If you have a bike loan active, then you probably have zillions of credit card offers comming in the mail. Look for the ones that you can use to make cash withdrawals, a lower interest rate, and little or no anual fee.
Go ahead and apply for these cards and pull out the cash, then pay off the bike. If you work the numbers right, you may come out ahead. Don't count on ever being able to refinance a motorcycle.
2007-01-12 09:53:38 · answer #2 · answered by John H 6 · 0⤊ 0⤋
If you own a house you could do a home equity loan. Then again, do you want to risk your home over a motorcycle?
2007-01-12 09:56:27 · answer #3 · answered by Lee 5 · 0⤊ 0⤋
Search on line for a lender who will meet your needs. There are plenty with websites and you should find the competition for them means lower rates for you.
2007-01-12 09:55:49 · answer #4 · answered by SEO 3 · 0⤊ 0⤋
Try a different bank. If not you might have to suffer until you can refinance with your bank.
2007-01-12 09:47:44 · answer #5 · answered by tchem75 5 · 0⤊ 0⤋