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who here knows about finances and/or refinancing?

Discussion in 'Members' Lounge' started by civicious, Mar 13, 2007.

  1. civicious

    civicious FüK-VTEC VIP

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    OK, so essentially what's going on, is I might possibly be making some locational chances in the near future (some of you know what I'm talking about)....


    as it is, I'm not going to be able to afford the payments on the R1 in the near future...so I'm looking at either selling it (which I really don't want to do), or refinancing...

    I really don't know dick about refinancing, but from my understanding, I would essentially get a loan for my current payoff amount, and I would have a lower interest rate and/or lesser monthly payments...


    any advice? anyone know how i'd go about doing that? and does anyone know any good places that could do that sort of thing? I really don't want to just get online and use some type of search engine and use some sort of online financing aid thing...


    help, please?
     
  2. jeffie7

    jeffie7 Wrong Whole! VIP

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    y0 y0

    Just call around to as many banks as you can from your local banks to big ones like capital one.

    Ask, do you offer motorcycle loans?
    If yes, I'm looking to refi, what are your rates?

    done.

    They'll write a check for the payoff amount for your bike and send it to the bank that holds the loan for your bike, in turn that bank sends them (the new loan place) their copy of the title and it goes from there. Just make sure you let your insurance company know you changed banks.
     
  3. jamesA

    jamesA Well known pissed off telephone guy VIP

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    He can ask them what their rates are until he's blue in the face, what they say isn't going to matter until they run his credit and figure out if he's a good or bad investment. If they decide to take a chance after saying 7%, he might get taken for 8% anyway.
     
  4. jeffie7

    jeffie7 Wrong Whole! VIP

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    Most places will tell you their best case rates and I found it very helpful to ask straight out what their going rates are.
    Some places are very straight forward with their bike rates.
    Some will be sorry we don't do bikes, or they'll start out way high.

    Bikes are weird, you'll find that the APR for them will range like crazy. maye 5% to 20% depending on the company
    Same goes for insurance cost. it can range from (in my case) 400 a year to 6K all for the same coverage. again bikes are weird.


    Anywho, find the cheapest rate place and then ask for a quote.
     
    Last edited: Mar 13, 2007
  5. pissedoffsol

    pissedoffsol RETIRED

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    what do you owe on it?
     
  6. jeffie7

    jeffie7 Wrong Whole! VIP

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    B will spot you a few grand if you have a sister =)
     
  7. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Or a small boobed blow up doll. You have to throw in the lube for free, though.
     
  8. jeffie7

    jeffie7 Wrong Whole! VIP

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    I think he got enough lube in the last condom buy.
     
  9. E_SolSi

    E_SolSi Member of the 20 nut club Moderator VIP

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  10. reckedracing

    reckedracing TTIWWOP VIP

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    ttiwwop :ph34r:

    refi'ing prob isn't gonna help you in this situation
    whats your rate on the loan now? and what other monthly payments do you have? debt consolidation might help, but i doubt it
     
  11. civicious

    civicious FüK-VTEC VIP

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    I just called, and according to the thing on the phone, my payoff amount is $14,300something...which CANNOT be right, because I paid 10,700 for the bike, and after TT&L and all my warranty/maintenance plan/etc it was $12xxx...and I've been paying on it for a year. Something does NOT seem right here.

    I can't get anyone on the phone at HSBC, and I don't have any of my original paperwork with me right now...on my current statement, my monthly payment is $329.92, and $172.11 of that is interest...

    I'm starting to think that I got a REALLY shitty deal on this financing thing...


    the only other monthly payments I have is for the bowflex I bought (and sold a few weeks ago because I never used it), which is minimum of $15/month but I usually pay around $100, and on the one credit card that I use for gas and occasionally food, which is usually only a couplea hundred bucks a month (I pay it off every month).
     
  12. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Nevermind about giving B the lube for free, it sounds like you need it on a monthly basis. You're getting raped by interest.
     
  13. civicious

    civicious FüK-VTEC VIP

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    But if I paid it off now, I'd still have to pay the same interest as I'd pay over the course of the loan??
     
  14. reckedracing

    reckedracing TTIWWOP VIP

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    no you only pay the interest to date

    when you signed all the papers, did they give you a total amount to be paid
    your final amount paid on that bike will prob be close to 1.75x what you paid for the bike
    so if you bought it for 10K, your total paid out would be close to 17.5K
    approx figures depending on term and rate of course

    a house usually costs 2x the purchase price
    my 2k atv will cost about 3-3.5 when its all paid off

    interest is a bitch
     
  15. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Call back and talk to a person about it.
     
  16. civicious

    civicious FüK-VTEC VIP

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    yeah, I think the 'total amount to be paid' was on there...


    I'm not sure exactly what it was, I'll have to find all my paperwork...it was in the CRX when it got stolen, and even though it was still under the seat when I got the car back, I'm not sure where I put the folder...I'll have to do some digging around when I get off work

    I've only got 15 minutes left on my lunchbreak...not enough time to wait an hour and a half (literally) to speak to an actual person.
     
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