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Posted in Auto Loans
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Question By
texasmaninca

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What is best option for refinancing a 1999 Harley. Owe $9800, Credit Score 625
Purchased 12 months ago, was told by dealership to return and try to refinance at lower interest rate after 1 year. Currently at 28% because I had no credit. Never been late on payment.

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Top Contributor
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I don't know what model the Harley is, but you are going to have to figure out what it is booked at. If you are underwater (owing more than what the bike is worth) you may not be able to get a refi. Has your credit profile and scores improved since getting the bike? Also most lenders will not finance or refinance a vehicle that old, most lenders will only finance vehicles up to 7 years old.

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If your credit has improved significantly you may want to check rates on personal loans if you are unable to find a lender to refi and pay it off with that. Unless your credit is excellent though, the interest rate may be just as high on a personal loan as what you have now.

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If you are unable to find a lender to refi due to the age of the bike, your best options financially to take care of that 28% interest loan, would be to either sell what you can and get a second job to get that loan knocked out asap, or sell the bike and pay off the loan (even if you had to add some of your money to pay it off). Then work on getting your scores up and in a year or two buy another bike when you can get a good rate. Bikes are a lot of fun, but it isn't fun being financially strapped from one or overpaying big time for one.

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