Refinancing My Motorcycle Loan

   

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After financing my latest Harley motorcycle for the first 1-1/2 years, I decided to look into refinancing. Not only does refinancing allow you to leverage some extra cash each month, but in some cases may actually save you money. When I first purchased my Harley, I financed the deal through an online lender. Their rates at the time were far more attractive than financing through H-D. Having paid the original loan down for over a year I felt that the equity in my Harley could benefit me when refinancing. Be sure to check out the original article Buying a Harley .

Shopping for a Motorcycle Loan My first step in refinancing my motorcycle loan was to research competitive rates. Utilizing those free online loan calculators provided by many banks or credit unions I was able to determine if refinancing was worthwhile. Once on their web sites, select the link or option to calculate a motorcycle loan (new or refinance). Simply enter your current loan balance, length of terms, and the state you live in. Once calculated, these online tools often compare rates with your current loan in a side-by-side comparison. What I found even better, I could comparison shop rates against my current loan without any pressure from a bank or lender. The Dreaded Loan Process Anyone who has ever borrowed from a bank or financed a car or home knows what I’m talking about. Lengthy applications, followed by a game of “20 questions” with the lender or loan officer. If you are like me, things like getting a loan approved are right up there with visits to the dentist and filing taxes. Little did I know that this particular experience would be so painless. I decided to use one of the two online lenders mentioned above. Actually, both had identical offerings so it was almost a coin toss to decide which to use. I had already confirmed the pay off amount with my current lender so now it was just a matter of applying with the new lender. Going through their online site, I filled out the secure online application. Upon clicking on the “submit” button I was told that I would receive a response within 15 minutes. “Yeah, right” I thought. Here it was a Saturday morning, so I figured maybe by Monday I might hear something. Ten minutes later while still on my first cup of morning coffee, Capital One was calling me to ask if I had received their email. The caller then proclaimed that I had been approved to refinance my motorcycle, and a check to pay off my current loan would be in the mail. Wow, talk about fast service! The Check Is In The Mail After receiving that phone call, followed by an email confirming my refinanced loan, I was told to expect a blank check and loan agreement in the mail. Yet another surprise would soon follow. Upon returning home Monday afternoon, between the usual bills and junk mail was an envelope containing my loan check. Let me just pause here to let you know that I am no one special. I’m a regular guy, who received what felt like VIP service reserved for big fish. Just goes to show that you don’t have to be wealthy or a celebrity to receive great service. I can only equate this amazing service to the competitiveness of lenders who want your business. As if the promptness of this service wasn’t enough, the package received by mail was simple to understand. Contained in the loan package were only few pages. The check, instructions, and a preformatted letter to deliver to my prior lender instructing them of the pay off. I signed the letter and check, and mailed it off to my current lienholder. It was just that easy! Be sure to take copies of the form letter and check for your records. Not only did I end up with a slightly better interest rate, but I now have a few extra dollars per month to spend on chrome and other goodies.

Before setting out to buy your next Harley or other motorcycle, check out the article ” Buying a Harley – Will That Be Cash Or… “. Additional Harley specific information related to buying, financing, or selecting a new or used motorcycle can be found under ” Harley For Sale “.

Insure Your Ride Don’t forget to insure your new or used scoot. This is often overlooked and could end up costing you more than you expected. This is also a good opportunity to save some cash to spend on your new ride or chrome goodies since you could save money on your current insurance (both car and bike). Rather than spending time on the phone with insurance agents, check out Geico and get a free online quote without getting hassled by someone trying to sell you. Another good place to compare insurance prices for free is INSWEB . By shopping both I was able to save money and also ended up with better “motorcycle” specific coverage, not just modified auto coverage. Find more articles under Harley Performance Articles and Harley Tech Tips Enjoy the Ride!