Used motorcycle loan recommendations?

[Jared]

I just discovered that my current lender will not allow me to pay extra on top of the designated monthly payment. I find that to be incredibly dirty, so I want to change lenders, as I intend to pay extra on top of my loan and pay it off well before the full 48 months.

I was hoping I could get a consensus on what lenders everyone else has used/uses now, and what interest rates you snagged, if willing to share. I think the most applicable advice will come from those who bought used, as interest rates and participating lenders vary between new and used. Mine is a 2012 roadster with just over 8k miles, in case that may matter. Thanks guys!

 

[caddydaddy]

My credit union has allowed me to pay off loans early on several vehicles.
Are you with a bank or a credit union now?

 

[Ishrub]

...I was hoping I could get a consensus on what lenders everyone else has used/uses now, and what interest rates you snagged, if willing to share....

And yours?

 

[FE_rex]

I just discovered that my current lender will not allow me to pay extra on top of the designated monthly payment. .............

Will they allow you to lump-sum pay it off (ie get another lender) if you can not pay down the principal?

 

[rainman]

I get a loan I always make sure I can pay it off early with no penalty
I have used credit unions mostly cause they usually have lower interest rate

 

[Stillserving]

Depends on the credit union also. A lot of them will allow you to pay it off early, but you still end up paying the same amount in the long run, i.e. you don't pay any less of the finance charges/interest.

One of my credit unions allow you to make extra monthly payments, they will just skip the "amount due" for the next month, i.e. monthly payment is say $250. Pay $500 in Nov, and the Dec amount due will be $0, but will pick back up to $250 for Jan. But you can also pay off in a lump sum anytime you want.

 

[idk]

Some finance companies charge you extra fees to pay a loan off early. They are often the ones who also have high interest rates and other charges. This is illegal in some states, but others allow it. I would suggest that you use your bank or credit union to get an unsecured loan to pay the other one off. However, you should check both interest rates, charges, and the payoff amount on your current loan. Some retailers use these shady finance dealers because the dealer gets a bigger kick-back. Others use them as a "last chance finance" option for people with poor credit. I have seen people happy to get a rate of 24% for a car loan from some of these companies.

 

[Joesmoe]

Credit Unions -- good ones anyway -- are the way to go.

Hanscom FCU
Apple FCU
Navy FCU

Just to name a few.

Their "membership acceptance" rules are generally written so vaguely and inclusive almost anyone can join almost any credit union.

Credit unions for teachers can be good -- almost everyone has some connection to education.

Then look for the ratings.

I hate and would wish only on my worst enemies the credit union that used to be on Ft Stewart, taking advantage of the poor grunts -- since gone.

 

[rocketjohn]

By far find a credit union that you are eligible to join...they will be happy to write you a new loan for your bike that you can pay month to month or pay early, your choice.

 

[Jared]

And yours?

Gladly. I wound up with MB financial and got 5.84%. Let me know if you have any other snarky questions.

To all others, thanks for the replies. I think maybe a credit union is the way to go. I shouldn't have much issue. According to my bank, my fico is 761, so I imagine that should be a welcome figure for their establishment.