Hey y’all, i’ll keep this brief. Yesterday I went in to a local dealer to purchase a harley. Cost $6500 and I put $2500 down. I chose to finance the remaining $4k through them as they were advertising 10% apr, I wanted to build my credit some more and I was in a rush to buy the bike before they sold it out from under me while waiting to be approved by the CU.
Payments seemed a little high but I was planning on refinancing through my CU anyways. Got home, checked the paperwork and the APR is an ungodly 37% with a total after interest of around $12k despite having a 780 credit score.
I know the damage is already done and this is my fault for not paying enough attention out of excitement, but is refinancing through my CU the best thing to do at this point?
Wait. You purchased it without looking everytning over? Almost 40% down, sub $7000 and you financed? Just pay it off tomorrow, don’t even refi and let it hit your credit. Walking into a shop with a 780 and atleast a job making $50k should have snagged you sub 5% interest, something doesn’t seem right.
Yes refinance asap (37% actually sounds illegal in more locations)
Dude it’s 4k rice and beans and pay that off in a few months
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