Hello all!
I have a question that I have not seen answered anywhere and I'm hoping someone can help me out!?
I bought a motorcycle in April of 2020 and got a loan through Sheffield Financial at a rate of 10.95%. When I applied for the loan my credit scores were not the best (mid-upper 500's). My credit scores are much better now (upper 600's -low 700's) and my salary has doubled.
The loan amount was for $8,100. My monthly payment was $180.81. My remaining balance is $5,480.64. It's a 60 month term.
I just happened to be checking my online credit apps (Credit Karma, Credit Sesame, Experian, Nerd Wallet, Credit Wise and Credit.com etc...) as I do regularly just to make sure nothing weird happens. Yes, I know they aren't the most accurate but they're free soo....
One of the apps had a recommendation that if I refinanced with myautoloan.com (yes I know this is an advertisement) I had a good chance to lower my payment/rate of my motorcycle loan. Basically it said it could cut my payment in half. It never dawned on me to look into refinancing my motorcycle loan now that my credit is MUCH better.
I tried applying through myautoloan.com (it says it's a soft pull but then it has some weird wording that it's a hard pull?) but they check several loan companies as many do and show you the best options/rates etc...
When I filled out my info I got to the screen that asked how much of a loan I needed (basically the payoff amount) which was a little over $5k. Myautoloan.com's minimum loan amount for a motorcycle refinance is $7,500. I called to verify this and it's accurate.
My question is...does anyone know of any motorcycle loan refinancing companies or websites that have good rates to refinance a low amount such as $5k?
Thanks in advance!
