Rebuilding with my Local CU

[webhopper]

Congrats on the motorcycle...  my fiance is also rebuilding right now...  He has no individual accounts reporting at this time... We just paid off his jeep that was a 72 month loan at 23%... haha we paid it off after only 10 months. I didn't think we needed that interest rate hanging around, so I threw my bonus at it.... 

The plan is for him to apply for a NFCU platinum card next month after all the accounts that he is AU on report a 0 balance.

[webhopper]

Seems like the CU is really the way to go!  Congrats on all your successes!

[Repo-ed]

I just need to figure out how long I should let this bike loan run its course, before I pay it off?

Or will it stop reporting as an automotive loan, once paid-off?

[webhopper]

It will not stop reporting... as long as the interst is not too bad, continue to pay it... what interest rate did they give you?  I felt like Joey's 22% loan was a rip off

[Repo-ed]

9%

[webhopper]

9% is not too bad... you could do a principle paydown on the loan, which would save you money in the long run, but you could still pay the monthly payment on the remaining balance and build payment hisotry... After the motorcycle is paid off, I would do a secured loan, not sure if you've done one of those yet or not

[Repo-ed]

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@webhopper wrote:

9% is not too bad... you could do a principle paydown on the loan, which would save you money in the long run, but you could still pay the monthly payment on the remaining balance and build payment hisotry... After the motorcycle is paid off, I would do a secured loan, not sure if you've done one of those yet or not

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Not a bad idea. I have not, but seems feesable.

[webhopper]

Its not a bad option, you pay the payment, and you end up with a nice little CD at the end of it that you can cash out or rollover... its like forcing yourself to save...  the interest rate on these types of loans is very cheap.. with NFCU it was like 2.74%

[Repo-ed]

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@webhopper wrote:

Its not a bad option, you pay the payment, and you end up with a nice little CD at the end of it that you can cash out or rollover... its like forcing yourself to save...  the interest rate on these types of loans is very cheap.. with NFCU it was like 2.74%

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I'll certainly look into it, thanks!

[Anonymous]

Congrats on your loans. A small personal loan and CC from a local cu is simply the best way to go to build a relationship and rebuilding. I need to speak with nfcu regarding a personal loan of some sort. Congrats on you bike too