I have a $20,000 loan for a truck, for six years, but from those six years I only have 4 1/2 left. I want to ask for a $10,000 loan for a new motorcycle, but I dont know if I'm going to be paying two payments or what. What I want to do is to refinance the money that I have left on the first loan and then add the $10,000 for the motorcycle for one low payment for six years. Can I do that?
It's possible, if your current lender agrees to do it, or you may be able to refinance the package (your current loan and funds for the motorcycle) with a different lender. If both options are available to you, you should weigh the costs of each option along with the ease or inconvenience of either option. Pick up the phone and contact your current lender to inquire about rolling the motorcycle funds into a refinance of the existing loan. Make a similar call to other lenders in your area.
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It's possible, if your current lender agrees to do it, or you may be able to refinance the package (your current loan and funds for the motorcycle) with a different lender. If both options are available to you, you should weigh the costs of each option along with the ease or inconvenience of either option. Pick up the phone and contact your current lender to inquire about rolling the motorcycle funds into a refinance of the existing loan. Make a similar call to other lenders in your area.
