Is it okay to pay more than what they ask for on Honda bike monthly payments?

I bought a new Honda CBR 600RR 2008 about a month ago and my first monthly payment just came in the mail. My boyfriend (who also owns a bike) told me that you can pay more than what they asked for because it's a bike. For cars, you can't pay more but for bikes you can. Can you do that?

I prefer people who owns a bike should answer this question.Is it okay to pay more than what they ask for on Honda bike monthly payments?I assume you bought it through honda financing. I also assume the terms are the same as when I purchased my '05 honda 450f. I also just purchased a '08 kawi 250f which were very similar terms as the honda financing.



You can pay as much toward the principle that you want. As long as you pay at least the minimum payment every month, you will stay in good standings. You must pay at least the minimum payment for the month or else it is considered a missed or late payment, which could raise your interest on the loan for being only 30 days late (read the fine print in the terms)



Most offer a 36 month at 6% and then the remainder of the loan jumps to as high as 19% until it is paid in full. I would just pay what you can right now and when you are able to, refinance the loan on a Signature or personal loan through your local bank, it will save you money in the long run, unless you can pay for it in the 2 to 3 years on the lower interest rate.Is it okay to pay more than what they ask for on Honda bike monthly payments?I don't have a bike, but I do work in finance.



A motorcycle loan should be identical in structure to a car loan. Yes, you can pay more that the monthly payment and doing so will save you money in the long run. The bank will apply any amount over your monthly payment to the principal of the loan, shaving some payments off at the end. It's important to note that if you pay more on this payment, you'll still owe the same monthly payment the next month until the bike is paid off. If your payment is $200, you can't send $300 one month and $100 the next. You have to make at least the negotiated payment every month.



Check with your bank to make sure you don't have an early payoff penalty, which can cause you to owe a fee or have your loan reported to the credit bureaus as "not paid according to terms."Is it okay to pay more than what they ask for on Honda bike monthly payments?You can pay as much as you want, just don't make the mistake of thinking you're "ahead" and skip a payment. That doesn't work. You MUST make a payment each and every month...if you do pay extra, make sure the lender knows you want it applied to the principle of the loan. This will cut the amount of interest you'll pay over the life of the loan. k ;o)Is it okay to pay more than what they ask for on Honda bike monthly payments?
Verify with the lender if there are any pre-payment penalties. If not ( most all loans do not assess this fee) then go ahead and pay off as much as you can above the mnimum monthly payment. THis will accomplsih two things

A/the bike will be paid off quicker

B/you will actually end up paying less for the bike as the amount paid for the loanrate (interest) will have been dramtically reduced.



These terms are similar with house mortgages/auto loans etc...Very common area you are in. Make your minimum monthly payment and then apply the extra towards the principal.



You will be happy with what you did and then at the end you will realize howmuch cheaper yo actually paid for that bike and feel proud of yourself..