Refinancing a Motorcycle Loan

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Motorcycle refinancing can be a simple task and, in nearly all cases is a chance for you to save time and money. Because you are paying off an existing loan from a different lender it will have a lower APR (annual percentage rate / interest rate). Therefore monthly payments will be lower as the interest has dropped. This can allow you to pay off your loan sooner as installments would be smaller.

What to look for when refinancing your motorcycle loan
When looking at refinancing find a company who can give you lower interest, lower monthly payments and where you can pay off your loan sooner without the worry of prepayment penalty fees.

Refinance as early as possible. Soon after you obtain the loan is a good a time as any - because most of the interest is paid in the early payments. While refinancing your loan later on in the loan period won't save you as much money as refinancing earlier, you should still be able to save money nonetheless.

What to do when refinancing
The first thing to do when you want to refinance your motorcycle is to call the people your loan is currently with and ask for the motorcycles loan payoff amount.

Then find a finance company who is offering a lower APR rate than what you are paying now.

When you apply make sure the spelling on the application is exactly the same as your last loan as this is how they identify and find your loan.

All vehicle information must be correct - this is so the company can price the vehicle. You will need the year and model of the motorcycle and the VIN Vehicle identification number. This can be found on your registration.

You will need to refinance a loan worth more than $7500 - otherwise it it not worth the time of the refinancing company to do any lesser amount. The loan must also be an approximate amount of the vehicles value.

Motorcycle refinance loans should be approved within an hour, you should then get instructions on how to pay off you existing loan.

You will need to tell the current owner who the new lien owner will be and that they will have to send the tittle to them not you. There may be a state fee of $5 or more to transfer lien holders but depending who you refinance with that could be the only fee.

Your loan can be entirely refinanced within 2 days.

Benefits of refinancing Motorcycle Loans
You can't refinance your motorcycle loan through the same company who is financing your existing loan, as there is no incentive for them to refinance your loan as they would earn less money off you.

Benefits of refinancing your motorcycle loan include a lower APR, no frustration over dealer financing, approval is usually within the hour as long as its in business hours, and no hidden fees, and no prepayment penalties.