Can You Refinance Your Motorcycle Loan?

Can You Refinance Your Motorcycle Loan?

If you have a motorcycle, you may have purchased it using loan financing. It’s not uncommon for motorcycle owners to find their original loan’s terms or interest rate doesn’t quite work for them after a year or two. Instead of being stuck in your original loan, you may qualify for a motorcycle refinance to lower your monthly payment, shorten the repayment terms, or lower the interest rate so you can save money in the long run! If you’re considering a motorcycle refinance, here are some things to consider to help determine whether you can refinance your motorcycle loan.

Are You Qualified?

First and foremost, consider whether you’ll qualify for motorcycle refinancing. Check your credit score using free online tools or by request to any of the credit bureaus. Even if it’s lower than what most credit bureaus consider “Good,” you could still qualify for refinancing. Credit score is not necessarily the only factor in whether you qualify. Other factors include how consistently you make payments toward your current loan, how much the motorcycle is currently worth, and others. This is why it’s important to work with a company that has experience with refinance, like Ironhorse Funding, to learn about your qualifications for refinancing.

What Are the Benefits?

Once you’ve determined that you may qualify for refinancing, it’s time to consider what benefits you could get from refinancing your motorcycle loan. The benefits will vary from rider to rider, because refinance goals are individual! If your goal in refinancing your motorcycle loan is to reduce your overall monthly expenses and free up some cash each month, you may want to consider an extended term. If your goal is to pay off your loan sooner because you’re planning for a large purchase in the next few years, you may want to shorten your term. Speak with a qualified refinance representative to discuss your options and how motorcycle refinance might benefit you.

Applying to Refinance Your Loan

If you qualify for a motorcycle refinance and the benefits are right for your financial goals, it’s time to get started. When the time comes to start the application process, choose a company whose process makes it easy for you and whose team is made up of knowledgeable professionals. Never hesitate to ask questions!

Getting started with your motorcycle refinance doesn’t have to be difficult! Contact our team with your questions or apply online today.