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Can You Refinance Your Motorcycle Loan?

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You’ve probably heard a car loan can be refinanced, but what about a motorcycle loan? The short answer is yes, you can refinance your motorcycle loan. But there are plenty of aspects to consider before you apply. Firstly, why do you want to refinance? Maybe your current monthly payments are high. Maybe you could save money if you refinance to a lower annual percentage rate (APR).

No matter your reason, refinancing a motorcycle loan may be a good option for anyone with a solid credit history and a bike that has a higher value than what’s owed on the loan. It may be possible to refinance a motorcycle loan with bad credit, but you’ll most likely pay high interest rates. Whatever your credit situation, it’s important to make sure your new loan really is an improvement over the old one.

How to refinance a motorcycle loan

Is refinancing a motorcycle worth it?
Motorcycle refinance FAQ

How to refinance a motorcycle loan

Step 1. See how much you could save

Use a motorcycle loan calculator to play with some numbers and see what your payment would be. Whether you’re looking to lower your Harley-Davidson payment or lower your APR, this calculator should help you see what the bottom line could look like.

Step 2. Apply for motorcycle refinance

Apply to a few lenders to see what you could get. Strongly consider your local credit union and compare what they offer to what the national lenders below offer, so you could be confident you’re choosing the best motorcycle refinance company for you.

Motorcycle loan rates
Lender Starting APR* Terms (Months)
Digital Federal Credit Union (DCU) 6.75% Up to 60 months
LightStream 4.29% Up to 84 months
USAA Bank 5.49% Up to 72 months

* APR may include AutoPay discount

Step 3. Compare, sign and enjoy savings

Once you have a few offers, pick the one with the lowest APR or the one that’s best for you overall and follow through to sign on the dotted line. When you refinance, your current motorcycle loan is paid off completely and you have a brand new loan. Enjoy the savings you earned!

Is refinancing a motorcycle worth it?

Refinancing a motorcycle loan can be a good option if you want to save money on your monthly payment or lower your APR. It might be worth doing some paperwork if you can keep some dollars in your pocket. But keep an eye on your bottom line. If refinancing a motorcycle would drastically increase how much you’re paying in interest over the life of the loan, reconsider.

Motorcycle refinance FAQ

How much will I need to borrow? Call your lender or log on to your loan account to find the payoff amount, which is the exact amount of money you’d need to pay off the entire loan right now. Some lenders will show a “10-day payoff,” which is the amount you’ll need to pay off the motorcycle loan if you do so within 10 days. After 10 days, the amount could go up or down, depending on your loan payment schedule.

What will my rate be? The higher your score, the better your rate. Average personal loan APR ranges from 10% to 28%, but some lenders offer as low as 4.29%.

How much will it cost to refinance a motorcycle loan? The cost of a loan is represented by the APR. The lower the APR, the less it costs to refinance a motorcycle. Some lenders may also charge fees.

Are there any fees? Lenders could charge application, origination or servicing fees. This varies depending on the lender. Read the agreement before signing for a loan. If you have any questions, you could call and ask any potential lender whether they charge any fees.

Will applying affect my credit score? Yes, applying for motorcycle refinance will affect your credit score as lenders do what’s called a “hard” credit pull to look at your credit history. Applying to several lenders however will not hurt your credit anymore than applying to one as long as you do so within a two-week time period. The three big credit bureaus, Experian, TransUnion and Equifax, allow this window of 14 days specifically so consumers can shop for rates without being adversely affected.

What is my credit score? You can get your credit score and credit history for free from You could also sign up for a free credit-monitoring service at LendingTree.

What will happen to my old motorcycle loan? When you refinance, the new loan pays off your old loan. Some lenders will pay off the old loan for you, though others may deposit money into your bank account and allow you to pay off the old loan yourself. Once you get a statement from your new lender, you won’t have to pay on your old loan any more.

What if I have bad credit? There are bad credit motorcycle loans available.


Compare Motorcycle Loan Offers

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