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Can You Refinance A Motorcycle Loan?

Written by Banks Editorial Team

Updated December 21, 2023​

3 min. read​

It’s no secret that auto loan refinancing is readily available at several banks, credit unions and online lenders. But is it an option for a motorcycle loan? In short, yes, and getting a new loan with better terms doesn’t have to be complicated if you take the steps outlined below.

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How Motorcycle Refinancing Works

Before diving into how to go about refinancing your motorcycle loan, you should understand how it works. Simply put, it involves getting a new loan in place of the one you currently have to secure a lower interest rate, monthly payment or get a shorter or longer term.

Steps To Refinance Your Motorcycle Loan

Consider the Pros and Cons Of Refinancing Your Motorcycle

You should consider the benefits and drawbacks of motorcycle refinancing before deciding if you should apply for a new loan.


  • You could get a lower monthly payment and use the funds to meet other financial goals.
  • You may qualify for a better interest rate if your credit score has improved and you now have good credit or if market conditions have changed since you took out your current loan.
  • You could get a shorter loan term and pay off your motorcycle loan faster.


  • The lender may extend your loan term, which means you could pay more interest.
  • You could be on the hook for prepayment penalties if they’re assessed by your current lender.
  • Some financial institutions assess refinancing fees.

If the benefits of refinancing your motorcycle loan outweigh the costs, move forward with the next steps.

Check Your Current Motorcycle Loan Details

Lenders will request information about your current motorcycle loan before you apply. So, it’s best to have a copy of your loan contract handy before starting the formal application process. Also, note your motorcycle’s make and model, age, your current monthly payment and the amount you need to borrow since the lender will ask for this information when you apply.

Check Your Credit

Take a look at your credit score to know where you stand and avoid any surprises. Ideally, you want to have a good or excellent credit score to secure the best interest rate. But even if your credit score isn’t quite where you want it to be, you could still get a lower interest rate if market conditions have changed since you took out your current loan.

It’s equally important to review your credit reports from the three credit bureaus – Experian, TransUnion and Equifax; if you spot any issues, file disputes promptly with the applicable credit reporting agency.

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Put Together Required Documents

The final step before researching and selecting a lender is gathering the required documents and information to process your loan application. Of course, you can wait until you apply to collect everything you’ll need, but doing so could delay processing your loan application.

Compare Motorcycle Refinance Lenders

There’s no shortage of motorcycle refinance lenders to choose from. However, you can also use an online platform like RefiJet to simplify the refinancing process. Here’s how it works:

  1. Fill out the online form: Complete the short form on RefiJet’s website to begin the process. A refinancing expert from RefiJet will then reach out to evaluate your individual financial situation. They can help you decide the option best suited for you.
  2. Get pre-qualified: RefiJet provides an online pre-qualification process that does not require a hard credit check, allowing you to explore potential options without affecting your credit score. This process also lessens the amount of time you spend on paperwork.
  3. Choose an option that’s best for you: If you are approved for refinancing through one of RefiJet’s lending partners, you will be provided with personalized options to consider. If you choose to refinance with them, they will help you finalize the necessary requirements needed by the lender.

To learn more about RefiJet or get started with refinancing your motorcycle, navigate to their website.

Apply For Refinancing

Once you’ve selected the most suitable lender for your financial situation, submit a formal application. If the loan application is complete and all the requested documents back up the entries, your new motorcycle loan could be finalized the same day.

Motorcycle Refinancing FAQs

Here are some frequently asked questions regarding motorcycle refinancing.

How Long Does Motorcycle Refinancing Take?

Some lenders approve and finalize motorcycle refinancing transactions on the same day.

Can I Get Cash Out Of My Motorcycle Equity?

Yes, it’s possible to get cash out of your motorcycle’s equity if you sell it for more than it’s worth.

Do I Have To Pay Fees When Refinancing My Motorcycle?

It depends on the lender. Some assess loan applications or origination fees. You could also be responsible for prepayment penalties with your current lender if you refinance and pay your existing motorcycle loan early.

Will It Hurt My Credit To Shop Around For Rates?

You’ll get a hard inquiry each time you apply for a motorcycle loan, which could drop your credit score by a few points. The good news is most credit-scoring models group all hard inquiries together if made within a 14-day window.

Where Can I Refinance My Current Motorcycle Loan?

Motorcycle refinancing is available through select traditional banks, credit unions and online lenders.

Is a Motorcycle Loan Considered To Be An Auto Loan?

No, motorcycle loans are not auto loans.

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