You purchased the motorcycle of your dreams but aren’t pleased with the payments. That’s understandable, especially if the rate you received was on the high end and the monthly payments take a sizable chunk out of your budget.
The good news is you may qualify for a reduced rate and lower monthly payment with a motorcycle refinance loan. If you’d prefer not to spend several hours shopping around for the best option, Auto Approve can simplify the process and take the guesswork out of finding the most suitable loan product.
About Auto Approve
Auto Approve is an online marketplace. It has an impressive network of banks, credit unions and finance companies to help you secure the best refinancing deal on your auto loan. You can also use the platform to explore auto lease buyout loans.
It’s accredited by the Better Business Bureau with an A+ rating and boasts over 1,500 exceptional reviews on Trustpilot.
Should You Refinance Your Motorcycle?
There are several factors to consider. If your credit score has improved or market rates have decreased since you took out your current loan, refinancing could be a sensible choice allowing you to save money. You could get a lower interest rate, and your monthly payment will likely be reduced with a modified loan term.
But before you decide, carefully weigh the benefits and costs. Start by considering the change in interest rate. Also, factor in any refinancing fees the lender may charge to secure the new loan.
How Much Could You Save By Refinancing Your Motorcycle?
You could save hundreds or thousands of dollars by refinancing your motorcycle. Ultimately, it depends on your interest rate and repayment term.
Auto Approve Motorcycle Refinance
How to Qualify for Your Motorcycle Refinance with Auto Approve
Not all lenders are the same. Consequently, one lender’s eligibility requirements could be far more or less stringent than what you’ll find with others. That’s why Auto Approve shops your information around to secure the best deal.
However, the first step of the application process is the same. You’ll need to provide the following to Auto Approve to move forward:
- Your driver’s license and registration
- Your current proof of insurance
- Your most recent pay stubs (or proof of income)
- Your current finance contract
Auto Approve may also reach out to request additional information or documentation.
What are the Terms of Refinancing Your Motorcycle with Auto Approve?
Most borrowers get a repayment term between 12 and 84 months, and interest rates start at 2.25 percent. However, the lower interest rates are generally reserved for well-qualified borrowers with good credit.
Quick note: Some applicants qualify to defer the first monthly payment on the new motorcycle loan for up to three months.
What are the Fees for Refinancing Your Motorcycle with Auto Approve?
Auto Approve does not assess an application fee. However, you’ll pay expenses associated with refinancing your motorcycle loan, including:
- Application and documentation fees
- Title transfer fees
- State fees (if applicable)
- Motorcycle protection fees
- GAP coverage fees
How to Apply for Auto Approve Motorcycle Refinance
You can apply for an Auto Approve motorcycle refinance loan by submitting a website inquiry. It only takes a few minutes to get started, and you’ll receive quotes in seconds if you pre-qualify.
Plus, you’ll get live support from a loan consultant who can help you evaluate your options to select the best fit. And if you choose to move forward, you won’t pay added fees or a mark-up on the interest rate.
Other Auto Approve Products
Vehicle Refinance
If you have a car, truck, SUV, boat, ATV or RV you’d like to refinance, consider Auto Approve to lend a helping hand. Its vehicle refinance product not only offers competitive rates and reduced monthly payments to qualified borrowers, but you can also add a vehicle protection plan and GAP insurance to the loan. Even better, you won’t cover the costs of these add-ons outright as they can be rolled into the loan.
Auto Lease Purchase
Did you lease a vehicle that you now want to keep, despite the lease term not expiring for some time? You can use Auto Approve to find an auto lease purchase loan with a fair interest rate and a repayment period that works for you. Like the vehicle refinance loan, you can also add a protection plan and GAP coverage for added protection.
