How to get out of a motorcycle loan?

If you want to get out of your motorcycle loan, one option is to refinance. Refinancing involves taking out a new loan to pay off your current loan, potentially with more favorable terms and interest rates. 

Other ways to get out of a motorcycle loan include paying off the loan with savings or selling the bike and using the profits to pay back the loan.

How to get rid of a financed motorcycle?

To get rid of a financed motorcycle, you have a few options. One option is to sell the motorcycle and use the proceeds to pay off the loan. If the bike's value is less than what you owe on the loan, you may need to pay the remaining balance out of pocket. 

Another option is to trade in the financed motorcycle for a less expensive model or a different vehicle altogether, which can help you get out of the loan and into a more affordable option.

What’s the average interest rate on a motorcycle loan?

The average interest rate on a motorcycle loan can vary depending on factors such as your credit score, loan term, and the lender you choose. 

Typically, interest rates on motorcycle loans range from 3% to 15%. However, it's important to shop around and compare rates from different lenders to find the best deal for your specific financial situation.


About the Author

Sarah Brooks

Sarah Brooks

Personal Finance Writer and Editor

Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.

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