How to Refinance an ATV
To refinance an ATV (all terrain vehicle), you'll have to borrow a loan from a different lender to pay off your old loan, using the ATV as collateral. ATVs, like cars or motorcycles, must have a value that's in-line with the amount you're asking to borrow. Depending on your credit, you might obtain a loan approval for as low as 60 percent or more than 100 percent of the ATV's lender-determined value. Lenders also require borrowers to finance at least a specific amount of money, meaning you probably can't refinance your ATV if you owe less than $2,000.
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Instructions
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Contact your lender and ask for your loan's payoff amount. Ask your lender if you'll incur a prepayment penalty fee for paying off the ATV loan early. If so, you can pay the fee separately or roll the charge into your new loan.
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Research ATV loan interest rates. ATV loans are the same as motorcycle loans; both are classified in the same category for lending purposes. Call lenders to discuss term options and rates.
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Apply to your lender of choice. Provide your ATV identification number, mileage and features. Give a lending representative your credit information, which is the same information you supplied when you initiated your original loan, including Social Security number and income.
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Discuss your monthly payments, down payment requirement (if applicable) and interest rate once approved. If the terms are affordable, sign your loan contract with the new lender. Your new lender will pay off your old ATV loan.
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Tips & Warnings
If you can't obtain an approval for your ATV loan because of its value or the lender's minimum lending requirement, consider applying for a personal loan instead. Personal loan interest rates are often slightly higher than ATV loans because of lack of collateral.
