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People also ask
Should you sell your motorcycle before you鈥檝e paid off your finance?
When you purchase a new bike, you鈥檒l be feeling chuffed to bits that you managed to afford your dream wheels with the help of a little motorcycle finance. But, if you want to sell your beloved bike before you have finished making all of the repayments on it, your mood may change when you discover how much of a hassle it can be.
How do I sell a used bike on Finance?
You can call the finance company and pay off the existing finance and then the new owner will transfer you the money for the bike and you鈥檒l end up with your asking price, less the amount you had to pay the finance company.
How much do you owe to Mr motorbike Finance Ltd?
Let鈥檚 say you owe 4,000 on your bike to your (fictional) finance company Mr Motorbike Finance Ltd. The bike is worth 7,000. You could take out a new loan for 4,000 from a reputable lender like AA Loans and pay off the 4,000 of finance you owe to Mr Motorbike Finance Ltd.
Can I Sell my Bike to pay off my AA loan?
The bike is now yours to sell and once you sell it, you have 7,000 cash in hand. You could either settle the new AA loan, meaning you鈥檙e left with 3,000 from the sale of your bike or you could go and buy another bike with the 7,000 you鈥檝e got in the bank and continue to pay off your AA loan.