Take Over Payments on a Motorcycle

You will meet some problems when you purchase a motorcycle, because purchasing a motorcycle is like to purchase a car. If you do not have money to buy a motorcycle straight out, the motorcycle purchase can be financed through a bank. Like with a car purchase though, you must have sufficient credit history and a qualifying credit score in order to finance the motorcycle. If your credit card hasn’t a good enough credit score to finance a motorcycle through a bank, it's still possible to purchase a motorcycle through monthly payments by taking over the payments on a motorcycle that someone else has already financed. Here are some steps will help you take over payments on a motorcycle.

First, find someone who is trying to sell their motorcycle. If you don't know anyone who is looking for someone to take over their motorcycle payments, you can look online. Craigslist may have some listing of people in your area that want to get rid of their motorcycles and both Yokes and Sell a Bike feature ads of people wanting to transfer their bikes to someone who can take over the payments.

Second, you can check with the lender who is financing the loan to see if they allow loan transfers. Some lenders actually provide methods of transferring the loan for a motorcycle into the name of another purchaser.

Third, draw up a legal contract that states the terms of the payment agreement. The contract should state the total amount of the outstanding loan, the payment that you are expected to make each month and that the person whose name is on the loan agrees to transfer the motorcycle title to you upon completion of the loan payment. Also include details about the motorcycle, such as type, VIN and registration number.

Forth, sign the contract in front of a notary. The notary verifies both signatures, proving that the current owner of the motorcycle signed the contract, which gives you slightly more legal protection. Make your payments on time. Skipping payments or making them late may void the terms of the contract.

In a word, a bank or lender always runs a credit check before transferring a loan from one person to another. If credit is the main reason that you were unable to finance a motorcycle directly from a dealer, you won’t be able to transfer the loan for the motorcycle into your name.

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