Refinance An Existing Car Title Loan
Did you recently take out a car title loan or title pawn only to realize that the payment terms or interest rate do not work for your situation? There’s good news, as you may be eligible for a title loan refinance. When you refinance an existing loan, that loan will be given new payment amounts and/or interest rates. This is an ideal scenario to get into a more affordable payoff agreement and you may even have the chance to get back to current status on your loan if you’ve fallen behind or are in default with the original lender.
What Are The Requirements To Refinance A Title Loan
Consider a few important factors and requirements when refinancing your title loan. First, the lender you choose will likely want to see that you are still current on your original payments. Additionally, they will look at your past loans to see if you’ve defaulted or had any loans in a repossession or write off.
Refinancing your current loan will lead to new repayment terms and a lower interest rate than what you currently have. Because the payment terms will change you must show proof that you can repay the loan and verification that your vehicle is licensed and registered with current tags.
If you can afford the new repayment terms and feel confident that you can stick to them, refinancing your title loan could be a great way to get into a more manageable agreement. Be sure to research and compare different lenders before deciding to find the best deal for your needs.
Benefits That Come With A Car Title Loan Refinance
A refinance of your title pawn can offer several benefits, including:
– A lower APR can save you thousands over the full lending period.
– Lower monthly payments make budgeting for your title loan easier. If you’re further along in your initial term, you can lower your required monthly payment by at least 30% and sometimes more if you want to add on a few more months.
– Shorter or longer repayment terms give you more flexibility in paying back your title loan. Some people prefer to change their repayment terms as the flexibility can help down the road.
– The ability to get back on track with your past due loan payments, if you have fallen behind. Anytime you can get out from a payment default is a win and you avoid a possible repossession.
– New payment options which may help you afford your title loan payments. Don’t hesitate to throw out some different payment amounts to your title pawn company when discussing a refinance. It doesn’t hurt to start high and see if they will negotiate alternative payments for title loans online.
Apply Now To Refinance A Title Loan
When considering refinancing your title loan, take time and evaluate the different financing options. Consider a personal loan or cash advance as a priority before you apply with another car title loan lender.
Don’t hesitate to contact Title Pawn Online once you decide on a refi. We can help you get started with your application and answer any questions or concerns you have about our title pawning refi!