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 in that case, 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 a 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
Take into consideration 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 might request to see that you have not missed any payments in the past. If you can show that you have been a responsible borrower, the lender is likely to be more willing to work with you on new repayment terms for a refi.
Keep in mind also that refinancing may come with its own set of fees if they are in accordance with state and federal laws. These fees could include a loan origination fee and /or a title search fee. You’ll also likely have to pay for a new title insurance policy, as the old one will likely no longer be valid.
If you can afford the new repayment terms and you feel confident that you can stick to them, refinancing your title loan could be a great way to get yourself into a more manageable agreement. Be sure to do your research and compare different lenders before making any decisions, in order to find the best deal for your needs.
Who Qualifies To Refinance A Car Title Loan
Not everyone will qualify for a title loan refinance, but if you are current on your payments and have a good credit score, you can be an ideal candidate. You’ll want to speak with the lender about your specific situation to find out if you are eligible and also to see if they can adjust the terms from a bad credit title loan if you’ve been able to improve your credit rating.
There also could be a situation where you can get approved for a refi or title loan buyout even if you’re behind on payments with your current lender. In this scenario, the buyout would essentially pay off your current loan and give you a new one with more favorable terms. This can be a great way to get yourself out of a tough spot, but it’s important to remember that there could be fees and other charges associated with this process as well and in all likelihood, it will be somewhat difficult to get approved with any new company if you’re already behind with the current lender.
When it’s time to refinance your title loan, it’s important to do your research and compare different lenders to come up with the best title loan quote and payment options. By getting an upfront estimate you can receive the best deal for your needs and ensure that you are getting the most affordable repayment terms possible. If you are currently in default with your original lender or behind on payments, you may still have options available to you so don’t give up hope just yet. Speak with a lending professional today to learn more about your options. Also, look into alternative offers like a 2nd lien title loan or title pawn buyout which allow more flexibility in how you pay back the original finance company.
Benefits That Come With A Car Title Loan Refinance
A refinance of your title pawn can offer a number of benefits, including:
– A lower interest rate can save you money over the life of your loan. Don’t discount even a drop of a few percentage points. These rate decreases can add up to thousands of dollars in savings.
– Lower monthly payments which can make it easier to budget for your title loan. 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, giving you more flexibility in how you pay 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, be sure to take time and evaluate the different financing options. Consider a personal loan or cash advance as a first priority before you apply with another car title loan lender.
Don’t hesitate to reach out to Title Pawn Online once you decide on a refi. We can help you get started with your application and also answer any questions or address any concerns you have about our title pawning refi!