If you have a vehicle, then you can use it as collateral to get a title loan. These loans are popular as they are fast-approved and can be a lifesaver when you need funds quickly. But after getting the funds, you may encounter high-interest rates or high monthly payments that leave you wondering whether you chose the right car title loan lender. Besides, you may also want to get more money with the same asset. Fortunately, you have an option to refinance your title loan. Title loan refinance refers to transferring an existing title loan or remaining balance to a new lender with different terms. This post explains the benefits of refinancing your title loan and how to do it.
Benefits Of Title Loan Refinance
Get Lower Interest Rates
Lenders have their way of choosing interest rates, and these can vary wildly between different lending companies. If you picked a car title loan lenders whose interest rates are higher than average, you could do something about it. Title loan refinance is an option in such a situation since it allows you to secure lower interest rates and monthly payments with our competitive interest rates.
Get More Cash
Title Loan refinance allows you to borrow more cash. The new licensed lender clears your current title loan company, and if the conditions are right, you get additional funding, depending on the amount you had borrowed in the first place.
Besides, the payments you have been making on your car increase its equity.
Reduce Monthly Repayments
High monthly payments can make title loans overwhelming, especially because you still have your other expenses. Car title loan refinance prolongs the repayment terms of the current car title loan, thus reducing monthly payments to affordable amounts. With no prepayment penalties, we can help you get the lowest title loan rates.
Better Customer Service
Other than better interest rates and more money, title loan refinancing allow you to choose a lender with better customer service. It can be frustrating when you can’t get the help you need from your current lender. But you don’t have to continue experiencing poor customer service, yet you can find a more flexible lender who responds to your issues promptly.
Refinance My Title Loan Qualifications
If you ever wonder “how to refinance my title loan.” We have the answer. Car title loan refinance is an easy process, provided you meet the requirements and have the correct information.
The requirements include:
- Proof of identity either through federal or state-issued IDs.
- Details on the model, mileage, year, and condition information of your vehicle
- Possession of the title and the car that you wish to refinance
- Name and contact details of the current lender
How Car Title Loan Refinance Work
- Go Through Your Current Plan
Before you consider refinancing your title loan, take some time to review the existing contract thoroughly to make sure we can achieve lower title loan monthly payments. Perhaps, it could be that your car title loan lender is not adhering to the set contract terms. Besides, the contract may have terms that would prevent or make it difficult to refinance, such as penalties and fees for early termination.
- Check Your Credit Score
To get a better deal through title loan refinancing, you must first qualify, which means demonstrating the ability to repay. You should not have late payments or default issues; otherwise, refinancing could be difficult for you. Refinance car title loans require this to be able to check for no bankruptcies open, bad credit is very acceptable.
Apply For Title Loan Refinancing
Of course, you want to find the best deal, so you need to explore the available loan options. After that, you can now apply to refinance your title loan. You will inquire for a title loan refinance, submit the paperwork and sign a new title loan contract. At Champion Cash Loans, we have great refinance title loan options that are incomparable with other companies find out how our friendly auto title loan officers can help. Reach out to us for more details about our options. Refinance car title loans today!