We know that most people take out a title loan because they’re in a difficult financial situation and they need fast cash. But what happens a few months later when they’re making monthly payments and not seeing much movement on the total amount owed? That’s where refinancing a title loan can help by potentially getting you a new start with loan terms that reflect a reduced interest rate and payoff amounts that get you out of debt quicker.
But before you can refinance a title loan with GoTitleLend, there are several important factors to consider. Lenders look at is your credit score and they will use this as an indicator of what interest rate you qualify for on the refinanced title loan. If you happened to fall behind on your title loan payments or if it has been paid off in full then you may have trouble refinancing title loan.
In order to refinance a title loan, lenders will also look at the value of your car and its current condition. If you have made any major repairs or if it has been damaged in some way then this could play against you when refinancing title loans. So be sure that your vehicle is in good working order and meets the same original standards and requirements as the original lender certified.
How To Get A Title Loan Refinance – What’s Required
Refinancing an existing title loan can be easy if you know what the lender is looking for. In order to refinance title loans, you will need:
– Vehicle title or current registration
– Copy of current insurance policy and the card for it
– Proof of income (pay stubs) and bank statements showing enough funds available to make payments on time.
All of these items must be up to date and in good standing with no issues in regards to new liens or other loans added to the existing title.
How Quickly Can I Expect To Pay Off My Loan After A Refinancing A Title Loan
The title loan refinance rate is good for a set amount of days and it will likely be lower than what you have at present with your current finance company. If the title loan goes past that date, you can rollover into another title refinance with a new term if your lender allows it. Some lenders will not allow this option so be sure to ask before you sign any paperwork and definitely run the numbers through our online title loan calculator to see the monthly interest calculations.
If your title loan refinancing rate is higher than what your current finance company charges, then it may be best to wait for that date and see if they can negotiate a lower price with the title lender. The worst case scenario would be rolling over into another title refinance option at an increase in monthly costs. This could leave you paying more and is not something you would ever want to consider.
Find The Best Title Loan Refinance Company
It shouldn’t be too difficult to find the best title loan refinance for your situation. You first want to ensure your state will even allow you to refi an existing secured loan. Some states and jurisdictions may allow you to refi an existing loan, but the requirements may change if you were originally approved for a title loan with no income verification. Once you have confirmed with your state government this type of refinancing is possible, contact a title lender to see if they can help you get the best price for your vehicle’s value in comparison to what your car may be worth.
After contacting two or three online title loan lenders and comparing rates, it should be apparent who is the best choice and at that point, you can pick and choose based on the financing terms. Go with the company that you feel most comfortable with and of course select the loan terms that best fit your budget.
Can I Apply For A Title Loan Refinance Online
There’s no reason why you can’t be approved for a title loan refinance entirely online. The original lender already has your original pink slip and they can most likely run the title loan refinance application through their computer system without you having to step into a local office. Some companies may require a certified copy of the car title that has to come straight from the DMV and that can complicate the process. It’s best to contact customer service to see if there are any specific requirements in your state when it comes to the actual title.
You may be able to fax and sign your documents, but they will still need your pink slip in order for it all to go smoothly online or over the phone. Once you sign over the existing car title loan to the lender, you can be approved for a title loan refinance.