Refinance Your Title Loan

Refinance A Car Title Loan With Express

A title loan refinance allows you to get a better deal with new terms and payoff amounts for your loan. A lending company will check your credit and pull a new report to ensure you aren’t getting another title loan. New title loan lenders have popped up nationwide, so many people taking out title loans are now offered lower interest rates through refinancing options.

How Does A Car Title Loan Refinance Work And What Are The Benefits?

The process to refinance your title loan is somewhat similar to when refinancing a home or car loan. Often, customers have high interest rates and unfavorable payment terms and look for better repayment options to repay the loan more quickly.  This type of loan benefit is apparent, as getting out of debt faster and paying less interest and fees throughout the lending term is helpful. Also, getting a lower monthly payment may be in your best interest if you’re having trouble making timely payments. In this case, you’ll repay the loan over a longer time, but refinancing can significantly benefit you if you avoid defaulting.

How Much Money Can I Save By Refinancing A Title Loan?

You can save considerable cash when you apply to refinance your existing car title loan. You might be able to lower the interest rates and save thousands on payments and the overall principal balance. With many companies, you also make one monthly payment instead of making weekly or biweekly payments. These loans often require shorter payoff times, as secured loans typically last six months before being paid off.

What Do I Need To Get My Car Title Loan Refinance Started?

The requirements for a title loan refinance are the same as those for a typical title loan. Your car or truck has to be paid off and titled in your name. Even though the car's title will be signed over to the current title loan company, we'll still need proof that they're the only lienholder and the car is entirely paid off. We'll need proof of income through bank records or payment stubs; some customers can even prove income with social security or disability benefits. Lastly, we need proof that the vehicle is registered and has comprehensive insurance coverage.

Regarding the credit requirements, most lenders do not check your credit score for a title loan, and that’s the same with a refinance. You must be current on monthly payments and have a clear pink slip. There is no need to check your credit score when refinancing, and the requirements are minimal. This makes it easier for people with title loans to get re-approved.

How Much Will My New Monthly Payments Be?

One of the benefits of refinancing a title loan is that you can eventually make one monthly payment instead of making weekly or biweekly payments as the current contract requires. You can also gain an earlier payoff time by refinancing. It’s not unusual for title loans to last for six months before they’re paid off, but with a refi, this period could be reduced to 30% or more in some circumstances. It depends on your current rates and payoffs and how much you can save with the new financing terms.

Is There Ever A Time When I Should Not Refinance My Current Title Loan

Sometimes, it doesn't make sense to apply for a refinance. This happens when your rate is already low, think of an APR below 20%, or if you're close to paying off the original lender. In these scenarios, you likely won't see much of a benefit by refinancing your current loan, and no lender will take on a refinance with such a small repayment term. A lender may offer you a new title loan, but that would not qualify for refinancing.

Apply now with Express Car Title Loans to reduce your existing title loan rate. Even if we can lower your APR by a few percentage points, that could mean a savings of thousands of dollars!  There's no risk in seeing how much money you can save, so call us at 1-888-864-7180 for a quick refinancing quote for your title loan.