Refinance Your Title Loan

Refinance With Express Car Title Loans

Have you been struggling way to long to stay current on your title loan payments and avoid having your vehicle repossessed? Some lenders lock you into loan repayments that take years to repay with rates that make it tough to pay down unless you’re paying double or triple the monthly payments. Contact us to see if we can beat your existing loan terms with new payoff options that better fit your budget. A title loan refinance allows you to get a better deal with new terms and payoff amounts for your existing vehicle-secured loan. 

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

Refinancing a title loan is similar to refinancing a home or car loan. Often, customers have high interest rates and unfavorable payment terms and want better repayment options to pay off the loan faster.  This benefit is clear: getting out of debt faster and paying less interest and fees over the loan term helps. 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. You don’t 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 benefit of refinancing a title loan is that you can eventually make one monthly payment instead of weekly or biweekly payments, as the current contract requires. You can also pay it off sooner 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 refinance. This happens when your rate is already low, such as an APR below 20%, In this 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 wouldn’t qualify as refinancing.

Another time it may not be worth it is if your loan is almost paid off or if you just took it out. Some lenders require a waiting period before you can buy out or refinance the loan. 

Apply For A Title Loan Refinancing in Arizona or California

We offer fast refinancing quotes on existing title loans in Arizona and California. It will only take a few minutes to see if we can save you money and as a state-licensed lender, we’ll work to get you the best rates possible.

It costs nothing to get a quote from Express Car Title Loans to reduce your existing interest rate. Even a few percentage points can save you thousands of dollars. There’s no risk in seeing how much you can save, so call us at 1-888-864-7180 for a quick refinancing quote.