A title loan buyout and refinancing may sound the same, but they are different! Title loan buyouts are essentially a business deal between two lending companies when one company sells the loan to another. With a buyout, the borrower will not get any choice with the process. While refinancing a title loan, the borrower will have full control over who they want to work with, and it is a decision that they can make themselves.
Keep reading for more information on the difference between title loan buyout and refinancing.
Why Do People Refinance Their Original Title Loan?
Many people choose to refinance an existing title loan to get better terms, a better payment plan, lower monthly payments, and lower interest rates with their new loan. This is especially if they are having trouble paying back their loan. Title loan refinance will entail finding a new lender that you want to work with, getting approved for the new loan, and then using it to pay off your existing loan.
When Do Buyouts Happen?
Buyouts for title loans will happen, when a company decides to sell its loans, to another company. Loan buyouts happen for many reasons, but for the most part, they have to do with how the business is doing financially, or changes within ownership or management— a buyout has nothing to do with your actions. When a buyout does happen things can change, so make sure to keep updated with your new lending company.
Common Misconceptions with Buyouts
One common misconception of buyouts is that they are title loans on cars that are being financed! That is not the case at all, a car title loan on a financed car is just that— a title loan that is taken out on a financed vehicle.
It may be possible to get a title loan on a financed car that you may be making payment on it. if you have equity on the car and have the required income you could be approved for a title loan.
What are the Important Parts of Refinancing?
An important part of refinancing a title loan is to make sure that you are getting the right lender for your needs! This means that you should pay attention to the interest rates, the repayment terms, and customer reviews! Make sure to look for a lender to find the right that cares about you and your loan. That is where Max Cash® Title Loans can help!
At Max Cash Title Loans we make it easy to connect with flexible and affordable lenders all across the lenders. Below are some of the benefits of how Max Cash Title Loans work?
Benefits of Working with Max Cash Title Loans?
Here are some of the benefits of working with Max Cash Title Loans:
Competitive Interest Rates—the interest rates for the auto title loans that we service are competitive from beginning to end. We already filter through the high-interest rates for you!4
Helpful Customer Service Representatives—all of our representatives are here to help you 7 days a week.
Bad Credit History or a Low Credit Score is Okay —whether you have bad credit history or a low credit score due to a previous financial situation you could still be approved for a car title loan! This is a huge advantage for those who cannot qualify for personal loans or credit cards.
Low Monthly Payments —the monthly payments are low because these loans are affordable.4
Get the Loan Proceeds Quickly Once Approved— after approval for a title loan, get the funds in as little as 24 hours!1 2
Trusted Title Loan Companies— all the title loan lenders that we work with are vetted and so you can rest assured that your information is safe and that you are getting everything that is in the contract.
An Easy 3 Step Process — the entire application process takes only about 3 steps! And once approved the funds can be made available in as little as 24 hours!1 2
Flexibility with Repayment — whether you need a short-term loan or a longer loan, the lenders that we work with could accommodate your repayment needs.
No Hidden Fees — there are never any hidden fees with the title loans that we service. And so no surprises during or after repayment.3
No Early Prepayment Penalties— you can pay back your loan as early as you would without any fees or penalties.3
Get Started with a Max Cash Title Loans Right Away!
We have years of experience in the title loan industry and helped thousands of people find better loan terms than they have with their current lender. To get started, simply head to our website, and apply for an online car title loan. Once approved for a title loan, the funds can be made available in as little as 24 hours.1 2
If you are looking to refinance your current title loan, then start with the experts at Max Cash Title Loans!
Know the difference between title loan buyout and refinancing is important, especially if a buyout happens to your loan, or if you are considering title loan refinance.