What is a Title Loans Refinance?
Car title loans can be a lifeline when you need fast financial help, with some lenders offering quick approval, flexible application processes, and prompt funding. If you already have an existing loan and want to shake things up, however, a title loans refinance or a title loan buyout may also be an option to get new terms.4 5
Just like anything having to do with our finances, title loans can sometimes get out of hand. Unexpected expenses and unforeseen financial situations can throw a budget out of whack during the repayment process. Thankfully, there are ways borrowers can work through these tough situations when they need new loan terms:4 5
- Get a Title Loan Refinance
- Get a Car Title Loan Buyout
With title loan refinancing, you are essentially getting a new title loan altogether, which means new terms! The good news is that no matter what option you want to go with, Max Cash® Title Loans can help you out.1 2 5 Call 855-561-5626 to speak with a loan processor now!
How Does a Title Loan Refinance Work?
Refinancing a loan is a common practice for borrowers looking for a new lender, better terms, an improved interest rate, more reasonable monthly payments, or even an increased loan amount. When a title loan refinance occurs, a title loan lender issues enough money to cover an existing title loan, along with additional funding in some cases.1 5
Borrowers who search for a title loans refinance are often unhappy with their annual percentage rate (APR), have high monthly payments, are looking for better loan terms, or are hoping to get more time to pay their loans back. Max Cash Title Loans strives to work with lenders in the industry who can offer convenient terms, so you can refinance your title loan and enjoy benefits you wouldn’t be able to find anywhere else!4 Enjoy competitive interest rates, new loan terms, and much more if you qualify for a title loan refinance!2 5
How Can I Apply for a Title Loans Refinance?
Ready to refinance? Here is a breakdown of what the title loan refinancing process looks like:5
Send in Your Information – To get started, you can call Max Cash Title Loans at 855-561-5626 or visit us online and send in your information virtually.1 2 5
Provide your Documents – Upon initial approval, your lender will ask for a few pieces of documentation.5 If you are working with the same lender, your documents and vehicle photos may already be on file!
Documents Needed for Title Loans Refinance
- Government -Issued Photo ID– This could be a valid driver’s license or a U.S. passport.
- Proof of Residence-A recent utility bill or credit card statement can prove your current address.
- Proof of Income– Many applicants will submit a recent pay stub or bank statement.
- Photos of the Vehicle – Take photos straight from your mobile device and text them in!
- Qualifying Vehicle Title– Must have your name on it.
- Loan information– You may need to have information about your current title loan handy.
Get Refinanced!1 5 – Once your lender has processed your documents, they will prepare your new contract for you to sign if you are approved. Before signing, you can discuss your payment plan and loan details with your loan agent. If you sign your contract, you can pick up your money at any money transfer location. You may also choose to have your money directly deposited into your account or sent via a check in the mail.1 2 5
If you have a different type of loan besides a title loan, it is still possible to consolidate the debt with a title loan!1 2 5
For example, if you have a payday loan, personal loan, or another type of funding and you wish to refinance with a title loan, simply inform your Max Cash Title Loans representative you wish to do so, and they can walk you through the process.1 2 5
Benefits of Refinancing with the Help of Max Cash Title Loans
Working with Max Cash Title Loans for a title loan refinance can come with some major benefits you may not find anywhere else. Check out just a few reasons why people all over the United States come to Max Cash Title Loans when they want to find a deal on a title loan refinancing:2 5
- No Pre-Payment Penalties3 – Some lenders will charge extra money for making a final loan payment before the due date. But when you work with Max Cash Title Loans, you can enjoy the freedom of making your final loan payments when it is most convenient for you, even if it is before your term ends!2 3
- Convenient Loan Terms4 – Refinancing your title loan means accessing new and convenient loan terms, hopefully lower monthly payments, and more time to repay your funding. When refinancing, discuss your payment plan by working closely with your lender, so it fits your unique financial situation.4
- Superior Customer Service – Your loan experience should be positive, so talking to a loan agent should reflect that! Max Cash Title Loans has a team of friendly loan processors who are ready to connect you with car title loan refinancing.2 5 Phone services are also available 24/7, so you can conveniently connect with an agent about your title loan refinance whenever it is convenient for you.
- Bad Credit is OK: Applicants may get discouraged from inquiring about loan refinancing if their credit score is less than stellar. But with car title loans, whether you are refinancing or applying for the first time, credit is not the focal point of the application process.5
- Competitive Interest Rates– When refinancing your title loan with the help of Max Cash Title Loans, expect to encounter competitive interest rates!4 5
When you need extra cash and want to refinance your title loan, start with the experts at Max Cash Title Loans!2 You could have your title loan refinance completed in as little as one day!1 5
FAQS About Car Title Loans Refinancing
Got more questions about car title loan refinancing? We have answers. Keep reading below to learn more about a title loan refinance, or give us a call today!
How do Lenders Decide if They Will Refinance my Car Title Loan?
Lenders use a similar process to determine if you are eligible for refinance to the one they used for your first loan. Refinancing a title loan is essentially taking out a new title loan to pay off your existing one. A few different things are considered by title lenders during this process:5
- Value of Your Car
- Length of the Loan
- Repayment Ability and Income
Lenders will use the condition, age, and mileage of your car to determine its value. In some cases, you may be able to obtain additional funding when refinancing your title loan, but your vehicle must meet the necessary criteria. Your monthly income is used to calculate how much you can afford to repay each month. And the length of the loan determines the size of your monthly payments. State law may limit the duration of your car title loan, which can impact the length and payment size.1 5
Do Car Title Loans Refinances Have Hidden Fees?
If you refinance your loan with a reputable lender, they shouldn’t include hidden fees in their loan terms. They will be easy to understand and the lender will be happy to explain any sections that you don’t understand. This means there shouldn’t be any balloon payments, large payments at the end of the life of the loan. Nor should there be prepayment penalties; you won’t be punished for paying your loan back early.3 4
Will Refinancing My Car Title Loan Lower My Payments?
In some cases, yes. With a title loan refinance, you may experience perks like lower monthly payments, more time to repay your loan, and a more convenient interest rate. However, that depends on a few different factors, such as your eligibility and the lender you decide to work with.4 5
Can I Extend the Length of My Refinanced Car Title Loan?
It may be possible to extend the length of your refinanced car title loan, just like you can sometimes extend your initial loan. The exact conditions will depend on the state and the lender you decide to work with.1 5 If they are able, lenders normally allow borrowers to roll their loans over by providing them with a new car title loan that covers the balance of the original loan. While there may be some fees associated with this, borrowers can take advantage of the lower loan rate from their refinanced loan and the extended time they have to pay back their loan.4
What is the Difference Between a Car Title Loan Buyout and Title Loan Refinancing?
When a loan buyout occurs, it means that a lending company has purchased a loan from another company. Unlike title loan refinancing, this is generally not the borrower’s decision, but it can benefit the borrower if the terms of the new loan are more advantageous.4 When a title loan buyout happens, the terms of the loan and the remaining loan balance are both disclosed to the new lender.
How Max Cash Title Loans Could Help You Refinance
There are some useful advantages that come with choosing Max Cash Title Loans for your car title loan refinance needs, such as:5
- We are open 7 days per week
- Having a low credit score or no credit at all may not be a hindrance5
- Having declared bankruptcy in the past may not be a problem5
- Pre-approval is quick and easy5
- Receive new loan terms that are convenient4
If you have any questions about car title loans or you need to get a hold of us for any reason, reach Max Cash by:
- Calling us directly at 1-855-561-5626
- Emailing us at info@maxcashtitleloans.com
Interested in learning more about title loans refinancing and buyouts? You’ve come to the right place! At Max Cash Title Loans, we are the #1 Nationwide Title Loans Referral Service. If you want to discuss options, we are there for you! Just give us a call today to learn more about a title loan refinance and what the next steps are for you.2 5