Is a Car Title Loan Secured?
When you have gotten into a car title loan, you might find that you have not exactly gotten the best deal that you could have. This is when you might decide to refinance your title loan.
However, you might want to find out first whether refinancing your title loan will be secured. Max Cash® is here to help shed a bit of light on this question for you today!
What Does It Mean When a Loan is Secured?
A secure loan is a kind of loan that is backed by collateral. Because secure loans are typically for larger amounts of money, the lender will want to be sure that no matter what may happen with the loan, they will get back the money that they provided.
There are many common types of loans that can be considered secured:
- Title loans
- Auto loans
- RV Title Loans
- Boat Title Loans
- etc.
Though there is plenty of risk in taking out a secure loan. But, there are also plenty of rewards, such as longer loan terms, lower monthly payments, better interest rates, and more money.
Is It Secure to Refinance a Title Loan?
Refinancing a title loan is absolutely secure.
Essentially, when you go to refinance a title loan, all you are really doing is taking out a different title loan to pay back your old one. Refinancing also helps borrowers get a better loan deal that works for their budget and lifestyle.
Since title loans are all secured by a vehicle title, your refinanced title loan will also be secure like your original one was.
How Does it Work?
Refinancing a title loan is actually a pretty simple and easy process. It is a lot like taking out a new title loan, but with some minor differences and additions.
One of the main differences between taking out a new title loan and refinancing an old one is letting the new lender know that the loan you are interested in taking out is meant to act as a refinanced title loan for a pre-existing one.
If everything seems to work out and you get approved for a refinanced title loan, there are a couple of different ways in which things could proceed, depending on what your lender decides to do. These ways include:
- Your lender will take care of paying off your old loan from your old title loan lender.
- More commonly, your new title loan lender will write you a check for the amount of money you need in order to pay off your old title loan.
In some cases, your new title loan lender may actually give you the option to choose between the two choices.
After that, you will start to make your title loan payments to your new title loan lender.
Find Out if You Can Refinance with Max Cash!
Max Cash is the only call you need to make!
Every day we help countless individuals just like you refinance their title loans. They can get terms that are much better for their current financial situations. We might be able to do the same thing for you!
With Max Cash, convenience for our customers is always the top priority. Because of this, we have made sure to provide you with a wide variety of quick and convenient ways for you to get in touch with us. They include:
- Calling us on our toll-free number at 833-207-9052
- Emailing us at info@maxcash.com.
