When monthly payments are too much or the interest rate is sky-high, refinancing your auto title loan may be a good idea. However, it is a good idea to know more about the refinancing process in advance. Max Cash® is here to provide you with some tips for refinancing your title loan!
Make Sure That Your Account with Your Old Lender is Closed
This is something that is not always given as much thought as it should be and often slips people’s minds. Just because your loan with your old lender has been fully paid off, that does not mean that your account with them has been entirely closed off.
If you do not remember to close your old account, your old lender could still have a lien on your vehicle’s title, among other things. You definitely do not want that.
It is still good to make sure that all of the loose ends are tied up! Be your own financial advocate.
Find Out About Any Fees Involved Ahead of Time
Some lenders may charge you various fees for helping you close out your old loan. And, they may charge for setting up a brand new one.
Before you decide to go ahead with refinancing your title loan, it is important to make sure that you have a solid idea of what kinds of fees your new lender may want to charge you. Knowing what fees a new refinanced loan will have may help you determine if it is a good deal or not.
Only Refinance a Title Loan if You Can Actually Get a Good Deal
When you want to refinance your title loan, make sure that the deal that a new lender is willing to provide you with is actually worth it enough to go through all of the trouble of doing so. If the difference between your old title loan and a potential new one is only marginal, then it might not be worth the effort and time it would require.
If your new lender is not willing to give you a good enough deal, you may need to go and find a different lender. You may also need to work on improving your credit score. That way, you can qualify for a better interest payment. Additionally, you could access other benefits.
Make Sure Your Payments Post-Refinance Go to the Right Place
After you have fully gone through the process of refinancing your title loan, you will need to make sure that your payments are going to the right place. Make sure that you are sending your money to your new lender and not the old one by accident. This may seem obvious, but accidents do happen from time to time. Double-check your payments as you do not want to send your hard-earned money where you do not need to, after all.
Refinance Your Title Loan Through Max Cash!
Did you know that you can refinance your title loan with Max Cash?5 We facilitate countless types of loans and do the hard work for you! You may be able to have a sweet new refinanced title loan deal in as little as a single business day!2,5
We have made it super quick and easy for you to be able to get in touch with us. To get started toward a refinanced title loan and a well-deserved sigh of relief, you can talk to us by:
- Calling us on our toll-free number at 833-207-9052
- Emailing us at info@maxcash.com.
