What are Common Questions for Refinanced Title Loans?
So, what are the common questions for refinanced title loans? Choosing to refinance your title loan is a big decision. Refinancing involves getting a whole new loan set up. So, there are definitely some details to take into consideration before doing so.
Understandably, you may have a few questions regarding what goes into refinancing a title loan. It is important that you make an informed financial decision. So, in the long run, everything works out in your favor.
Max Cash® is here to help answer some common title loan refinancing questions.
Common Questions for Refinanced Title Loans
Take a look at the most commonly asked questions when it comes to refinancing a title loan.
Common Questions for Refinanced Title Loans:What are the Benefits of Refinancing?
The main benefit of refinancing your title loan is getting a deal that works out better for you. Usually, people refinance in order to get:
- A lower monthly payment,
- A better interest payment,
- More time to pay off the loan,
- Or all the above.
But from time to time, borrowers will refinance in order to get a higher monthly payment so they can be done paying their loan back sooner.
Common Questions for Refinanced Title Loans:How Long Does Refinancing Take?
Refinancing a title loan may not take that long at all, to be quite honest. The processing time depends on what title loan lender you are trying to refinance your title loan with. In many cases, the process may be completed in as little as a single business day.
What is the Refinancing Process Like?
Refinancing a title loan is almost completely identical to the process of filing for a new title loan, but with a few minor differences. When you go to file for your new title loan, you will need to tell the loan agent that the purpose of this loan is to refinance an existing title loan.
If you are approved by the lender for a refinance, they will either pay the old loan off for you or give you the money to pay it off yourself. Once you do that, your new lender will sign on as the new lien holder in place of your old lender. You can then start making payments to the new title loan lender.
How Important is Credit When it Comes to Refinancing?
Your credit is about the same level of importance for refinancing as it was for when you got your initial title loan. Many companies do not use your credit as the main criteria for approval. But, they will still do a credit check to see if you have recently filed for bankruptcy or are in pre-bankruptcy finance counseling.
Can I Refinance My Title Loan Online?
You sure can! Due to the fact that the world is going more and more digital these days, the title loan industry is following suit. You can also handle the entire process of refinancing your title loan online as well.
Does the Value of My Vehicle Factor In?
The value of your vehicle does play a role in whether you will be approved for a refinanced title loan. Lenders have different criteria for what amounts of money they are willing to provide for various vehicles based on their current market value. That being said, your vehicle should still be worth around the same amount as it was when you initially got the title loan.
Some of the Most Common Questions for Refinanced Title Loans can be Answered!
If refinancing your current title loan seems like the best option for you, then you should come straight to Max Cash!
At Max Cash, we work closely with title loan lenders in the industry. We could help you get connected to a refinanced title loan in almost no time at all!
For customer convenience, we have made it easy for you to talk to us. Below, we have provided a variety of contact methods for you to use in order to get started on the process.
These convenient methods include:
- Calling us any day of the week at (855) 561-5626
- Sending an inquiry email to info@maxcash.com.
- Coming down to our physical office at 1270 E. Broadway Rd., Suite 101a, Tempe, AZ 85282.
