If you’re refinancing a title loan, you might want to be cautious. While refinancing can be a great way to lower costs, especially when done through Max Cash®, know that there are dangers involved.
As with any financial decision, careful consideration and examination of the repercussions should be involved. Max Cash will go over some of the things you should take into consideration when refinancing your title loan.
Defining Title Loans
There are multiple kinds of title loans. A title loan involves using the title of car as collateral. Some of the types of assets you can get a title loan on are:
- Cars and motorcycles
- Houses and motorhomes
- Land and property
- And more!
A title loan is a loan where you offer the possession in question as collateral in exchange for funds. This means that borrowers use their possessions as a reassurance to lenders that the loan will be repaid. The amount you can get on a loan is based on the value of the possession offered.
While title loans can be a great way to obtain some much-needed funds, using collateral makes it all the more important to keep up with your loan payments. Why? If a borrower fails to pay their bills on time, the possession used as collateral may legally change ownership to the lender.
Lenders have the authority to repossess possessions that you took the loan out on if loan agreements aren’t met. Make to remain diligent when it comes to paying back your title loan.
Defining Refinancing
Refinancing is a simple process that can, if done properly, make the process of working with a loan that much easier. So, what is refinancing, and how does it work?
When you obtained a title loan, your financial situation may have been different. Perhaps your credit score was lower, and thus you received a less than ideal rate. Or perhaps your income has shifted, and your monthly loan payment is too high.
Refinancing a title loan could mean receiving a new lender that offers superior customer service, lower rates, and better terms.
But if you want to refinance that title loan, don’t spend your precious time researching lenders and acquiring title loan rates. There’s an easier way, and it requires minimal work.
How to Refinance a Title Loan, and Negatives to Watch Out For
Now that we’ve defined what a title loan is, as well as what refinancing means, it’s time to go over the refinance process.
- Apply Online-For the first step of the process, you’ll need to get in contact with Max Cash. Inquirers have the option of calling at (855)561-5626 or sending an email to Info@MaxCash.com. Once you make contact, you’ll need to provide Max Cash with some information about yourself and your existing title loan. Make sure there are no special offers attached to your old loan, as you’ll lose those when refinancing.
- The Search- Once Max Cash has your information in hand, they’ll present it to partnered lenders that serve your area. Only trusted partners are allowed in Max Cash’s program, so no need to worry about quality.
- Completing the Exchange-With that lender found, Max Cash will use your information to put you in contact with each other, either by phone or email. Once you’re in contact, you can discuss exactly how you’d like to go about making the exchange of funds, and other last-minute negotiations.
And that’s a wrap! Once you’ve completed the three steps above, you’ll have finished the process of refinancing your title loan.
Keep an eye out for the issues we’ve covered in this article, and you’ll be safe in your search. Want to know more about title loans? Then check out the title loan section on Max Cash’s website!
