Can I Refinance My Title Loan?
Are you unhappy with the terms of your loan? If you’re finding it difficult to make your payments due to the loan’s interest rate or you dislike your lender’s level of customer service, you may be thinking – can you refinance a title loan? The answer is yes, but you need to find a lender that specializes in refinances. Additionally, your loan must be in good standing in order for you to undergo a title loan refinance.5
If you currently find it difficult to keep up with the title loan terms you have been given, you may want to consider refinancing your title loan. Max Cash® could help you get the process started.2 5
Why Refinance a Title Loan?
Refinancing is essentially taking out a new loan with the same or a different lender in order to pay off an existing one. But why do title loan borrowers refinance their loans? Generally, the goals of refinancing are listed below:
- Lower Interest Rate4
- Lower Monthly Payment
- More Time To Pay Your Loan Back
- New Lender Or Loan Servicer With Better Customer Service
It’s important to note that refinancing your loan will not automatically guarantee you better rates or a lower monthly payment.5 It’s important to compare your options to find the most advantageous way to refinance your loan!
How Does a Title Loan Refinance Work?
There are a couple of different ways that title loan refinancing works. Most commonly, the lender you decide to refinance with will pay off your existing loan without you having to lift a finger. From there, you will start paying back your new lender rather than the old one according to the new terms and conditions of the loan.
What to Consider Before Refinancing a Title Loan?
There are several different things that you should take into consideration before you go forward with the process of refinancing your title loan.
Depending on what lender you are currently with, you could end up getting charged a penalty fee for pre-payment. Lenders make their money off the interest they charge on a loan, so if they do not get the chance to accumulate interest, they make no money. As a result, some lenders have resorted to charging pre-payment penalty fees to make up the difference. That said, make sure that you won’t be losing money as a result of refinancing your car title loan.
Furthermore, it is best if you have your vehicle fully paid off. Although some lenders will be willing to work with you despite not having paid off your vehicle yet, you will have a better chance of getting a good refinancing deal if the vehicle whose title you are putting up as collateral is free and clear.
Can I Refinance My TitleMax Loan?
Looking to refinance your TitleMax loan? Whether you want to refinance with TitleMax or another lender, you have options!5 When going to refinance your title loan, do not put yourself through the strain and hassle of going from lender to lender on your own. Let someone else do all the legwork for you – like Max Cash!
Max Cash has spent years building relationships with reputable title loan lenders in the industry. We know how to negotiate and strive to help individuals learn how to navigate title loan refinances!2 5
Speak with Max Cash Right Now!
If you have decided that refinancing your current title loan sounds like the right option, get in touch with Max Cash! We have knowledgeable agents ready to speak with you and guide you throughout the loan request. Don’t look for lenders on your own, allow us the opportunity to help you find a title loan refinance.2 5
All you have to do to take that first step is to reach out to Max Cash by:
- Calling us toll-free at (833) 205-9052.
- Emailing us at info@maxcash.com
