Refinancing may be the best option when there’s concern about losing your vehicle, or it’s becoming hard to handle the current payment plan. The easiest and most straightforward approach is to simply pay off your title loan, but that can be easier said than done.
Individuals choose to refinance because of many reasons, including high-interest rates, burdensome monthly payments, and subpar customer service.
What Does It Mean to Refinance My Title Loan?
Before thinking of refinancing a title loan, consider reselling your car to generate some cash. Selling your car can prove to be pretty difficult when there is not a clean title, but it is possible to do. It might be better to downgrade to a smaller vehicle while you’re in a tough financial situation.
You can do this firstly through a different loan, such as:
- A Fixed Rate Loan
- A Credit Union
- An Online Lender
Getting an alternative loan can help you pay off the title loan and keep your finances from spinning out of control. This can help your credit from taking a hit as well, which will affect your ability to borrow money for future needs. Paying off your title loan will also mean getting your car title back which can mean you would be able to sell your car and find a cheaper vehicle while you get your cash situation fixed. For more information on how to get a fixed rate loan and other personal loans, check out the Max Cash® blog!
If you’re not able to sell or obtain a secondary loan, refinancing is the better option.5 Another available option is to contact your title lender directly. Most lenders do not want to repossess your vehicle, as it can be costly, and they would rather see you pay your loan back.
What your lender or a new lender can do is refinance the loan to find a lower payment, or find a better financial option for you. This would mean going through your bank statements, financial records, and other forms of financial documents to see what you can afford to pay during your financial crisis. This can be the biggest piece of the puzzle when figuring out how to solve your financial issues.
Benefits of Choosing Max Cash
If you’re looking to refinance your title loan, look no further than Max Cash. Max Cash has the knowledge and expertise to refinance your loan with a plan that works for you in your financial situation. As a result of us being partnered with a ton of lending companies, we can offer you help for free.
If you’re feeling strapped for cash, know that you could receive the help you need right now! Let us match you with a lender that can potentially help refinance your title loan and offer flexibility with your financial needs.
Getting out of debt is hard. Let us help you find a lender for your needs!
If you’re in need of finding a lender for your financial situation, then please give us a call today at (855) 561-5626 or send an email to info@maxcash.com.
