This is when refinancing might look enticing. However, if you do not have the best credit history, it may be a bit more difficult to get a good deal on a refinanced loan.
This is where getting someone to cosign on your refinanced title loan might be an option for you. Is such a thing possible, though? Max Cash® is here to discuss the matter with you!
Could I Get My Title Loan Refinanced with a Cosigner?
Absolutely! Just as you can take out a regular title loan with a cosigner, such is the case when you would like to refinance a pre-existing title loan. Applying with a cosigner could get you a better title loan deal that works more in your favor.
Be Mindful When Bringing in a Cosigner
Bringing in a cosigner for your title loan refinance is a serious responsibility for both you and the person you are asking to cosign, and a decision neither of you should take lightly.
Anyone you bring on as a cosigner should have a strong, solid, trust-filled relationship with you. They need to be someone you know you can trust to have your back financially. Likewise, you need to assure your cosigner that you will be able to pay back the refinanced loan completely on your own without any help from them.
There are multiple reasons for this. For example, if you default on your title loan, the cosigner is responsible for picking up the slack. They have to either continue making the payments or pay everything still owed back in one lump sum.
The cosigner’s credit will take a massive hit if you default on the loan. They are essentially putting their credit on the line in order to help you get the refinanced loan that you need. They have faith that you will be able to make good on the money owed.
Furthermore, there are emotional aspects to consider. If you fail to pay your loan and the cosigner faces negative repercussions as a result, it could heavily damage the relationship that you two have.
How Does Refinancing a Title Loan Work?
Refinancing a title loan is not all that different from getting a new title loan. Just as you did when you got your first loan, you will have to file for a title loan. When you are in touch with a loan agent though, you will need to inform them that the purpose of your title loan is to refinance a pre-existing one.
If you get approved for a refinanced title loan, what will then happen is one of two things:
- Your new title loan lender will pay off your old loan and tie up any loose ends with the old lender.
- Your new title loan lender will write you a check for the amount of money you need to pay off your old lender.
In some instances, your new title loan lender may give you the option of choosing one or the other.
From there, you will start making all your title loan payments to your new title loan lender with the new deal that you have managed to work out with them.
Get Your Title Loan Refinancing Done with Max Cash!
If you have decided that you would like to go ahead and refinance your current title loan to get a more reasonable deal, then make Max Cash your first choice! We help to facilitate countless loans and loan refinances each and every day and we may be able to help you get the agreement that you need.5
At Max Cash, customer convenience is at the top of our list of priorities. For that reason, we have provided a wide variety of easy ways for people to get in touch with us. These include:
- Calling us on our toll-free number at 833-207-9052
- Emailing us at info@maxcash.com.
