California Title Loans now offers refinancing options to anyone looking to improve the rate on an existing title loan. A refinance can be great for those with interest rates above 40%, as most lenders offer an APR of 30% or lower. That means you can repay your loan quicker and save substantial money with a lower interest rate!
What’s Required to Get A Title Loan Refinance
Not all auto title loan lenders will refinance an existing loan, so you should shop around for different offers and see how much you can save with multiple quotes. Once you’ve found a lender, you must provide updated vehicle information and details about the existing loan and send in the required documents from the DMV and your current lender. You will also need proof of vehicle insurance, and most importantly, you can’t be behind on the payments if the car has been repossessed.
Get the Best Rates And Lower Your Payment With A Title Loan Refinance
Are you looking to lower your monthly payments or the APR to a more manageable amount? Many finance companies don’t offer you these reductions unless you ask. Be proactive and seek a car title loan refinance to get out of debt quickly! Here are a few tips to help you get the best rates and terms when refinancing your title loan:
– Shop around for the best APR and payment amounts: The first step is to shop around and compare rates from different lenders.
– Negotiate with your existing lender: Why apply for a title loan refinance if your current lender offers new rates and terms? See if they’re open to a refinance and save yourself a lot of time and money without having to apply with a new company!
– Wait for the best deal: Don’t go with the first lender who offers to lower your interest. All title loan companies have different terms, and waiting for the most favorable terms is in your best interest.
– Read the fine print on your contract: Review your repayment terms and make sure you can afford the monthly payment—that way, you know what to expect with the payment amounts and APR.
Other Options Besides A Title Loan Refinance
If you’re stuck in a situation where your current lender won’t budge on a refi, there are a few other ways to improve the lending terms.
Have you considered a title loan buyout or asking for any loan forgiveness? In these scenarios, you’d take on a new title loan with new terms to replace the old one. Your lender won’t say yes to every offer, but there’s not much to lose if you ask them if they’re open to a buyout.
Other lending offers can include a personal loan with smaller payments or even a short term loan with set payoff amounts. If you’re lucky enough to get a reduced rate, moving forward with that refinance is best to get a quicker payoff!
Contact California Title Loans to see what we can save you with a refinance! Please apply online or call us at 855-339-1001, and we’ll let you know within 30 minutes what your new terms will be!
Having lived and worked in California his entire life, Robert has a strong appreciation and understanding of the online lending environment. He’s managed teams of sales agents and customer service reps for a local title loan company and fully understands how important it is to respect and listen to his customers. He’s approaching 10 years in the title lending industry and looks forward to helping consumers all across the state.