Companies In California That Buyout Title Loans

08Dec2022
Written By Robert Davidson

Did you recently take out a car title loan only to see a higher APR than you first expected? Or, have your required monthly payments increased with little reduction in your balance? In situations like these, you may want to look into a title loan buyout. A loan buyout is when a lender purchases your existing title loan and gives you a new one with different terms – usually at a lower interest rate or better payoff amounts.

Many auto equity lenders offer loan buyouts, but shopping around to find the best company and terms for your situation is important. Some lenders in California will offer higher interest rates or fees than others, so you must do your research before applying. Bottom line, you want to find a company that offers better customer service than your current lender and lower rates, and more favorable payment terms.

 

What To Look For With A Title Loan Buyout:

Types of lenders that pay off title loans – Check whether the lender is reputable and has good reviews online. Many of the best companies offering title loan buyouts near me will also be willing to give you pre-approval for your loan buyout, which can save you some time and hassle.

Rates and fees – Be sure to read all the terms of the new loan you’ll be taking out, including any fees or charges that may be added on. Also, check to see if there are any prepayment penalties. While these can help lower your interest rate overall, they can also trap you into paying more than you need to receive your money faster.

Improved Customer Service – You may be thinking, what difference does it make if my current lender is hard to get ahold of or challenging to deal with? Customer service is key when you try to negotiate a lower monthly payment through a refinance or loan payoff. When you’re looking for a title pawn company to buy out your existing loan, you should also consider if the new lender is likely to work with you on improving the rates and terms of the title loan.

 

Man & Woman completing a successful loan buyout.

 

What Are The Current Laws & Restrictions Regarding Title Loan Buyouts

To help protect consumers, the State of California has established a set of guidelines for companies that pay off title loans These include a cap on maximum interest rates that lenders can charge, as well as restrictions on fees and penalties. While these regulations are in place to help eliminate some predatory lending practices, they also have made it harder for borrowers to find legitimate lenders who will offer them lower monthly payments or better loan buyout terms. For example, while a lender might want to work with you to lower your monthly payment through refinancing your current loan or buying out your existing loan, it’s not always possible due to the regulations set forth by the DFPI.

On top of the restrictions listed above, you must meet certain requirements to qualify with a company that pays off title loans. For instance, are you still current on the monthly payments or have you fallen so far behind that the lender wants to repossess your car? Or, do you have a guarantor who will pay off the car collateral loan in full if you can’t? It’s always best to be prepared with this information before you start looking around for a title loan buyout.

When it comes time to find the best lending terms for your unique situation, seeking out a title loan buyout may be the best option to help you stay on top of your car payments without breaking the bank. You’ll want to do your research thoroughly and shop around until you find a reputable auto equity lender that offers competitive rates and customer service that exceeds your current one. By doing so you stand a good chance of having lower monthly payments or paying less interest over time by refinancing or taking out a buyout with more manageable payment options.

 

Find A Company That Pays Off Title Loans Near Me

Are you looking to get everything with your buyout completed online? Or would you prefer to talk to a representative in person to see if they will pay off the full balance? The good news is that you can do everything online with most of the larger firms that pay off online title loans. This makes it much easier for borrowers who are short on time or prefer to conduct their business online.

For those, who prefer to meet with a representative in person, that’s fine as well. A title loan buyout has far fewer underwriting requirements than a normal title loan and that’s because there is no need to undergo a credit check. Ultimately, your lender needs to see where you’re at with the company that currently holds the car title. Are you already in default, or has the vehicle been repossessed? In those cases, it will be difficult to get approved as there’s far too much risk for any lender in buying out a loan that’s already in default. However, if you’re still current on the loan and only looking to lower the monthly payment or get a more manageable APR, a lender should be able to quickly and easily process your buyout.

 

Apply With California Title Loans For An Instant Online Buyout

When you’re ready to get the ball rolling on a buyout, don’t hesitate to reach out to California Title Loans. We have connections with many of the larger title lending companies and most will give you a quick estimate and approval notification if you’re looking for a loan buyout. Call us at 855-339-1001 to see the new terms of your buyout. You can also apply directly online and expect an approval notification in less than an hour! There’s bound to be a company near you that’s willing to pay off your loan and we can help you find them!

 

Find a company near you that wants to pay off your loan in full.