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:
– Lender Reputation – What is the companies reputation when it comes to refinancing or paying off existing title loans? Do they have decent reviews online and have they had success in buying out existing loans that may have already defaulted or gone in to repossession? Real world stories matter and you can learn about a prospective lender by checking their reputation online.
– Rates and fees – How much does each company charge to buyout an existing title loan. Do they offer a lower APR than the existing lender? Perhaps they have a better interest rate, but the fees may not make it worthwhile to get a title loan buyout?
– Customer Service & Experience – There are hundreds of companies across the county that offer title loans and many offer buyouts as well. But it pays to know how much experience each company has and whether or not they’ve been able to buyout title loans at better rate than what you currently have. Also, does you title loan provider have customer service reps that actually want to help you? Your lender needs to be on the same page as you and willing to come up with an effective solution if you ever default or fall behind on payments.
What Are The Current Laws & Restrictions Regarding Title Loan Buyouts
You must meet certain requirements to qualify for a title loan buyout. 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? Be prepared with this information before you apply for an online title loan buyout.
Seek out a title loan buyout with a company that’s licensed to offer secured loans in your state. Do your research thoroughly and shop around for a reputable auto equity lender that offers rates and customer service that are better than what you currently have.
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.
For those, who want to meet with a representative in person, that’s no problem! 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? If you’re still current on the payments and want to reduce monthly payments or get reduced APR, a lender should be able to process your buyout with no issues.
Instant Buyouts With California Title Loans
Don’t hesitate to reach out to California Title Loans to learn more about how we can help you with a loan buyout. We work with many large lenders in CA and there’s a good chance we can get you a lower APR with a buyout or refinance from a company near you. Apply online or call us at 855-339-1001 to see the new terms of your buyout.
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.