A car title loan is a type of loan that is secured by a vehicle’s title. Generally, these loans last a few years and are considered long term loans. In some cases, borrowers may find that a loan that once worked with their finances in the past, may not be the right fit for them anymore due to shifting financial circumstances.
If you are a resident of Skokie, Illinois, and currently have a title loan that doesn’t work with your finances anymore, then you may have considered refinancing.
Refinancing a loan involves using another loan to pay off an existing one. If you are a resident of Skokie and are looking to refinance a car title loan, there are going to be a few things that you should know— including information on title loans serviced by LoanMart.
Is Refinancing a Car Title Loan Worth it in Skokie, Illinois?
Before deciding to refinance an existing title loan, it is important to know the reasons why most people find refinancing worthwhile:
1) When They Cannot Afford the Existing Loan
Although a title loan may start off affordable, overtime, finances can change, and a borrower may require lower monthly payments and rates. Instead of defaulting, refinancing may be a good option to consider.
2) Wanting to Pay Off the Loan Earlier
In some cases, a borrower may want to pay off their loan earlier than the set repayment date. The issue with this is that a lender may not be open to early title loan repayment and may charge a large penalty fee. If paying back the loan early means saving a good amount of money, most people decide to refinance with another lender that allows early repayment.
3) Looking for a Loan with Lower Interest Rates
Many people turn to refinancing a title loan when they are looking for lower interest rates. For some, this may be because financial circumstances have changed, or they aren’t saving as much money every month as they would like.
How Does Refinancing a Car Title Loan Work in Skokie, Illinois?
When looking to refinance an existing car title loan in Illinois, there are going to be a few steps to take. As mentioned above, refinancing will involve taking out a new loan and paying off an existing one.
Here are a few things to keep in mind when refinancing a car title loan in Skokie:
You Can Choose Another Type of Loan to Refinance in Illinois
When looking to refinance an existing car title loan in Skokie, Illinois, you don’t have to get the same kind of loan, as other kinds of loans can be used as well!
Refinancing Can Mean Receiving Additional Funding, But Not Always
With loan refinancing, the new loan must cover the cost of the existing title loan. In some cases, the new lender may offer a person more than the amount needed to cover the cost of the existing loan. Sometimes, additional funding may be needed, but borrowers can opt-in for extra funds. On the other hand, declining additional funds is always an option with most loans and lenders out there.
Why Choose a Title Loan for Funding in Skokie, Illinois?
When looking to refinance an existing car title loan, once place to start is with title loans serviced by LoanMart1. These loans work just like a traditional car title loan—but there are a few key differences that make them unique.
Here are some of the unique features that come with a title loan serviced by LoanMart:
Competitive Interest Rates
The interest rates with title loans serviced by LoanMart are highly competitive! These loans were designed to be affordable, and the interest rates reflect that.
Flexible Repayment in Illinois
With title loans serviced by LoanMart, borrowers may receive years to repay the title loan in Skokie, Illinois. Along with that, early repayment can be made without any fees or penalties.
To acquire a refinanced title loan with title loans serviced by LoanMart, simply fill out a short online inquiry form1. From there, a loan agent will get in contact with you to discuss eligibility! Once approved, funding may be made available in as little as 24 hours in Skokie, Illinois1!