Title Loan Refinance

What Does it Mean to Refinance a Title Loan?

Title loan refinancing is simply the process of replacing a current title loan with another in order to get better loan terms and conditions, or more cash. You can either refinance an auto title loan with your existing title loan lender or find another lender that can potentially offer more competitive terms.¹

With title loans serviced by LoanMart, you can expect the auto title loan refinancing process to be simple and convenient. If you qualify for title loan refinancing, you can pay off your existing title loan and put some extra money into your bank account.¹

Benefits of Title Loan Refinance

Looking to refinance your current car title loan? The key potential benefits of car title loan refinancing include the following:

• Get a Better Interest Rate: One of the biggest potential advantages of refinancing your car title loan is that you can get a lower interest rate! Having a lower interest rate can help you save money while you pay back your loan. However, it is important to understand that just because you qualify for title loan refinancing does not mean that you will receive a lower interest rate – be sure to compare the interest rate for your refinance approval to the interest rate you are currently paying.¹
• Get More Money: Depending on the current amount of equity in your vehicle and your income, refinancing your auto title loan could help you obtain additional funding. If the approval amount for your refinance application exceeds the amount needed to pay off your existing title loan, you may receive the surplus and spend it as you wish!¹
• Get a Lower Payment: If the monthly payments on your existing auto title loan are too much for your budget, being able to potentially get a lower payment through a refinance can be a key benefit. Depending on the terms of your refinance approval, a lower monthly payment can be the result of a lower interest rate, longer loan term, or combination thereof!¹
• More Time to Pay: You may want to consider title loan refinancing if you are in a tough financial situation and need additional time to repay your loan. Simply call your existing title lender to see if they can arrange a loan extension. If your current lender isn’t willing to negotiate, you can potentially refinance your car title loan with a new lender to obtain longer loan terms and additional time until your next payment is due.
• Better Customer Service: Your interactions with customer service agents can make or break your loan experience. If you aren’t happy with the service you are currently receiving, then you can refinance your title loan with a new title lender that has a reputation for excellent customer service. LoanMart’s compassionate customer service agents are available 6 days a week for extended hours!

Life is full of challenges, and it is impossible to be prepared for everything. An unexpected expense or a trip to the emergency room may have left you short on cash and in a financial bind. If you are struggling, it’s understandable! Some borrowers will refinance their auto title loans because their monthly payments have become unmanageable. Your vehicle could be repossessed if you cannot keep up with your car title loan payments. If you are having difficulty paying off your current title loan, you may want to consider refinancing it.

Apply for a refinance online or contact a LoanMart title loan agent at 855-422-7412 to learn more about title loan refinancing!

How to Get A Title Loan Refinance?

The process to refinance a title loan is similar to applying for a new title loan. Here are the three simple steps involved:¹

• Apply for a Title Loan Refinance
• Submit The Required Documents
• Sign Your New Title Loan Contract!¹

If you qualify for title loan refinancing, a portion of the new loan will be used to pay off the remaining balance on your original title loan. Typically, the lender that’s refinancing your loan will directly pay off your existing title loan.¹ In most states, transferring the vehicle title or lien to the new lender is also handled directly between your old lender and your new one.

Therefore, after you sign the new loan agreement, you’ll be able to enjoy your new loan terms and start paying off your refinanced loan!

Title loans serviced by LoanMart offer the following payment methods:

• Set Up Automatic Payments With Your Bank Account Or Debit Card
• Pay Through the Online Portal on the LoanMart Website
• Pay via Phone
• Pay in Person at a Money Transfer Location Near You 

Don’t hesitate to dial 855-422-7412 to speak with a LoanMart title loan representative. We’re here to help answer any questions you may have about title loan refinancing!

What Do I Need for an Auto Title Loan Refinance?

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If you decide to refinance your current car title loan, you should gather the necessary paperwork to start the process. The necessary documents will be similar to the ones that you used to apply for your existing car title loan.

Here are the documents you must submit during the title loan refinancing process:

• Authorization for Payoff: In order for the new lender to pay off the existing one, you must complete and sign a payoff authorization form. You will be required to provide this document at the time that the new loan contract is signed.
• Proof of Valid, Government or State-Issued Identification: You must present a valid, government-issued photo ID card, such as your driver’s license or passport.
• Proof of Residence: As proof of your current address, you can provide recent credit card statements, phone bills, utility bills, and more.
• Proof of Income: During the application process, you are required to prove that you have the means to repay a title loan, so you must provide proof of income. However, you don’t need a traditional career or a 9-5 job to apply for title loan refinancing! You can simply present an alternative source of income to prove your ability to repay a refinanced title loan during when you apply. Pay stubs, bank statements, benefit verification letters, and other documents can potentially be accepted as proof of income.¹
• The Title of Your Car: In order to qualify for title loan refinancing, the car title must be in your name at the time of your application.
• Vehicle Pictures: You will also need to provide a few recent photos of your car in clear lighting.

With a title loan refinance serviced by LoanMart, you can expect convenience during every step of the application process. You can upload the required documents online without any hassle! Or, you can email or text them directly to a LoanMart title loan agent. Call 855-422-7412 if you have any questions about the documents you will need to apply for title loan refinancing.

Is Title Loan Refinancing a Good Idea?

It depends on your individual situation. If you are able to obtain better terms and more competitive interest rates, then refinancing a title loan may be a good idea.

As mentioned above, some title loan borrowers refinance their loans in order to obtain more manageable monthly payments. However, that is not the only reason to refinance a title loan.

If you find yourself in one of the scenarios listed below, then car title loan refinancing could be an option to consider:

• If You are Consistently Struggling to Pay Your Title Loan
• If Your Current Title Loan Has Extraordinarily High Interest Rates That are Difficult to Manage
• If You’re Unhappy with Your Existing Lender’s Customer Service and Payment Options and Would Prefer Another Title Loan Lender or Servicer with Better Customer Service and Ways to Manage Your Loan

You should, however, only refinance your car title loan if the new loan offers at least equal or better terms and rates than your current loan. Otherwise, it may not be worth it. Don’t settle with just any title loan refinance. With a car title loan refinance serviced by LoanMart, you can expect great customer service, a convenient loan application process, and excellent customer service that can enhance your loan experience!¹ Visit the FAQ page to learn more about car title loans serviced by LoanMart. Or, call 855-422-7412 to find out more about title loan refinancing!

Apply for Title Loan Refinance Online

With title loans serviced by LoanMart, you can start the refinancing process online or over the phone without leaving your home. Just use your tablet, computer, or smartphone to get started with no hassle and no obligation!¹

It can be simple to get started, and it may only take a few minutes to get through the application.³ Apply online to find out if you qualify for title loan refinancing. Or, call 855-422-7412 to speak with a title loan agent. They are available 6 days a week to take your call and answer any questions you may have!