Get Help Paying For Your Existing Title Loan
When emergencies pop up, you may have immediate cash needs and are seeking help. Taking out traditional personal loans can be a long process involving credit history checks, and they aren’t usually approved very quickly. Inquiring about a car title loan serviced by LoanMart can make a big difference in someone's life because they may receive access to funding within the same day1!
Title loans are great opportunities for anyone that is experiencing financial hardship, but may have bad credit. There is one important thing to remember about any loan, though– you need to pay it back within an agreed amount of time to the lender. If your terms are too unreasonable with your current lender, you may have trouble doing this.
Don’t let the stress of paying back your loan overwhelm you. There are plenty of companies that pay off title loans and can help ease your burden if you feel like you’re beginning to drown in debt. Learn about companies that help people pay off their title loans and the different options you have as a borrower!
What Are Title Loans?
Title loans are where a borrower puts up their car as collateral for funding from a lender. The car is considered ‘insurance’ in this case, and therefore the lender does not need to deeply consider their credit history. Since your car’s title is used to secure the title loan, your credit is not the focus of the approval process. The collateral minimizes the risk of lending to someone that does not have perfect credit.
One of the best parts about a car title loan serviced by LoanMart is that borrowers have full access to their vehicles during the entire repayment process! Unlike other types of loans, like a title loan pawn, title loans serviced by LoanMart allow you to keep driving your car like you normally would.
Different Names for Title Loans
There are lots of different names for title loans, but they are similar in function. Below are a few examples:
- Car Title Loan
- Auto Title Loan
- Vehicle Title Loan
- Car Equity Loan
- Pink Slip Loan
While the first three in that list are all very similar, the last two deserve a bit more of an explanation. A car equity loan is just another name for a car title loan, as it allows you to borrow cash based on the amount of equity you have in your vehicle.
If you need help figuring out how much equity is in your car, you can use this online calculator tool by entering a few pieces of information!
LoanMart offers this tool to title loan borrowers so they can obtain an estimate of their car’s current equity and a no-obligation quote.
In general, the equity in your car can be figured out by taking its value and subtracting how much is still owed on it. If you have paid off your vehicle and you don’t owe anything, your equity is likely the current market value of the car if it is in good condition. If you owe more money on your car than its total value, you may not have enough equity to be approved for a car title loan, as you likely have negative equity.
A pink slip is an outdated term to describe a car title. The term originated decades ago when car titles were printed on pink paper so that this important document wouldn’t get lost among all the other documents people had to keep track of. The term ‘pink slip loan’ just means auto title loans, but it’s not very applicable today, as pink slip loans are only called that in the state of California.
How Can Companies Help Pay Off Title Loans?
If you’ve taken out a car title loan, you may find that paying it off is a little more stressful than you anticipated. You may have thought that you had everything under control, but life is full of unexpected events and circumstances that don’t always line up perfectly. The good news is that there are plenty of companies that exist to help you pay off your title loans!
Many of them work by taking on your existing loan and providing you with new terms to pay them back over an agreed amount of time. Sometimes this is referred to as refinancing of a loan or a title loan buyout.
When a borrower gets approved for a loan to pay for a big expense, figuring out how to pay off title loans in a short amount of time can throw their finances out of whack. Instead of defaulting on a loan or dealing with debt collectors, you have the option to turn your existing loan into another deal.
Buyout Vs. Refinancing
When people think of car title loans that aren’t paid off, they can sometimes use these words interchangeably. However, a title loan buyout and a title loan refinance are two different things!
Title loan buyout is a business decision made between title loan companies by transferring loans at a discount. So, the loans that were once owed to one company are now owed to another. This is not the borrower’s decision, however.
Refinancing an existing title loan, on the other hand, is a decision made by the borrower. If you’re struggling to pay off title loans and you want to write up different term deals with a new company, you would be refinancing. The new company will pay back what you owe to the old company and then write up new terms for you to pay them back under.
What Are the Pros of Refinancing an Auto Title Loan with LoanMart?
Inquiring about title loan refinancing or a title loan buyout can be great for both the borrower and the company! The company gets its loans paid off while the borrower gets to renegotiate new loan terms and conditions.
With a refinanced title loan, you may have lower monthly payments over a more extended period than what you agreed upon before. This is a great option if you’re having trouble paying off title loans on time or if you feel like your monthly payments are too high right now. Below are some of the advantages of a title loan refinance with LoanMart!
Potentially Lower Monthly Payments1:
A great thing about refinancing a title loan is that you get the opportunity to change your loan terms and discuss lower monthly payments. If yours are feeling too steep at the moment and you’re on the verge of missing them, this could be a solution. Don’t let expensive monthly payments overtake your finances! Inquire about getting help to pay off title loans today.
More Competitive Rates1:
If your current interest rate feels too high, refinancing a title loan could be the answer to finding more competitive ones!1 Speak with a title loan agent to discuss your options for finding more reasonable interest rates on your refinanced title loan.1
More Time to Pay the Loan Back:
One of the best parts about getting approved for a title loan serviced by LoanMart is that you may get approved within the same day of inquiring1, 3! Access to money quickly is crucial under some circumstances, and there’s no better way to get that than through a title loan.3 Car title loans are great for covering short-term expenses, but you will be required to repay them within a certain period of time, as per the terms of your contract.
If that amount of time is starting to seem too soon for you, inquiring about a title loan refinance could be a great way to reconfigure a new payment plan! You can discuss options to find the best loan terms for your situation.
Better Customer Service:
When you inquire about a title loan refinance, this also gives you the opportunity to shop around for a company that offers better customer service. There are many reasons for becoming unsatisfied with your current title loan company. Perhaps their loan agents don’t provide you with enough assistance, or you don’t feel like they care about you, or they aren’t always available when you need them.
LoanMart has expert title loan agents and representatives available to speak with borrowers who are inquiring about refinancing their title loans! Call 855-422-7412 today to learn more.
No Prepayment Penalties:
Traditional banks or other online lenders may charge prepayment penalties if a borrower pays back their loan before the contract payoff date. This could help them save money on very high-interest loans, but many people do not like being punished for finishing their payments early. The great thing about working with LoanMart is that there are NO prepayment penalties!5
Refinancing your current title loan could allow you to make payments on your own schedule and avoid any pesky hidden fees and charges.5 Consider this when you’re deciding between different car title loan options!
What Documents Do I Need to Refinance My Title Loan?
If you’ve decided that refinancing is a good option to help you pay off a title loan, you will need to make sure you have a couple of important documents on hand during the loan inquiry. Similar to the ones you needed when you inquired about your initial title loan, the documents for refinancing a title loan are as follows:
Original Title Loan Agreement:
Getting help to pay off title loans requires showing proof of your original title loan agreement. This will show the new credit union, traditional banks, or lender what was originally borrowed, what the agreements were, and the loan balance leftover.
Government Photo I.D.:
You couldn’t have been approved for your current title loan without proving that you are an adult at least 18 years of age. The same goes for inquiring about a title loan refinance. You will need to show a driver’s license, passport, or another form of government-issued photo I.D.
Proof of Ability to Repay:
A new lender will want to know that you have the ability to repay the refinanced title loan under your new agreement. This can be proven in a variety of ways! You don’t need to have a traditional 9-5 job in order to show that you can make payments on time. You can prove this with:
- Social Security Benefits/Income
- Disability Checks
- Worker’s Compensation
- Small Business Ownership
Refinanced title loans serviced by LoanMart are very flexible when it comes to approving people from all kinds of financial backgrounds! There is nothing worse than getting stuck with bad credit loans and not knowing what to do next.
Proof of Residence:
Proof of residence is important because different states have different laws regarding their title loan policies. You can find out which states are serviced by LoanMart here. To prove where you live during your loan inquiry, you can show a piece of official mail, like a recent utility bill or a bank statement.
What are the Consequences of Defaulting on a Title Loan?
If you begin to miss payments on your title loan too many months in a row, most title loan companies have the ability to repossess your vehicle, because the loan will enter default. This is not a situation that any borrower wants to find themselves in, so it’s best to understand all of your options!
One of the worst things you can do as a borrower is to miss payments without reaching out to the lender about your money issues. With the right amount of communication and effort on your part, defaulting on a loan could be the very last resort.
This is why title loan refinance could be the perfect option for anyone who is having a hard time making their payments. You can renegotiate your terms and ask for a longer amount of time to make smaller payments.
Making Title Loan Payments Online or Over the Phone
LoanMart agents stay in contact with their customers to ensure fluid communication, so no one gets confused or overwhelmed by making payments on their new loan! Below are the many options you have for making monthly payments.
- Automatic Payments: There’s nothing worse than forgetting to pay a bill and then being charged a late fee. Consider turning your title loan payments on automatically each month. That means the amount will be removed from your bank account at the correct time each month without you having to do anything!
- Check in the Mail: If you prefer doing things the old-fashioned way, there is nothing wrong with sending a check in the mail to make your title loan payments.
- In Person: You can head to a participating money transfer location or a MoneyGram store in your area to make payments in person if that’s what you prefer! Sometimes people like to handle things concretely in the real world, and you have that option with title loans serviced by LoanMart!
Inquire About a Title Loan Refinance Today!
There are lots of companies that pay off title loans if you are struggling with your monthly payments. Don’t let your existing title loan overwhelm you– you can potentially save yourself the headache by inquiring about a title loan refinance, serviced by LoanMart.
Not all credit bureaus offer great customer service, competitive interest rates, low annual percentage rates, and low monthly payments. If you’re unsatisfied with your current loan terms and payment plan and want a new lender, consider getting a title loan refinance or title loan buyout.
Finding companies that pay off title loans isn’t difficult, but it can be hard finding ones that offer excellent customer service and have title loan agents available to talk to 6 days a week. That’s what you can expect from LoanMart! Discuss your new loan options today by filling out an inquiry form or by calling 855-422-7412 to speak directly to an agent.