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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 different loan terms and conditions. You can either refinance an auto title loan with your existing title loan lender or find another that can potentially offer more flexible loan terms.
When you refinance a title loan, you can take out a new loan to pay off your existing one, and the updated contract should ideally include more favorable loan terms. With LoanMart, you can expect the auto title loan refinancing process to be simple and convenient. If you qualify for title loan refinancing, you could 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? Some of those perks of car title loan refinancing can potentially include the following:
- Get a Better Interest Rate: One of the biggest advantages of refinancing your car title loan is that you can potentially get a lower interest rate! That may help you save money in the long run. 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.
- 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 can offer an excellent customer service team. LoanMart has a team of customer service agents that are available 6 days a week for extended hours!
- 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 your existing lender or a new lender to obtain longer loan terms.
- 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.
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 title loan payments. If you are having difficulty paying off your current title loan, you may want to consider refinancing it.
Contact a LoanMart title loan agent at 855-422-7412 to learn more about title loan refinancing!
How to Get Title Loan Refinance?
Refinancing a title loan is similar to applying for a new title loan. Here are the three simple steps involved:¹
- Apply for Title Loan Refinance
- Submit Your Paperwork
- Sign Your New Title Loan Contract!¹
If you qualify for title loan refinancing, a portion of the money you receive with your new loan will be used to pay off the remaining balance on your original title loan. After you sign the new agreement, you’ll be able to enjoy your new loan terms and start paying off your new loan!
LoanMart can offer the following payment methods:
- Set Up Automatic Payments
- Send Checks Through the Mail
- 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?
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: A LoanMart title loan representative will ask you to provide proof of your current address. Some applicants will submit recent credit card statements, lease agreements, phone bills, or utility bills.
- 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 title loan during your inquiry. 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.
You may also be required to submit a few recent photos of your car in clear lighting. With a title loan 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. If you are able to obtain better terms and more competitive interest rates, then refinancing a title loan may be a good idea.
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 and Would Prefer Another Title Loan Lender with Better Customer Service and Loan Terms
You should, however, only refinance your car title loan if the new loan offers better terms and rates than your current loan. Otherwise, it may not be worth it. Don’t settle with just any title loan lender. With LoanMart, you can expect great customer service, a convenient loan application process, and perks that add to 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 LoanMart, you could 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.¹ ³ Visit the website 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!
Frequently Asked Questions:
Where Can I Refinance a Title Loan Near Me?
You can refinance your auto title loan without leaving your home with LoanMart! You can apply online or call 855-422-7412 to speak with a LoanMart title loan agent.
What are the Requirements to Refinance a Title Loan?
To qualify for title loan refinancing, you must meet the following requirements:
- You Must Be Listed as an Owner on Your Vehicle Title
- You Must Demonstrate Proof of Your Ability to Repay the Loan
- Your Loan Must be in Good Standing with Your Current Lender
Do I Need Good Credit to Refinance a Car Title Loan?
You can still qualify for title loan refinancing with bad credit. Title loan lenders mainly focus on your vehicle’s value and your income during the approval process. However, title lenders will still consider your credit history.¹
Can I Get More Money if I Refinance My Auto Title Loan?
Yes! You could potentially get some extra money if you qualify for title loan refinancing.¹
Can You Refinance a Title Loan?
Yes! If your current title loan is in good standing, then you can apply for title loan refinancing to hopefully obtain better loan terms and more competitive interest rates.