How Does a Title Loan Buyout Work?
Sometimes, a loan will be sold by one company to another, and this transaction between two lending companies is known as a loan buyout.
A title loan buyout is usually not your decision, and when it happens, your current lender will be required to share specific details about your existing loan with your new title lender, such as:
Once the necessary details have been shared and your loan is sold, your new lender will take over the ownership and servicing of your existing loan. If this happens to you, feel free to contact your new lender and ask them any questions you may have about the loan buyout process!
Who Buys Out Title Loans?
If you’re not happy with your current loan terms, you might be searching for title loan buyout companies online and typing, “How can I find a title loan buyout near me?” into the search bar of your web browser. Whether you are searching for a title pawn buyout or a title loan buyout online, there are a few things you need to know about how the process works.
A lending company will sometimes purchase a loan from another lending company in order to consolidate their loan portfolios. Generally, you can’t apply for a title loan buyout online because it’s just a business deal between two lending companies. However, if you are not happy with your current loan terms or interest rate, you can try to refinance your current title loan. Refinancing a title loan means taking out a new loan in order to pay off an existing one. This is usually done to save money by getting a lower interest rate or extending the loan term. As long as your loan is not in default, you can potentially apply for title loan refinancing online today!1
Got questions? Call 855-422-7412 to speak to a LoanMart title loan representative and learn more about title loan refinancing.1
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Can You Refuse a Title Loan Buyout?
A title loan buyout is essentially just a business arrangement between two companies. Typically, if you are a borrower, you will not initiate the transaction, and you will not be able to stop the transaction from taking place.
As a borrower, you can try to refinance your current title loan with a new lender if you are searching for a way to get new loan terms or a different interest rate. In order to qualify for title loan refinancing, however, your current loan must be in good standing.1
What is Title Loan Buyout vs. Refinancing?
If you’ve been searching for more information about title loan buyouts and title loan refinancing, you may have a few questions about how everything works. Keep reading to learn more about the differences between a title loan buyout and refinancing!
Title Loan Buyout
Since a title loan buyout is a business transaction, the borrower is not directly involved in the process. In most cases, a loan buyout does not affect the current interest rate, monthly payment, or loan term.
Title Loan Refinancing
Unlike a title loan buyout, you can be a part of the title loan refinancing process! You can try to refinance your existing title loan in order to hopefully get better loan terms and / or a lower interest rate in order to make your monthly payments more manageable. If you qualify for title loan refinancing, you may be able to receive more time to repay your loan! Sometimes, a borrower will refinance their title loan with a new lender in order to have access to certain perks, such as compassionate customer service agents.
You may have seen the terms title loan buyout and title loan refinancing used interchangeably online, but they are not the same, and it is important to understand the key differences between them. Ultimately, whether or not you choose to refinance your current loan depends on your financial goals and current financial situation. But if you have any questions about the refinancing process, don’t hesitate to visit our FAQ page or give us a call at 855-422-7412. Our helpful title loan agents are available for extended hours to answer any questions you may have!
How Can I Apply for Title Loan Refinancing?
Are you thinking about trying to refinance your current title loan? You may be pleased to know that the title loan refinancing process is straightforward and similar to applying for a car title loan!
Below is a list of the three simple steps you can take to apply for a title loan serviced by LoanMart:1
- Submit a Loan Inquiry Online or Over the Phone: To get started, all you will need to do is fill out a short inquiry form online or call a LoanMart title loan agent directly at 855-422-7412. Our title loan agents can walk you through the remainder of the refinancing process and answer your questions about title loans, refinancing, and more!
- Upload a Few Documents to Verify Your Information: Here is a short list of the documents you will need to have on hand if you are trying to refinance your title loan:
- A Valid, Government-Issued Photo ID
- Authorization for Payoff
- A Car Title in Your Name
- Proof of Income
- Proof of Your Current Address
- Recent Photos of Your Vehicle
You can conveniently upload the necessary documents online or send them to a title loan agent through email or text message.
- If You Are Eligible, Sign Your New Loan Agreement: Finally, if you are eligible for a new title loan, you can sign your new loan agreement! If you have questions about your new terms or interest rate, you can ask your title loan agent to clarify any aspect of your loan contract you don’t understand.
As you can see, the process is fairly straightforward and simple, so applying for title loan refinancing shouldn’t be a hassle. Click here or call LoanMart at 855-422-7412 to apply for title loan refinancing today!1
