Table of Contents
- How Do I Know if I Qualify to Refinance My Auto Title Loan?
- Can I Restructure My Title Loan Through Another Lender if I Am Already in Default?
- What Documents Will I Need to Refinance My Auto Equity Loan?
- Why Should I Choose Title Loans Serviced by LoanMart to Refinance My Car Title Loan?
- How Can I Refinance My Title Loan Today?
- Are you Ready to Refinance Your Car Title Loan? Get Started Today!
Title loans can be an easy way for you to obtain fast cash in a financial emergency. However, your financial situation may have changed, and the loan terms may not suit your budget anymore, or your current terms could be unreasonable! When this happens, consider how a title loan refinancing could help your financial situation.
Borrowers can choose to refinance their title loan1 for many reasons, including:
- Better Rates and Terms
- Obtain More Affordable Monthly Payments
- Have More Time to Repay the Loan
- Deal with Better Customer Service Agents
Even if you are less than confident with your credit history, you can still apply to refinance your title loan. Title loans generally accept those from many different credit scores and financial backgrounds.1
How Can I Refinance My Car Title Loan?
To understand how you can refinance your title loan, it can be helpful to know what refinancing means. Refinancing is the process of replacing your current loan debt with another to obtain different loan terms.
As a borrower, you can choose between refinancing your loan with an existing lender, or you can find a new lender with more optimal loan terms. A title loan lender may be able to help pay off your existing auto title loan and give you a new loan with different terms.1 Title loan refinancing has many different advantages, including:
- Reducing Your Interest: When you refinance a title loan, one of the biggest advantages is the reduced interest rate you could potentially receive. A lower interest rate can help you save money in the long run! Reduced interest also helps you pay off your loan faster since more of each payment will go towards the principal balance instead of towards the interest.
- Get Better Customer Service: A good team of customer service agents can make a difference in your loan experience! Refinance your title loan with a good customer service team that has your back.
- Choose Better Loan Terms: With title loans serviced by LoanMart, your loan terms are personalized. Your payment schedule for your loan can be tailored to suit your income and lifestyle!1
- Get More Money: Depending on the equity in your vehicle and your income, you may be able to obtain more funds when refinancing your auto title loan!1
The process to refinance your loan is similar to applying for a title loan. With title loans serviced by LoanMart, your refinancing process could be just three simple steps:
- Apply for Title Loan Refinancing
- Submit Your Documents and Paperwork
- Sign Your New Title Loan Contract!
Your new title loan contract will show that a portion of the funds you have been approved for will help take care of the remaining balance of your existing loan if you are coming from another lender. After signing your loan contract, you’ll be able to enjoy your new loan terms and start paying off your new loan!
How Do I Know if I Qualify to Refinance My Auto Title Loan?
To qualify for refinancing your title loan, you must meet a few qualifications:
- Your Vehicle Must Have Significant Value
- You Must Have the Ability to Afford the Refinanced Loan
- You Must be in Good Standing with Your Current Lender
During the title loan process, you used your vehicle’s title as collateral for the loan. This gave the lender the security that the loan would be repaid one way or another. The lender would be able to repossess and auction your vehicle if you failed to meet the conditions of your loan. For this reason, your vehicle must have a certain amount of value.
In addition to your vehicle having a significant amount of value to refinance, you must be able to afford the new loan payment. This requirement is to protect borrowers from a cycle of debt and help borrowers obtain a monthly payment they can easily afford. With these qualifications met, refinancing your title loan can be hassle-free!1 Applying to refinance your title loan can take just minutes of your day.3 Get started by calling a loan agent today at 855-422-7412. Or, head online and fill out a short form to find out how much your car may be refinanced for!
Can I Restructure My Title Loan Through Another Lender if I Am Already in Default?
Defaulting on a title loan happens when a borrower has failed to make payments on their loan for some time. This time period varies from lender to lender, as some lenders will consider a loan in default after 30 days.
If your title loan is currently in default, you will need to get your loan in good standing before you will be able to refinance. Default can often be solved by paying the immediate due on your loan and paying any late fees to your account. If you are facing default, your best option is to contact your lender and communicate any financial distress. This could help reduce late charges and create a payment plan that works for both parties.
What Documents Will I Need to Refinance My Auto Equity Loan?
Applying for title loan refinance is similar to applying for a title loan. Borrowers will need to submit a few documents in order to receive approval. Fortunately, these are documents you’ll likely already have handy:
- Proof of Income: For a lender to set up a payment plan that you can afford, they will need to access proof of income. Paystubs, disability awards, bank statements, and other forms of alternative income will count as proof.
- Proof of Address: Mortgage statements, recent credit card bills, and utility bills are easy ways to provide proof of address.
- Title to Your Vehicle: The title must be in your name to qualify as proof of ownership.
- Photos of the Vehicle: Skip the in-person vehicle inspection by sending photos of your car! The back, sides, front, VIN and odometer reading should be included.
- Proof of Car Insurance and Registration: These items are often kept in your glove box, but they are necessary documents for most lenders.
All of these documents can conveniently be submitted online when you apply to refinance your title loan! Skip the hassle of going in person and apply from the comfort of your couch today.
Why Should I Choose Title Loans Serviced by LoanMart to Refinance My Car Title Loan?
Refinancing your car title loan is a big step to changing your financial situation. Many borrowers refinance their loans to avoid default and change their loan terms. When you refinance your title loan with a title loan serviced by LoanMart, you can expect to have these benefits with it:
- No Hidden Fees or Prepayment Penalties: If you have the means to repay your loan early, you can! There are no hidden fees or prepayment penalties to worry about that you might find from other lenders.5
- Customer Service is Available 7 Days a Week: If you have an issue, you have a customer service team ready to help with your loan!
- Online Application Process: Skip the lines and apply for a title loan refinance online from the convenience of home.
- Keep Driving Your Car: While you make timely payments on your loan, you can continue to drive your vehicle as you normally would!
- Get a Personalized Payment Plan: Other lenders will choose a payment plan for you. When you work with title loans serviced by LoanMart, you’ll receive a customized payment plan that fits your income and lifestyle!1
- Loans are Fully Amortized: Each month you’ll receive a clear set payment that includes both the interest and principal for a manageable repayment schedule.
- No Balloon Payments: Fixed payments can help you pay down your loan on schedule and on time- without the hassle of paying a large amount at the end of your loan term!
- A Fast Way to Refinance: With title loans serviced by LoanMart, the process to apply is streamlined and fast. It can take just a few minutes to complete your application!3
How Can I Refinance My Title Loan Today?
Refinancing your title loan is much simpler than you may think! When you are ready to refinance with a title loan serviced by LoanMart, you can expect the process to look like this:
- Fill out the online application here! Or give a loan agent a call today at 855-422-7412. Our team is available seven days a week for your convenience.
- Ask your loan agent what your options are with your current title loan. If refinancing is an option, your agent will be able to show you how much you can save when you refinance with a title loan serviced by LoanMart! Applying is easy and free.
- If you’re ready to proceed, it’s time to submit your documents and wait for approval! If you qualify, your loan contract will be drawn, and you can sign it when you’re ready. Enjoy your savings and new payment plan from your title loan serviced by LoanMart!
Are you Ready to Refinance Your Car Title Loan? Get Started Today!
Refinancing your title loan can help you cut back on stress and money! Choose title loans serviced by LoanMart to help you refinance your auto title loan today1 by applying online, or by calling 855-422-7412. It has never been easier to title loan refinance and get the help you need! It can take as little as 24 hours to get your new loan started with a title loan serviced by LoanMart.3