Refinance Your Current Title Loan
Do you currently have a title loan but feel stressed by high payments or excessive APR? Or are you looking to repay the loan quickly with a more management repayment term? Highway Title Loans can help you with a title loan refinance; there’s a good chance you’ll get a quote in less than an hour! When you refinance a title loan, you should be able to get a lower monthly payment and a quicker payoff.
How To Refinance My Car Title Loan With Highway Title Loans
All that is required for a typical title loan refinance is for a borrower to bring the vehicle, current title loan details, documents, and any other paperwork necessary based on your state. You often need to be current on the existing loan’s monthly payments and can’t have any bankruptcies or other significant credit issues.
A typical refinance application will take a shorter time to process than a car title loan. That’s because a refi will require far less information, and the underwriting process is much quicker than when you first applied to use your car as collateral for a loan. We already know an existing title loan company has your pink slip, and at this point, it’s all about figuring out the new financing terms and amounts.
How Much Can I Save With A Title Loan Refinance?
You can save thousands over the life of a loan with a title loan refinance. This means that Highway Title Loans may be able to give you more time before having to pay off your title loan, saving you money every month until it is paid off in full! On the flip side, what if you want to pay off your online title loan quicker than what’s required with your current payment terms? In this situation, you would look to get a more favorable interest rate combined with a faster payoff to cut your lending term in half!
Consider an online title loan refinance similar to when someone wants to improve their APR or payoff amount with their home or vehicle. By refinancing this online title loan, you can refinance your loan to give a lower monthly payment or more time to improve these metrics and terms. So many loan borrowers have been in this exact situation where the monthly payments will never stop, and the interest and finance charges are causing your balance to decrease slowly. Take control of your loan payoff and apply for a title loan refinance when first eligible!
Other Benefits That Come From Refinancing With Highway Title Loans
Besides lowering your interest rates and monthly payments, you can also count on unexpected benefits from a title loan refinance. Did you know you can skip the first monthly payment when refinancing your loan? Much like mortgage refinances, the new lending terms are often set for a month out, and most lenders will let you skip or bypass the next monthly payment with most online title loans. You may also see new title lending companies waive your title loan origination fees and other fees that the original lender added to the previous financing contract.
Another great benefit of refinancing your title loan is that you can refinance the title loan with a newer model vehicle! This means car title lenders can take your current title and pink slip and turn it into money for you using the equity in your existing vehicle. The new terms and repayment schedule will go by whatever value has been determined on the updated title document and security interest contract.
Can I Still Qualify For A Title Loan Refinance If My Vehicle Mileage Has Increased
All legitimate title loan companies know you will add mileage and wear and tear to your vehicle. Even though the resale value of your car will be down when you apply for a title loan refinance, the odds are that you’ve also paid down the original amount owed, and most of these issues should equal out.
A typical applicant will apply to refinance bad credit title loans after 12 months with their previous lender. This is because the monthly payment can be lower than what you currently pay on your title loan, and most applicants want to see more progress in paying down their balance.
Online auto title lenders are also okay with higher mileage vehicles if they can still value it at least equal to the first loan amount. This number is based on their nationwide automatic valuation reports from different auto dealerships.