How Does a Title Loan Buyout Work?

A loan buyout is essentially a transaction between two lending companies. A loan is sometimes sold by one company to another. Generally, title loan buyouts are not the borrower’s decision. Your current lender will provide details about your existing loan, such as the remaining balance and terms, to another lender. From there, the new lending company will take over the ownership and servicing of your existing loan. Typically, the interest rate, monthly payment, and loan term will not be affected by a loan buyout. 

Many people apply for title loans because they’re struggling with their finances and need emergency funding. A title loan buyout however typically does not change the terms of an existing loan, and also is ultimately not your decision if it happens. 

However, it can be your decision to apply for title loan refinancing! You can apply online or over the phone at your earliest convenience! Call 855-422-7402 to speak with a ChoiceCash title loan agent and find out if you can refinance your car title loan today.1 

Can You Refuse a Title Loan Buyout?

No. Generally, you have no control over the business deal, and if a lending company wishes to consolidate their loan portfolios, it’s up to them to make the proper arrangements. Typically, you can’t apply for a title loan buyout because it’s a business agreement between two companies. 

But, you can apply for title loan refinancing if you are unhappy with your current interest rate or loan terms. Unlike a title loan buyout, you can apply for title loan refinancing online as long as your loan is not currently in default! Typically, it is possible to refinance with either your current lender or another lender as long as your loan is in good standing. Refinancing your current title loan can allow you to pay off your existing loan and receive a new one with potentially better terms. 

What is a Car Title Loan Refinance vs. a Title Loan Buyout?

title loan buyout

When a borrower refinances their existing car title loan, they do so to (hopefully) get a lower interest rate and / or better loan terms. Unlike title loan refinancing, a title loan buyout is a business transaction, so the borrower is not intimately involved in the process. Although these terms are sometimes used interchangeably, they are not the same. 

With a title loan refinance, however, the borrower has more control over the process, meaning they can choose the company they want to work with! By refinancing a title loan, you can potentially lower your interest rate, obtain better terms and conditions, or even get more time to pay your loan. Additionally, it is possible for a qualified borrower to access more money if they qualify for title loan refinancing.1

What are the Benefits of a Title Loan Refinance?

When you refinance a title loan, you are replacing your current loan with a new one to get different loan terms. 

Below are the benefits you can expect if you qualify for a ChoiceCash title loan serviced by LoanMart:1

  • Quality Customer Service 
    ChoiceCash title loan agents are available six days a week for extended hours to answer any questions you may have about title loan refinancing!1
  • Apply for a Title Loan Refinance Online or Over the Phone
    With a ChoiceCash title loan, you can conveniently apply for refinancing online by using your smartphone or computer. You can also apply over the phone with a ChoiceCash title loan agent by calling 855-422-7402.1
  • Competitive Interest Rates1
    If you’re looking to refinance your current title loan, chances are you want better interest rates. With ChoiceCash title loans serviced by LoanMart, qualified borrowers can expect competitive interest rates and a flexible application process.1
  • Keep Driving Your Vehicle
    What happens to your vehicle when you apply for a title loan? Fortunately, eligible borrowers can continue to drive their vehicles throughout the repayment process! The average American spends about 55 minutes a day behind the wheel. Naturally, you don’t want to lose access to your car, so pay your new title loan on time!

How Can I Apply for Title Loan Refinancing? 

You can apply for title loan refinancing online and over the phone! The title loan refinancing process is quite similar to applying for a car title loan!

Take a closer look at the three simple steps to apply for a ChoiceCash title loan:1

  1. Begin the Inquiry Online or Over the Phone
    If you are unhappy with your current title loan terms, consider refinancing your loan! With ChoiceCash title loans, you can begin your application by filling out the prequalification form online or speaking directly with a title loan agent over the phone. Call 855-422-7402 to get started!
  1. Gather and Submit the Necessary Documents
    You must provide the following documents in order to qualify for a ChoiceCash title loan:1
  • A Valid, Government or State-Issued Photo ID
  • Proof of Address
  • Authorization for Payoff
  • Proof of a Car Title in Your Name
  • Proof of Income / Alternative Income
  • Recent Photos of the Vehicle

    You can send these documents to a ChoiceCash title loan agent via email or text message! Or, just upload the documents online during your inquiry. It can be that simple!1
  1. Sign Your New Loan Agreement if You Qualify1
    The last step of the title loan refinancing process is to sign your new loan agreement if you qualify! During this step, you can ask your title loan agent to clarify any questions you may have about your new terms and conditions.1

Can I Get Additional Money if I Refinance My Title Loan?

online title loan buyout

Yes, it is possible to get additional money if you refinance your current car title loan. The amount that you can obtain if you refinance your title loan will depend on a few different factors, such as the loan balance of your existing loan, your income and the value of your car. The value of your vehicle may have depreciated over time, so it may not be the same as when you applied for your current title loan.1 By entering some information about your vehicle into this online calculator tool, you can receive a car equity estimate and loan quote, free of obligation to ChoiceCash borrowers.1

You may not have control over whether or not a title loan buyout occurs, but you can choose to try to refinance your current title loan! Go online or call 855-422-7402 to learn more about title loan buyouts and title loan refinancing today.1

Carolynn P.
Carolynn P.
With over two years of experience as a financial content writer, Carolynn P. works to create engaging and educational content that meets the applicable compliance and editorial standards. Over the years, she made valuable contributions to the ChoiceCash blog as a writer on the content team. She routinely wrote articles about a variety of topics, including car appraisals, budgeting, and loan servicing.