What is a Title Loan Buyout?

When a title loan is sold by one company to another, this transaction between two lending companies is known in the business sense as a title loan buyout. While this type of transaction is usually not your decision, if you are searching for a title loan buyout, what you are really looking for is a way to get a new loan to replace your existing title loan. This process is commonly referred to as title loan refinancing, but sometimes also referred to as a buyout. By obtaining a new car title loan, you have the opportunity to obtain better loan terms, lower interest rates, and more favorable repayment options.1

Who Will Buyout My Title Loan?

title loan buyout

With a title loan buyout, the lender pays off your current loan and provides you with a new loan agreement to review and sign. Finding a lender who will buy out your title loan may come with several benefits, especially if you are able to secure a lower interest rate, which can help you save money over the life of your loan. If you secure a new car title loan, you can potentially access more manageable loan terms, allowing you to focus on improving your finances and staying on top of your title loan payments.1

This path is only beneficial if you are able to obtain better loan terms, so before you sign your new loan agreement, review it carefully, taking into consideration the new interest rate and loan term to make sure you’re getting the best deal.1

How to Apply for a Title Loan Buyout Near Me

title loan buyout companies

Applying for a car title loan buyout is simple and straightforward. Follow these step-by-step instructions to make the process as smooth as possible:1

Compare Title Loan Buyout Companies

Websites like Trustpilot can help you gauge the experiences that customers have with a particular company, allowing you to make a more informed decision when choosing a lender who specializes in title loan buyouts.

Submit an Application

The next step is to fill out the online prequalification form on the applicable website. Provide all the necessary information, complete the questionnaire, and wait for a representative to reach out to you. If you are prequalified, you will be contacted by a title loan agent and instructed on how to proceed with your application. You may need to provide information about your current title loan, such as the current loan balance and the name of the original lender. If you are prequalified, you will be asked to submit proof of valid, government-issued identification, proof of address, the title of your car, and proof of income.1

Sign Your New Loan Agreement

After submitting your application, it will be reviewed promptly by a title loan agent. If everything is in order, you will receive your new loan agreement to review and sign. During this step, you can ask your title loan agent to clarify any questions you may have about your new terms and conditions.1

If you are unhappy with your current title loan terms, getting a new car title loan may be worth considering, so you can free up room in your budget to focus on more pressing matters. Follow the steps listed above to apply for title loan refinancing and experience a seamless approval process.1

Why Choose ChoiceCash Title Loans for a Title Loan Buyout?

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 applying for a new title loan to replace your existing one!1
  • Competitive Interest Rates: One of the main reasons why borrowers search for car title loan buyouts online is because they are unhappy with their current 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: Eligible borrowers can continue to drive their vehicles throughout the repayment process!1

Frequently Asked Questions about Car Title Loan Buyouts

When considering a title loan buyout, it’s natural to have questions. Below are the answers to some frequently asked questions about title loan buyouts:

Can I get a title loan to pay off another title loan?

Replacing your current title loan with a new one is called title loan refinancing or title loan buyout. Completing this process allows you to pay off your existing loan and receive a new one with different terms and conditions. Call 855-422-7402 to speak with a ChoiceCash title loan agent and find out if you can replace your current car title loan today.1

Can I still get a car title loan buyout with bad credit?

Yes, even if you have bad credit, you may still be eligible to apply for a new title loan. Don’t let your credit deter you from exploring the option of a title loan buyout! Call 855-422-7402 to speak to a ChoiceCash title loan agent and learn more about applying for title loan refinancing with bad credit.1

What happens to my current loan when I choose a title loan buyout?

Your current loan will be paid in full if you qualify for title loan refinancing. The new lender will pay off the existing loan and offer you a new loan agreement with potentially better terms, such as lower interest rates and more flexible repayment options.1

Additional Resources

  1. Title Loan Refinancing
  2. Companies that Pay Off Title Loans