If you have an auto title loan, you may already know how they work. When you use your car as collateral, the lender adds themselves as a lienholder and you make your payments until the loan is repaid in full. But what if you want to refinance your loan or need more money? You may be wondering, can I refinance my auto title loan?
What Happens if I Want to Refinance my Auto Title Loan?
There could be a number of reasons why you need to refinance your loan. Maybe you’re looking to get a better rate of interest and lower your payments. You could be looking to borrow more money, or maybe you’re just not happy with the customer service your lender is providing!
If you’re looking to lower your rates and/or your payments, you could call your current lender and see if they’d be willing to change the terms of the loan for you. If you have an excellent payment history, your lender might be willing and able to lower the rate, which will, in turn, lower your payments.
Similarly, if you want to borrow more money, you could find out if the lender is willing to help you, but again, it would also depend upon your payment history. The value of your vehicle would also be a factor as many lenders won’t be willing to let you borrow more than the car is worth.
If your current lender can’t help you with lowering your rates, payments, lending you more money or if you’re just not happy with their customer service, another option would be to try someone else. You would, however, need to pay off your existing loan first. The laws vary from state to state, but you could either pay off the existing loan yourself or find out if the new lender would be willing to do it for you; this is called refinancing.
Where Could I Go to Refinance my Auto Title Loan?
While there are many options you could go with to potentially refinance your auto title loan, there’s only one that can also potentially lower your payments every month.1 2
A ChoiceCash Auto Title Loan, serviced by LoanMart, has been trusted by thousands of borrowers across the country to refinance their existing loan and borrow a little more.1 A ChoiceCash Auto Title Loan can pay off your existing auto title loan and put some much-needed money into your pocket.1
To find out if you qualify, visit choicecash.com or, alternatively, call 855-914-2945 toll-free. Your loan specialist will be able to answer any questions you might have about paying off your existing loan and potentially lending you more.1
Your loan specialist will also explain the next steps and which documentation you’ll need to submit. This will include:
- Proof of Income – pay stubs, bank statements and award letters are all accepted
- Proof of Residence – almost any mail with your name and physical address
- Vehicle Photos – front, back and sides, plus the odometer and VIN
- References – can be either professional or personal.
Typically, for an auto title loan, you’ll be required to show you’re in possession of the title, but if you already have a title loan with someone else, the chances are you won’t have that available. Speak to your loan specialist about how to proceed; in many circumstances, vehicle ownership and lienholders can be verified with a DMV check. Have questions? Just call 855-914-2945!
What Are the Other Benefits of a ChoiceCash Auto Title Loan?
Besides being able to refinance your existing loan, a ChoiceCash Auto Title Loan provides benefits that few others can offer. For starters, you could have your monthly payments reduced on a regular basis.2
When you make your payments on-time, your loan’s annual interest rate can be reduced.2 Once the interest rate is reduced, your monthly payments will go down as a result, allowing you to put more money back into the bank.2
Continue to make your payments on-time and your payments could be reduced by nearly half over the lifetime of the loan.2 It’s like having your loan refinanced on a monthly basis!2
What if you want to pay it off early? That’s no problem – you’re free to pay off the loan at any time, with no pre-payment penalties, hidden fees, closing costs or balloon payments.
Looking for more money? With a ChoiceCash Auto Title Loan you can potentially borrow more when you need it. You can even keep the same low rate of interest you’ve worked hard for on your existing loan.
Don’t get stuck with an overpriced loan and payments you can’t afford. Apply for a ChoiceCash Auto Title Loan now and you could find out in minutes if you qualify.1 The entire process can be completed without ever needing to leave your home and you could be holding your money in your hands within 24 hours!1 Call 855-914-2945 toll-free or visit choicecash.com now!