What are Car Title Loans?

Searching for companies that pay off title loans? Before you can find title loan relief assistance or refinancing through a company, it is important to understand what title loans are and how they work.

A car title loan, otherwise known as an auto title loan, allows you to secure fast cash by pledging your car’s title as collateral for the loan. In order to get approved for a title loan, you will need to meet the lender’s application criteria, which typically include the following:1

  • Have a Qualifying Vehicle Title in Your Name
  • Be Able to Provide Sufficient Proof of Income
  • Be 18 Years of Age or Older
  • Have Enough Positive Equity in Your Car

By meeting these requirements and providing the right documents required by a title lender, getting approved for a quick title loan, and accessing up to 50% of your vehicle’s value is easy!1 Keep reading to learn more about companies that pay off title loans.

How Can Companies Help Pay Off Title Loans?

companies help pay off title loans

If you already have a title loan and are struggling financially, you may be searching for a title loan company to help you pay your loan. One of the main benefits of working with companies that pay off title loans is that you can learn how to refinance your current loan if you are unhappy with your loan terms or cannot make ends meet because of your current payment. Refinancing a car title loan simply means replacing your existing loan with another to obtain different loan terms. If you’re dealing with high interest rates or a difficult repayment process, title loan refinancing can help you obtain competitive rates or even an extended loan term! Call 855-422-7402 for more information about title loan refinancing.1

If you want to work with a company that pays off title loans, you might be curious about how to find a reputable option. Fortunately, the reputability of a company can be determined in several ways. For example, you can always search for a company’s ratings and reviews to see if they have positive feedback and a strong reputation in the industry. Check out websites like Better Business Bureau or Trustpilot to find reviews from past customers and see what their experiences were like with the company you have in mind to pay off your title loan. By working with a reputable company, you can take control of your financial situation and find the best solution for paying off your title loan.

Don’t let the title loan repayment process knock you off your feet. If you face issues when paying off your loan, you can consider refinancing your loan! If you qualify for refinancing through a ChoiceCash title loan serviced by LoanMart, you can expect a simple and hassle-free application process.1 Dial 855-422-7402 for more information.

What are the Benefits of Refinancing an Auto Title Loan?

Refinancing an auto title loan can offer several benefits to a borrower. If you’re considering refinancing your existing title loan, here are some advantages to keep in mind:1

  • Get a Better Interest Rate: One of the biggest benefits of title loan refinancing is that you can potentially access more competitive interest rates, which may help you save money in the long run. However, you should only consider refinancing your loan if you can obtain more favorable terms and rates on the new loan. So, if you do get approval for title loan refinancing, ensure to compare the new terms and interest rate to the existing ones. That way, you’ll be able to determine whether or not you’re getting a better deal and can manage your new title loan payment.1
  • Get More Affordable Monthly Payments and an Extended Loan Term: Refinancing a title loan may result in lower monthly payments and an extended loan term, which can help you save money for other necessary expenses. It can also give you more time to pay back your loan and get your finances in order. While it’s important to prioritize your title loan payments, it can be a huge relief to have some extra space in your budget to handle other bills and expenses.
  • Work With Better Customer Service Agents: Your interactions with customer service agents can make or break your loan experience. If you aren’t happy with the service you’re currently receiving, you can refinance your title loan with a company that can offer an excellent customer service team.

It’s impossible to predict everything life throws at you. An unexpected expense or an urgent care visit may have left you short on cash and in a financial crisis during the title loan repayment process. If you’re struggling to repay your current title loan, you may want to consider refinancing it. Call 855-422-7402 if you want to learn more about qualifying for auto title loan refinancing.1

What Do I Need to Refinance a Title Loan?

refinance a title loan

Before refinancing your title loan, simply reach out to your existing title lender or loan servicer to see if they can arrange a loan extension or allow you to push your due date forward. If your current lender isn’t willing to negotiate, you can potentially refinance your car title loan with your existing lender or find a company that provides longer loan terms.

Title loan refinancing can sound difficult, but it can be pretty straightforward. In fact, the title loan refinancing process is a lot like applying for a car title loan! You will just need to fill out an application and submit a few documents to verify your information.1

Take a look at the paperwork you’ll need to refinance a title loan with a company:

  1. An Authorization for Payoff: In order for a company to pay off your existing lender, you must complete and sign a payoff authorization form. You will be required to provide this document at the time the new loan contract is signed.
  2. A Valid, Government-Issued Photo ID: To prove your identity to a title loan lender, you must submit a valid, government-issued photo ID card during your application. Many applicants will submit a driver’s license, a U.S. passport, or a permanent resident card.
  3. Proof of Income: Whether you earn a living through a traditional 9-5 job or have an alternate source of income, you can apply for title loan refinancing online! If you don’t receive regular pay stubs from an employer and have an alternative source of income, you can use other documents to prove your ability to repay an auto title loan. This includes bank statements, pension income statements, or disability award letters. Call 855-422-7402 to learn more!1
  4. Proof of Address: You can submit several documents to a title loan lender to prove your current residence during your loan application. For example, you can submit recent phone bills, credit card statements, utility bills, mortgage statements, or a lease agreement.
  5. The Title to Your Vehicle: In order to qualify for title loan refinancing, the car title must be in your name at the time of your application.

With a ChoiceCash title loan serviced by LoanMart, the application process for title loan refinancing can be simple and flexible!1 You can upload the required documents online or send them via email or text message to a title loan agent. If you want tips for gathering all your documents, here are some strategies to help you smooth that process:

  • Organize Your Paperwork and Keep Everything in One Place
  • Check the Expiration Date on Your ID and Ensure Your Documents are Up-to-Date
  • Keep Copies Handy in Case They Get Lost or Misplaced

Be aware that having the proper documentation plays a crucial role in the title loan refinancing process. Title loan representatives will review everything for completeness during your application. Providing accurate and updated paperwork can help speed the application process and ensure a positive experience when refinancing your title loan.

If your documents do not meet the necessary standards (for example your driver’s license is expired), that can delay your application, so be proactive and make sure you have the right documents in advance! Call 855-422-7402 if you have any questions about vehicle-secured loans, such as “What if I get into an accident while I have a car title loan?”

Are There Any Consequences of Defaulting on a Car Title Loan?

Defaulting on a title loan can have serious consequences that can impact your financial future. It’s essential to understand the potential risks before taking out a title loan and have a plan to avoid loan default.

Here are some of the consequences you may face if you default on a car title loan:

  • Vehicle Repossession: Although your title will have a lien placed on it by the title lender after the loan is complete, you can drive your vehicle throughout the repayment process if you keep up with your title loan payments. However, if you default on your car title loan, you could lose your car to a repossession. Most title lenders and title loan companies prefer to work with you to avoid repossessions, so be as proactive as you can when it comes to communicating with your lender or loan servicer to discuss your options and avoid loan default.
  • Damaged Credit Score: If you miss payments or if your vehicle is repossessed, that can negatively affect your credit score if your title lender reports your loan to the major credit bureaus.

If you struggle to make title loan payments, taking action before defaulting on your loan is important. Preemptively communicate with your lender about the situation or try to refinance your loan through a company.

If you’re searching for companies that pay off title loans, consider refinancing your title loan online today! Use your smartphone or laptop to submit a quick form online, or call 855-422-7402 to speak with a ChoiceCash title loan agent about refinancing. ChoiceCash title loan officers are available six days a week for extended hours to take your call and answer any questions you may have!

Sebastían S.
Sebastían S.
Sebastían S. is a graduate of Texas State University and a contributing member of the ChoiceCash content team with over two years of experience in the financial services industry. As a proficient digital content writer, his writing style combines transparency and expertise in order to make complex financial topics accessible to a wide audience. Whether the topic is about title loans, debt management, or budgeting, Sebastian's objective is to provide readers with accurate and relevant information that is easily understood. Find him on Linkedin.