What Does it Mean to Refinance a Car Title Loan?
If your monthly title loan payment has become unmanageable, one of the options you may be considering is a title loan refinance. Your financial situation may have changed, and your budget does not fit your current loan terms.
Borrowers tend to refinance their loans for many different reasons:
- To Receive More Optimal Interest Rates
- Get Lower Monthly Payments that are Affordable
- Get More Time to Pay the Loan
- Choose a New Lender with Better Customer Service Agents
Refinancing a car title loan simply means that you are replacing your current loan with another in order to obtain different loan terms. It can be done for several reasons, such as lowering your interest rate or extending the loan term. The benefits of title loan refinancing can potentially include a more competitive interest rate and more time to catch up with your loan payments.
With ChoiceCash title loans, you can expect a quick and hassle-free application process if you want to refinance your current car title loan. Eligible borrowers may receive loan approval in as little as one business day! Find out if you qualify for a ChoiceCash title loan serviced LoanMart by filling out the pre-qualification form or calling 855-422-7402.1
What Happens When You Refinance a Car Title Loan?
When you refinance a car title loan, you are taking out a new loan in order to pay off your existing one. It is sometimes possible to refinance your car title loan with your current car title loan lender.1 Or, you can search for a new title lender that can potentially offer better terms and more competitive interest rates.
Refinancing a title loan can potentially be beneficial for several reasons:
- Lower Monthly Payments: Refinancing your car title loan may result in lower monthly payments, which can help free up your budget for other necessary expenses. While it is important to prioritize your title loan payment, it can be a huge relief to have some wiggle room in your budget to handle other bills and expenses.
- More Time to Pay: If you qualify for title loan refinancing, that can potentially give you more time to pay off the loan. If you are stuck in a financial bind, you may need some extra time to get back on your feet. So, it can be advantageous to refinance your current title loan in order to get different loan terms and more time to repay your loan.
- Access a Competitive Interest Rate: Applying for title loan refinancing could help you access more competitive interest rates. That could help you save a lot of money in the long run! You should only consider title loan refinancing if you can obtain more favorable terms and rates on the new loan. So, if you do obtain approval for title loan refinancing, make sure to compare the new terms and interest rates to the existing ones.
- Get Better Customer Service Agents: Let’s face it – no one likes to talk to a grumpy customer service agent. It can ruin your day and your loan experience! If you aren’t happy with the current customer service representatives you interact with, one of the additional benefits of refinancing your title loan with a new lender is that you can work with a new team of agents!
What Do I Need to Refinance My Car Title Loan?
A title loan refinance may sound complicated, but it can be quite simple. 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 find out if you can obtain approval for a new loan with (hopefully) better terms and conditions. To qualify for title loan refinancing, you must meet a few specific requirements:1
- Be at Least 18 Years Old
- Have a Qualifying Vehicle Title in Your Name to Apply for Title Loan Refinance
- Be Able to Demonstrate Your Ability to Repay the Loan
Call 855-422-7402 to speak with a ChoiceCash title loan agent if you have questions about the initial title loan requirements! The title loan agents work 6 days a week for extended hours, so don’t hesitate to reach out if you have any questions about title loan refinancing.1
What Documents Do I Need for Title Loan Refinance?
If you decide to refinance your car title loan, having the necessary documents on hand is crucial. You must submit the following documents during your application:1
- A Valid, Government or State-Issued Photo ID: Title lenders must verify your identity when you apply for title loan refinancing. You can submit a copy of your driver’s license, passport, or another certified state identification card.
- Authorization for Payoff: If you wish to refinance your current title loan, a payoff authorization form is necessary for the new lender to pay off the existing one. This document is needed at the time that the new loan agreement is signed.
- Proof of Address: ChoiceCash title loan agents will ask you to submit proof of your current residence. Many applicants will submit recent credit card / bank statements, utility bills, or mortgage statements.
- Proof of a Car Title in Your Name: The car title must be in your name at the time of your inquiry.
- Proof of Income / Alternative Income: You will need to provide proof of your ability to repay the loan in order to qualify for title loan refinancing. Fortunately, you don’t need a traditional job to refinance your title loan. You can simply submit proof of alternative income during your loan inquiry. Examples of alternative income include workers’ compensation, Supplemental Security Income, or pension income.
- Recent Photos of Your Vehicle: One of the perks of applying for a ChoiceCash title loan serviced by LoanMart is that you don’t need to go through a physical car inspection during the application process! Instead, you can conveniently upload a few recent pictures of your car in clear lighting. Make sure to include photos of the back, front, and sides of the car. You will need to submit a picture of the odometer reading and the VIN (Vehicle Identification Number).
With ChoiceCash title loan serviced by LoanMart, the application process can be convenient and simple!1 You can upload the required documents online or send them via email / text message to a title loan representative.
Benefits of Title Loan Refinance
With ChoiceCash title loans serviced by LoanMart, you can take advantage of the following benefits:1
- Excellent Customer Service: If you aren’t satisfied with the current customer service experience you are receiving, you may be looking to refinance your title loan. With a ChoiceCash title loan serviced by LoanMart, you can expect title loan representatives that are helpful, knowledgeable, and available six days a week for extended hours!1
- Keep Driving Your Car: Your car’s title is used to secure the loan, but just because you qualify for a ChoiceCash title loan does not mean you will automatically lose access to your vehicle. If you pay your title loan on time each month, you can continue to drive your car and maintain access to your vehicle.
- Bad Credit is Okay: Bad credit can prevent many Americans from qualifying for traditional bank loans. With ChoiceCash title loans serviced by LoanMart, bad credit is not always an issue.1
Apply for Title Loan Refinance
If you’re unhappy with your current loan terms, a title loan refinance could be the solution you’ve been searching for. Qualified borrowers can refinance their title loans to obtain more manageable monthly payments and competitive interest rates.1
With ChoiceCash title loans serviced by LoanMart, you can access a quick application process that was designed to be flexible and convenient. Find out if you qualify for title loan refinancing today by filling out the pre-approval form or calling 855-422-7402 to speak with a ChoiceCash title loan agent! It can be that simple to get started.1
Frequently Asked Questions
What Companies Will Refinance My Title Loan?
If you’re not satisfied with your current title loan terms, you can try to refinance your title loan. Find out if you qualify for title loan refinancing today by filling out a short pre-approval form on the ChoiceCash title loan website. It can take no time at all to find out if you are qualified!1
If I Refinance My Car Title Loan, Can I Get More Money?
Yes, with ChoiceCash title loans serviced by LoanMart, it is possible to borrow more money and access better terms if you qualify for title loan refinancing.1
Where Can I Refinance My Car Title Loan Near Me?
You can apply for title loan refinancing online! With ChoiceCash title loans, you can begin the application process using your smartphone or computer. There is no store visit required, and eligible borrowers could obtain approval within one business day.1
Do I Need Good Credit to Refinance My Title Loan?
Not necessarily. You can still qualify for title loan refinancing even if you have bad credit. The title lender will consider your credit history, but it isn’t the focal point of the application process.1
Can I Refinance My Title Loan to Avoid Repossession?
If your title loan is currently in default, you will not be able to apply for title loan refinancing. If you want to refinance your title loan, you need to be in good standing with your current lender.