What is a Title Loan Refinance?

If you can’t manage your monthly title loan payment, you may be considering a car title loan refinance. Through a title loan refinance, a borrower can replace their existing title loan with another to obtain different loan terms. You can try to refinance a car title loan with your current title loan lender or find another lender who can potentially offer more optimal loan terms. The percentage of ChoiceCash loans that are refinances from another lender is about 2% of ChoiceCash loans.1

When you refinance a title loan, you can take out a new loan to repay your existing one, and the updated contract should ideally include more favorable loan terms. Car title loan refinancing can be done for several reasons, such as lowering your interest rate or extending the loan term, which will give you more time to catch up with your loan payments. So, if you’re struggling to repay your current loan, you can try to refinance your title loan and get back on your feet!1

With ChoiceCash title loans, you can expect a quick and flexible application process if you want to refinance your current car title loan. It can take no time at all to complete the initial inquiry form online and find out if you qualify for instant pre-approval! Call 855-422-7402 to start your application or ask any questions you may have about getting approved for a quick loan.1

What are Some Common Questions About Car Title Loan Refinance?

title loan refinance

Before you apply for a new loan or refinance your existing loan, it is important to access all the information you need to make an informed decision. Here are answers to some common questions people ask about title loan refinancing:1

Can I Refinance My Title Loan if I Have Bad Credit?

Yes, you can try to refinance a car title loan with a bad credit score and still receive competitive interest rates if you qualify! Learn more about refinancing loans with bad credit today by calling 855-422-7402.1

What Happens if I Can’t Repay My Refinanced Title Loan?

Be aware that borrowers who default on their car title loans could have their vehicles repossessed by their title loan lenders. If your loan payments have become unmanageable, you may be searching for title loan relief assistance. Make sure to contact your lender immediately and discuss your options. Proactively communicating with your lender is the best thing you can do if you experience any problems during the repayment process.

Is There Any Way to Extend the Length of a Title Loan Term Through Refinancing?

Yes, title loan refinancing can often allow you to obtain a longer loan term, giving you more time to pay back your loan. If you’re stuck in a financial rut, you may need some extra time to get back on your feet, so extending the length of your title loan by refinancing can be an optimal solution. It may also be possible to ask for an extension on your car title loan. Most lenders will allow an eligible title loan borrower to push their due date forward in order to give them more time to make a loan payment. A qualified borrower can typically push back their due date by up to one month in this kind of situation.

Speak with a ChoiceCash title loan agent at 855-422-7402 if you have more questions about a title loan refinance. ChoiceCash title loan representatives are available six days a week to answer your questions and walk you through the refinancing process!1

What are the Benefits of Refinancing a Title Loan?

Refinancing a title loan can potentially be beneficial for several reasons. Take a look at some of the advantages you may encounter if you qualify for title loan refinancing:1

  • 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’s 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.1
  • Access a Competitive Interest Rate: Applying for title loan refinancing may help you access more competitive interest rates, which means you could save plenty of 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 obtain approval for title loan refinancing, make sure to compare the new terms and interest rates to ensure you are getting the best deal.1
  • Get Better Customer Service: Let’s face it – no one likes to talk to a grumpy customer service agent. It can ruin your day and, in some cases, your entire 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!

How Do I Apply for a Title Loan Refinance?

title loan refinance online

A title loan refinance may sound complicated, but it can be quite simple. In fact, title loan refinancing is a lot like applying for a new car title loan! You will just need to fill out an application and find out if you can obtain approval for a loan – ideally with better terms and conditions than your existing one.1

Here are the three basic steps you must complete to apply for a car title loan refinancing:1

  1. Apply for a Title Loan Refinance Online or Over the Phone
  2. Submit a Few Necessary Documents:
    • The Title of Your Car
    • Valid, Government-Issued Photo ID Card
    • Proof of Income & Residence
    • Some Professional or Personal References
  3. Sign Your New Title Loan Agreement if You Qualify!1

Be aware that if you’re eligible for refinancing, a portion of your new loan amount will go toward the remaining balance of your original title loan. The average payoff amount that ChoiceCash pays off when refinancing a loan is around $2,500. After you sign the new contract, you can enjoy your new loan terms and start repaying your new loan! Once you’ve completed your payment obligations, the lender will release the lien on your title, returning full ownership of your vehicle back to you.1

With ChoiceCash title loans serviced by LoanMart, you can access a quick application process that was designed to be flexible and convenient. In some cases, when you refinance your car title loan, you may be able to borrow more than what you owe on your current title loan. The average amount that qualified borrowers can receive when refinancing their loan through ChoiceCash title loans is around $3,400! Find out if you qualify for title loan refinancing by filling out the pre-approval form or calling 855-422-7402 to speak with a ChoiceCash title loan agent.1

Why Should I Refinance My Title Loan with ChoiceCash Title Loans?

Here are a few reasons why ChoiceCash title loans serviced by LoanMart can be a valuable resource to consider when you need to refinance your existing car title loan:1

  • Access to Superior 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 who are helpful, knowledgeable, and available six days a week for extended hours!1
  • Transparent Loan Terms and Conditions: If you’re unhappy with your current loan terms, a title loan refinance could be the solution you’ve been searching for. With ChoiceCash title loan serviced by LoanMart, you can expect competitive interest rates, no balloon payments, and transparent loan terms.1

Complete a short questionnaire online if you want to try to refinance your car title loan today. Or, call ChoiceCash at 855-422-7402 if you have any title loan-related questions, such as “What if I don’t qualify for an auto title loan refinance?”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.

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.