Refinancing a Car Title Loan
A car title loan is a useful method of financing a new venture based on the value of your current vehicle. Whether you own a car, truck, boat or motorcycle, you can get a car title loan to lower your monthly car payments, provide a new line of credit and make it possible to stay in your car when it would otherwise be repossessed.
What Is Car Title Loan Refinancing?
Good question. Refinancing has many different applications. You’ve likely heard it in terms of refinancing a mortgage or a standard loan. However, it can also be applied to title loans in your state. Also known as auto title loans, these equity loans are based solely on the value of your vehicle. Applicable to cars, motorcycles, trucks and boats, these loans help people with little to no credit or bad credit accomplish a variety of things. After refinancing a car title loan through USA Car Title Loans, you get to:
- Lower your monthly car payments.
- Pay off your car title loan.
- Prevent defaulting on your car title loan.
- Prevent repossession.
- Keep your car.
- Take advantage of the lowest interest rate possible in your state.
But how is this any different than other refinancing loans? Simple. You don’t even need a lick of credit because you’re putting collateral up for the loan. The collateral is your car, which allows the refinancing company to feel confident in refinancing your car title loan.
These short-term loans may seem like they carry a higher interest rate but they really don’t when you consider the lack of a need for a credit check and the use of collateral only. Plus, compared to other companies out there, our rates are much lower, meaning you end up with a much more affordable loan to deal with on a monthly basis.
How can we make our rates so much lower, you might be wondering? Well, we only charge interest on the balance you owe, not the principle. So instead of having to pay interest on the entire loan amount, you only have to pay interest on the current amount you owe. This allows you to pay back the loan faster and saves you a significant amount of money in the end.
As the loan’s name suggests, a “car title loan” is one that is based on the car title or your ownership of the car, alone. So long as you have the car, it can be used as collateral for the loan.
Much of the time, refinancing car title loans is a very quick process. Just fill out a simple form and you will get instant pre-approval. All you need is a regular source of income. That’s it, and more often than not a car title loan can be yours.
If your initial car title loan is at a very high interest rate, we can cut that interest rate down and give you smaller monthly payments. Since we only refinance car title loans, we can afford to do this. We even go the extra mile and only charge interest on the balance so that you can pay back your loan faster. And with a longer loan period, you’ll feel less need to panic and more capable of taking charge of your finances.
If you have trouble making the payments on your car title loan, this could put you in a position where you might lose your car. This is definitely not a place you want to be. Thankfully, you can refinance your car title loan and solve the problem in literally just a few minutes. Refinancing will help you renegotiate your loan. Since your car itself is acting as collateral, USA Car Title Loans can afford to offer you a lower interest rate and a longer loan period. This lowers your overall monthly payment and gives you more time to pay back the entire loan.
How Do Refinancing Car Title Loans Work?
Before you go signing up for a car title loan or refinancing your current one, there are a few things you need to know about the whole process, how it works, and how it will affect you. For instance, you can only refinance so much against the car title loan. This amount is determined by the value of the collateral you put up to back the loan. In this case, it is your car itself.
We can offer car title loans that are equal to up to 80% the value of your car. That’s a great bargain and separates us from the competition. We work hard with each of our customers to get them as much money as we can and to come as close to amount they need as possible. We know you need that money for a good reason and we work hard to get it for you.
You must also own your car entirely. That is, you’ve already paid your car off. It is just the car title loan that has been giving you trouble. The title of the car must be yours in name and have no liens against it or not currently be in financing. It might sound like common sense, but you should also have the vehicle entirely insured in case of an accident.
You see, when you normally get a car title loan, the interest rate is sky high. It could range anywhere from 36% to 651.79%. This can make it next to impossible to pay back the loan within the allotted time, which is often very brief. If you have an extremely high interest rate, you will barely be able to knock a dent in the interest you owe, let alone the principle. Even worse, car title loans often require that you pay whatever lump sum is due on the last payment date. This can be quite large at times, making it impossible to pay, which is when you should turn to USA Car Title Loans for refinancing.
With refinancing, you can roll over the title of your loan. In effect, you take out a loan against the value of your car and the value of the loan. You can only repeat this process so many times before you run into government limitations. This is to prevent people from staying perpetually in debt and to ensure all lenders end up getting paid back.
Why You Should Refinance Your Car Title Loan
If you currently have a car title loan and you’re running into problems with paying it back, that’s reason enough to considering refinancing your car title loan. But not everyone is as easily convinced as that. So, to further convince you that refinancing a car title loan is the best way to go in terms of affordability, cost savings and ease of use, we’ve put together a list of the benefits of refinancing and why you should go for this option when given the choice.
The value of refinancing a car title loan is unparalleled. When you get in a tough money situation with your original car title loan, your first instinct may be to panic and dodge your lender’s calls. However, this just isn’t smart. There is a way to get out of this mess if you take responsibility now and take the appropriate steps to fix it.
Think of it this way: you have a car title loan with an impossibly high interest rate and an impossibly short term period, meaning you have neither the time nor the means to pay it back. But you can get a refinancing of that car title loan so you can pay it back. This is essentially a loan against the loan, using your car as collateral. These loans come at a much better value because they are a renegotiation of your original loan. You get entirely new terms and interest rates for this loan, and it is more often than not much lower than the original loan.
Refinancing is a straightforward way to get money quickly. Any effort you put into the application process will be more than worth it for the sheer value of the deal you’re getting. For instance, let’s say you have 60 days to pay back your car title loan. But with sky-high interest rates and an untouched principle, there’s no feasible way for you to pay it back. If you fall behind on payments, your car could be repossessed, leaving you out in the cold and out of luck. But once you get one of our highly valuable refinancing packages, you’ll suddenly be able to afford to pay back your loan. Your interest rate lowers and the loan period extends, giving you ample time to pay it back and keeping you in your car where you belong. And anything that makes it possible for you to stay in your normal life and able to drive to work and pick up the kids from school is worth it, don’t you think?
Even so, you’re still probably asking a few questions. Like, besides the lower interest rate, what’s so valuable about refinancing this kind of loan? The answer is pretty straightforward, actually. The process of refinancing your car title loan includes no hidden fees, which are an often-included aspect of other quick loans and refinancing packages like cash advances and credit card refinancing. Plus, you’ll end up paying a smaller amount back than you would have with the original loan for one simple reason alone: the refinanced rate is much lower than the original loan rate. This means a decreased amount of interest accrues and you pay less back in the end. Even better yet, you can take advantage of this excellently-valued loan deal all over the U.S.
Another thing that makes refinancing your car title loan a no-brainer is just how simple the process is. Seriously, it’s so easy it’s a wonder more people aren’t doing it. You don’t have to fill out complicated forms or go through rigorous processes to get approved for a refinancing of your car title loan. In fact, you don’t have to jump through any of the hoops that are normally associated with loan applications.
To refinance your car title loan, all you have to do is fill out a very simple form. It will typically include your name, address and other basic identifying information along with your current source of income, how much you make and from whom you currently have the car title loan. You’re approved in a matter of minutes. Really. It’s that simple! You don’t have to go through a credit check. We just don’t bother because the collateral is not based on your financial reputation. Rather, it’s based on the value of your car.
You can have bad credit or even no credit at all and still get this loan refinanced. This means, you can actually get yourself out of the financial pit you’re in and work toward improving or building your credit in the future. Sometimes, people just need someone to take a chance on them, and we’re more than willing to take a chance on you to help you get back on track.
To make this even simpler, since you don’t have to wait for a credit check, you can get your loan money right away. For the most part, you can get your loan refinanced the same day or the next business day after filing and receiving approval. You shouldn’t have to wait to start getting your financial life back on track. And since we have locations all over the country, you can pick up your loan money quickly. Or, just have us transfer the money straight to your account. Simple, easy and problem-free.
Savings With Refinancing a Car Title Loan
We’ve already talked about how beneficial refinancing a car title loan can be, especially in regards to how valuable the process is. It can save you time and the value is incomparable. However, what we haven’t talked about in great detail yet is the cost-savings aspect. A part of the great value of a car title loan after it has been refinanced is how much money you can save.
Sure, you know that by refinancing your car title loan, you’ll more than likely get a reduced interest rate–a rate that you can actually afford, allowing you to pay back the loan in a timelier fashion. However, it can also help you get out of a financial bind in other areas of your life.
Let’s say that you have been able to make payments on your car title loan just fine. But all of a sudden, you incur unexpected expenses in another area of your life, like medical bills or tuition fees that have made it difficult for you to pay your bills. So, even if you haven’t fallen behind on paying your car title loan just yet, you can still apply for a refinancing to stay ahead of the game and ensure you get the money you need before you fall behind. This way, you save a significant amount of cash on late fees and penalties. Plus, you get the cash you need in your hands when you need it, get to keep your car and more often than not end up owing less money than before. Not too shabby, huh?
Title loan Customization
Another perk of using car title loan refinancing is how easily customizable they are. You wouldn’t think a loan with no credit check would be so flexible, but it really is. In fact, you can negotiate to get a longer period of time to pay off your car title loan, which directly results in lowered monthly payments.
And if your credit isn’t the best, you can get refinancing without even having to go through a credit check, which means you can get your money faster.
Use USA Car Title Loans – We Can Help
If you are even thinking about refinancing your car title loan, you should contact us today. We’re equipped and capable of providing you with a loan refinancing within 24 hours, meaning you get your cash much faster than you would with other lenders. This means you can hang onto your car, and stay firmly rooted in your life without the major upset of a car repossession or decreased credit score.
We here at USA Car Title loans are dedicated to providing customers just like you with this valuable service so you don’t have to experience the humiliation and life-interrupting trauma of falling behind on your bills or losing your car. In fact, we disregard many of the things other lenders would hold against you. We don’t care if you have bad credit or no credit. We don’t care if you have tax liens or bankruptcies in your past. We don’t even care if you’ve had a car repossessed from you in the past. We’re here to serve you when you need the help the most. That’s it. Plain and simple.
You might be wondering why we’re so willing to loan you money, even if you don’t have the established financial record to back it up, when others aren’t. To us, we thrive off of knowing we can help people when they need it the most. When you’re seeking out the refinancing of a car title loan, we figure you wouldn’t be requesting the loan if you didn’t really, really need it. We want to help you get the cash you need so you can pay your bills and stay or improve your financial standing.
We will loan to you when others won’t, and that’s enough to set us apart from the competition. After all, our services just can’t be beat. For instance, we provide the lowest interest rates around and extended term loans that last as long as 42 months, giving you ample time to pay back your debt. The loan amounts are highly variable. Depending on the worth of your car, we can refinance your car title loan for anywhere from $100 to $50,000 and with convenient locations all over the United States, it’s easy to find us to pick up your cash or to come in to ask questions. However, you should call us or apply online first.
If one of our stores isn’t near you, we have dedicated customer service on call just for you at any time on any day of the week to answer your questions. And we even have numerous payment options that make it simple for you to do business with us, no matter what your current financial situation.
To make payments on your refinanced car title loan, you just have to remit payment via cash, money order, check or even a wire transfer. Once you pay back the loan in full, you can walk away from your title loan and be sure that you are out of debt. It’s really that simple.
So if you are looking into refinancing your car title loan or just want to talk it over with someone experienced in the field, contact USA Car Title Loans today. With our expertise and your need to refinance your loan, we’re sure we can work something out that gives you a favorable loan and a lower interest rate and a longer loan term period.
What are you waiting for? Get on the phone and contact USA Car Title Loan right now to start the process. Then, you’ll be one step closer to financial stability and getting rid of your debt for once and for all.
Call us now or use our online application to refinance your car title loan today!