Refinance Your
Car Title Loan!

Title Loan Refinancing - How It Works

To refinance an existing car title loan, you apply for new lending terms with a company that will either reduce the payment term or lower the interest rate so you can save money over the life of the loan. A title loan refinance is similar to when you work out new mortgage or auto loan terms. In those situations, you're looking to get out of debt quicker, and there's a clear advantage with a refi that will reduce the interest you pay.

The first step to refinancing a title loan is to find a company willing to offer you better terms than what you currently have. Also, your lender should be ready to work with the original title loan company to buy out that loan so you get new payment terms. These loans can be complicated if the lenders are unwilling to work together. However, if you can get past that point, there's a clear path to lowering your interest rate by refinancing.

Refinancing isn't for everyone, and refinancing your loan won't make sense if you already have a low interest rate and monthly payment that fits into your budget. Another reason to hold off on refinancing is if you're close to paying off your loan, as you probably won't save a lot of money if you get new payment terms in the last quarter of your loan payoff.

Call Southeast Title Loans at 800-308-1905 to find out how much we can save you with a payment term and interest rates that pay off your title loan quicker. Not everyone will qualify for a title loan refinance or buyout, but there's no obligation to apply and we'll let you know within 15 minutes if you're approved.

 

What To Expect With A Title Loan Refinance?

Anyone with an interest rate of 35% or higher should consider a title loan refinance. At Southeast Title Loans, we work with direct lenders throughout the Southeast, and many of these companies offer competitive rates that will lead to quicker loan repayment. Do you have a monthly payment that's getting harder to pay each month? We can sometimes reduce your monthly payment by refinancing and some customer can cut their payment in half and still have the same payoff term because of lower interest rates!

Start by applying online with us; we only need your current loan information and the type of APR you want. Remember, a refinance is typically only effective if you can pay more each month to reduce the overall balance. Negotiating a new repayment term can save thousands by lowering the interest rate and getting out of debt quickly.

 

 

How Does A Title Loan Refinance Work

Most title loans without a credit check are straightforward; the same applies to a typical title loan refinance. We'll contact your original lender and confirm your existing loan's APR, monthly payment, and estimated repayment term. Then, we'll work with them to buy out or renegotiate the current lending terms. This process often takes less than one business day, and at the end of the day, you can find yourself with a new loan with a lower interest rate and quicker payoff time!

 

What Type of Credit Do I Need For A Title Loan Refinance

Similar to when you first applied for a title loan, your credit is not as crucial with a refinance as the equity amount of your vehicle. Yes, there may be a brief check of your credit, but most importantly, we want to know how much your car is worth and how much equity you have that can be used as collateral for a loan.

Your credit history can be a concern with a refinance if you're currently defaulting on the original loan. That means you're behind on the payments, and there's a chance the vehicle can be repossessed. In this scenario, you'll likely be denied a refinance based on your credit, and that's because no lender will want to assume a loan if there's a likely chance of default.

 

Apply Now With Southeast Title Loans

Are you anxious about how much we can save you with a car title loan refinance? There's no risk in applying, and you should save a substantial amount of money in interest over the life of your loan. Apply online or call 1-800-308-1905, and we'll let you know within an hour what type of interest rate reduction you can expect with a refi!