Have you ever wondered if you could get those high monthly payments reduced on your title loan or if you can get some more cash on your vehicle?
Simple Cash Title Loans is the number one place to go if you ever thought about car title loan refinance. So, what is a refinance and how can I take advantage of a refinance to lower those high-interest rates or to get more money on my vehicle?
Keep reading below to receive more information on how you can refinance your loan with Simple Cash Title Loans!
What is a title loan refinance?
Basically, refinancing is the replacement of an existing loan obligation with a new loan obligation, usually under different terms. In the title loans industry, there are two refinance options to consider if you are not satisfied with your current loan terms:
- Refinance with your existing lender. This is probably the more common form of refinancing most people choose when they wish to refinance. if you currently have a loan with a certain lender, that lender may be able to refinance your loan. Refinancing this way, you may be able to receive more money on top of your existing loan, increasing your loan amount. it’s important to consider, that in most cases, the lender will keep the interest rates the same as before the refinance.
- Refinance with a different lender. Another excellent option to consider is to refinance your loan with a completely different lender, this is where Simple Cash Title Loans comes into play. This kind of refinancing will require the new lender to pay off your existing loan and provide you with a brand-new one. The new lender may be able to lower the interest rates on your new loan and sometimes may even be able to finance additional money on top of the old loan.
What are the benefits of a title loan refinance?
There are many great benefits of refinancing your auto title loan! When you are looking to refinance, give Simple Cash Title Loans a call and we will help you take advantage of these great benefits:
- Lower annual percentage rate or APR. When you refinance, a new lender may provide you with lower interest rates on your title loan. lower interest rates can go a long way in helping you pay off your loan sooner rather than later.
- Lower monthly installments. Some lenders may be able to lower your loan payments through a refinance. if you are ever stuck with painfully high monthly payments, do not wait, and call Simple Cash Title Loans today!
- Longer or shorter loan terms. Refinancing may also help you to establish a new payment plan that better fits your financial abilities. If you wish to shorten the loan maturity date or maybe even stretch the payments out further into the future, a refinance can be a great place to start.
- Switching lender for better service. The power of competition! Many people are not satisfied with their current lender, but they are unaware that there are better options out there. And trust us, there are! We are confident that our professional team will show you why we are one of the highest rated title loans companies in California.
What are the disadvantages of refinancing my title loan?
Although there are some incredible advantages to a refinance, there are also some disadvantages you should consider:
- Higher loan amounts. While sometimes you may need a few extra bucks for an emergency, getting more money on top of your current loan can be a disadvantage. Remember, title loans are emergency loans and as such, it is always recommended to take out the minimum amount you might need.
- Extra fees. When you refinance your loan, you are basically taking out a brand-new loan, either with the same company or a different lender. Some lenders may charge extra fees such as administrative fees as part of the refinance process.
- New approval process. If you wish to take out more cash on your vehicle, lenders would usually like to see that you are still able to repay the loan. Meaning, that some financial institutions may require you to provide a new proof of income or they might require to see your current credit score and credit history.
Do any lenders refinance title loans?
Absolutely! Most (if not all) lenders are able to refinance title loans. When you are shopping around for automotive title refinance loans, whether it’s with your current lender or a different lender, remember to ask for a few essential questions, such as:
- How much will the new loan amount be?
- How much will the interest rate be?
- How much are the new monthly payments?
At Simple Cash Title Loans, we can guide you through the process and present all the options available to you. A refinance does not have to be a difficult process, and our agents are trained to direct you to the right choice for your financial needs.
How often can you refinance title loans?
There is no limit on the amount of times you can refinance! Any type of title loan is always based on three important factors:
- The equity of your vehicle.
- Your ability to repay the loan.
- And other income requirements.
A refinance is no different. When you seek a refinance, the lender will check the value of your vehicle and your ability to repay the loan in order to determine if you can qualify for additional money and/or lower interest rates.
Get your free refinance quote today!
To get started with a free quote, give our professional agents a call at 1 877 751 2824 and we will be happy to help you get on your way to an easy refinance!