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What is a Title Loan Refinance?
If you’re in the middle of a financial crisis, you may have obtained a title loan as quickly as possible. However, you may later realize that the car title loan you acquired does not fit your budget or that the terms are unreasonable. The good news is that if you’re struggling to meet the payments on your title loan, you could refinance it to prevent your car from being repossessed.
Refinancing simply means replacing a current title loan debt with another to get new terms. You can either refinance with your existing title loan lender or find a new one with flexible terms.
The process of refinancing a car title loan is similar to inquiring about a new one and usually takes three steps:
- Inquire About a Refinanced Auto Title Loan
- Submit Some Required Documentation
- Sign a New Title Loan Contract
A percentage of the cash you qualify for could help take care of the remaining balance of your current loan. Once your loan details are settled and the refinance process is complete, you can start repaying the title loan and enjoying your new terms.
Am I Eligible for a Car Title Loan Refinance?
The equity in your car and your income are essential factors in the eligibility process. To qualify for refinancing, you must have a vehicle with significant value and be able to pay off the refinanced loan.
During the title loan process, you will use your car’s title as collateral to secure the loan. If a borrower cannot repay the remainder of the loan, a title loan lender may repossess the vehicle and sell it to recoup the lost amount. That is why cars must have enough equity to qualify for funding.
Where Can I Refinance My Title Loan?
Whether you are struggling to repay your current loan or you simply want better terms that work for your finances, consider taking advantage of the refinance process. But you may wonder– “Where can I refinance a title loan?” Many borrowers opt to refinance with a title loan serviced by LoanMart!
Applying for an auto title loan doesn’t have to be a hassle. The title loan process might only take a few minutes to get through, and you could complete it in no time! You can start with one of two methods if you pursue a title loan serviced by LoanMart:
- Inquiring About a Title Loan Over the Phone at 855-422-7412
- Use a Title Loan Questionnaire Online
If your vehicle is worth enough money and has sufficient equity, you could be preapproved for a refinanced title loan. A title loan agent will ask you to submit your documents for vehicle and income verification. Once they verify your information, you could be fully approved for a refinanced car title loan!
Dial the toll-free number listed above for more information.
No matter which way you opt to refinance a title loan, you don’t have to struggle with repayments anymore. You could simply apply for a new title loan, pay off your previous one, and repay the new loan if you are qualified.