How to Refinance a Title Loan
Table of Contents
- Steps To Refinance A Title Loan
- Reasons To Refinance With TNL Car Title Loans
- Frequently Asked Questions
- Refinancing A Title Loans With TNL Car Title Loans
If you have an existing car title loan and want to refinance your car title loan this article will walk you through on the steps you need to take. First and foremost, you must know that the laws regarding car title loans vary by state. Once you know the laws then you can proceed to refinance a title loan. So, with that in mind here are the steps you are going to have to take.
How To Refinance A Title Loan:
First, you must have a car that can qualify to become re-financed. If you have already have a title loan then you probably had no lien on your car to begin with and it was paid off. So, to refinance your existing car title loan you will likely need the following information for a lender to work with you:
- ID, driver’s license, or another form of identification
- Proof of income of at least $1,500 a month
- The car title or pink slip, which must be under the borrower’s name
- Up-to-date registration and insurance on the vehicle
Once you find out if you qualify for a title loan, you can send the documents to us through fax. Everything can be taken care of online and over the phone. So simple and easy, you won’t need to worry about anything. Best yet, we want to give the best customer service to you by making sure your loan gets approved in just 15 minutes!
To get started, apply online with our quick 5 minute form, or give us a call at 888-663-7074. A loan officer will be in contact with you and can let you know right away if you qualify for a car title loan. You’ll also find out how much you can get for your loan.
At TNL Car Title Loans we can help you refinance your current auto title loan. You can find out in as little as 10 minutes what your vehicle may qualify for and once qualified, you can get fast cash as quick as the next business day.
Reasons To Refinance With TNL Car Title Loans
Better Interest Rates. It may have been awhile since you took out your first car title loan, and since then, the interest rates have become too much. Instead of losing more money over pay off the interest on your loan, refinance with TNL Car Title Loans to get better interest rates.
You want to build your credit. Getting a personal loan can be tough if you have bad credit. Banks are more likely to reject you and turn you down because of your credit score. However, it is still possible to get a loan since car title loans are not based on your credit score. If you want to get on the path to good financial habits, building up your credit score is essential. You may not know that car title loans can help you build credit. One reason to refinance your loan with TNL Car Title Loans is that you can build up your credit by making your payments on time and in the right amount. TNL Car Title Loans reports to the three large credit bureaus: Experian, Equifax, and Transunion, so when you complete your payments you can see your credit score improve.
You need more cash. Maybe you need another loan and need more time to pay it off. Instead of trying to pay off your first loan along with the addition of the interest rate, you can refinance your title loan with TNL Car Title Loans. You can possibly get more cash when you refinance, and you’ll get better interest rates.
Frequently Asked Questions
How Long Is the Loan Period?
Your loan term will depend on you. The great benefit to taking out a loan with TNL Car Title Loans is that we amortize your loan for you. This means we can break up your loan into comfortable monthly installments over a period of time, which can be anywhere from a year to three years depending on your plan. We’ll help you plan out the best way for you to pay off your loan in a safe, secure, and comfortable manner.
Do I Need to Have Any Additional Collateral?
How Much Can I Get With An Auto Title Loan With An Older Car?
This is a common question for us and probably for many other lenders too. Many people are quick to assume their older car won’t qualify for a title loan because it’s too old. However, every case is different and even if you don’t think your vehicle will qualify, we encourage you to call or apply online and find out. You are at no obligation to take the loan, should you be approved. The amount you receive for an auto title loan is entirely dependent on how much your vehicle is worth at its current market value, so give us a call or apply online to find out how much your vehicle is worth right now and see how much you can get for your loan.
Refinancing A Title Loan With TNL Car Title Loans