Refinancing A Title Loan
A term most frequently used in the lending and banking world is refinancing. If you’re not used to hearing this term, you’re in good company. Refinancing is a very frustrating concept to discuss. There are a variety of misconceptions when it comes to refinancing existing loans. This page will explain in greater detail what refinancing is, including the basics and how it all works.
When clients want to refinance a loan, it pays off the remaining balance left on the loan and begins a new loan on the remainder of what they owe. There are several reasons why people refinance their title loans. These reasons include lowering payments by switching a loan to Auto Equity Loans, or switching the due date of a loan. A different lender typically refinances your loan through Auto Equity Loans, and our interest rates are much lower than our competition.
Your minimum payment will be significantly lower with lower interest rates and you won’t have to pay as much back. Your monthly payments will also be lower if you refinance your existing loan, because your new loan will be based on what your remaining balance is. If you’ve already paid your loan down, your new balance is what your minimum payments will be based on. Car equity loan companies and banks don’t charge you for paying early, so you can pay as soon as you have the available funds to do so without being locked into another loan.
Changing your due date is another way you can refinance your title loan. Your payments are due within 30 days from the date Title Loan Buyouts issues you your new loan. If your pay date changes due to a new job, for instance, the old date may no longer work for you. Title Loan Buyouts understands this, which is why you can refinance your loan with a due date that works best for your situation. We will make sure that your new due date aligns with your current financial circumstances.
If you have any more questions about refinancing title loans and how it might help you, give one of our representatives a call today. We’ll be happy to assist you throughout the entire process to help you find the right refinancing solution to suit your needs.