Do you have a title loan that you want a company to buy out. Perhaps you are interested in seeing if you can lower your interest rate. Perhaps you have a need for more cash. Or perhaps you're like many others -you got your title loan in a hurry, and now that its taking a bit longer to pay off than expected you're curious to findout if there are better deals out there for you. The good news is you've come to the right place!
Whatever your reasons may be - We understand you. There may be a whole number of reasons why you are not happy with your current title loan company. Some people come to us with concerns about how friendly the collections officers are with their current loan company. Other customers come after finding that after making several on time payments, their lender is just not willing to work with them to provide additional funds when needed. Some of the more aggressive lenders may even be out there threatening to repossess your vehicle the moment you make one late payment. The good new is, that there are companies out there that buy out title loans. Making a switch can save you a headache and even lower your repayments!
How to choose a Car Title Loan buy out company
When you're researching auto title loan lenders keep in mind not all online lenders provide the service of buying out a title loan. When you are looking to refinance a title loan it pays to shop around, and there are a number of online lenders that can help you. In the industry, these types of loans may also be more commonly known as a title loan refinance – because essentially that is what is happening, they are buying out your loan, and refinancing you into another new loan! Usually a refinance or buyout only makes sense for you if you're getting a lower interst rate or lower repayment, and while you can refinance a title loan to avoid repossion, other lenders will be concerned that if you have not kept up your commitments with the previous lender how would a new loan be any different. True Financial offers an online car buyout service which has been used by many satisfied customers.
Case Study 1: Max had been in a title loan for 2 years and was not happy with the amount of interest he was paying. He got behind on payments due to some issues not getting enough overtime at his casual job. He contacted True Financial. Upon looking at the loan he had with another lender, we were able to refinance Max’s loan and save him $180 a month. It also gave Max some time to avoid repossession and get his finances back on track.
Case Study 2: Avril lived in long beach and approach us asking us to buyout title loans from another lender. She had tried negotiating with her current lender as she was wanting to take out more money on her loan as she wanted to borrow more to pay for some medical bills. After inspecting her vehicle, which was over 10 years old, we were able to refinance Avril into a lower interest rate loan the same day as she applied for finance.
Car Title Loan Refinance Steps
It's as easy as 1,2,3
It's as easy as 1,2,3
When looking for lenders when you want to refinance a title loan, there are a number of things you can do so that you are prepared to help get you the most competitive offers. Firstly, make a list of lenders that you want to approach. These can be online lenders or you're typical brick and mortar stores. If you live in a big city where title loans are offered, its hard to drive more than a couple of blocks before coming across a title loan company!
Some of these lending companies are large multistate corporations, others may be smaller title loan buyout companies that have a physical presence near you. You can compile the list from reading online reviews or from looking up lenders in the phone book. Make sure you find a lender near you as many states have different licencing requirements. Next, have a look at the reviews online for the lenders and find out what other customers experiences has been with that company. Chances are, if others have had bad service then you will be no different. Some online title loans that are available to you when you need at the convenience of when you needsuch as with no inspection. These lenders are large while other smaller lenders offer a more personalized approach to service and collections on the loan.
Next you will want to reach out and make contact with the lenders. Many lenders allow you to apply online for a title loan refinance but often if you prefer you can go in and visit the lender in person. While this takes more travel time, it may provide for a more seamless one stop shop approach to obtaining a refinance. That’s where it helps to find a buyout lender that is located near you, many lenders, especially the large ones have multiple locations, such as offices throughout Los Angeles in cities covering such diverse areas and locations such as Whittier, Long beach and Santa Ana. We are not a big lender so most of our loans are done online, however we hope you find that we make up for our small size with large service! When you go in you will need to let the lender know who your current loan is with and how much you owe. Don’t worry if you do not know exactly how much you owe as the lender you go to would be able to contact the other lender to obtain the payout or payoff figure for your loan.
You will need other documentation such as photographic ID and proof of income. The proof of income can take the form of paystubs or bank statements showing regular deposits or an alternative if no bank account. Also have info on your vehicle – if visiting in person take the vehicle with you and your title. If you are applying online lenders are often satisfied looking at recent photographs of the condition of your vehicle. Also if you do not have a credit check, that’s not a problem as lenders would be able to do a search there or provide you with a title loan refinance with no credit check. This of course depends on what company you are dealing with and what their criteria is as not all banks offer the same as other companies that pay off title loans. If you have any repairs on the vehicle and have the supporting documentation to show repairs such any accident damage then bring that too. If the vehicle has a salvage or rebuilt title that will be noted on the title itself. Also if the title is in more than one name then you will need the consent of the other owner of the car, truck or SUV to conduct the refinance. Also try to obtain from your current lender a transaction history showing a history of regular repayments. If you need additional cash as part of your new loan, now is a good time to let the lender know.
Feel free to reach out to True Financial for an obligation free assessment of the options available to you, we have helped many customers successfully refinance their title loan and save on repayments.
How to Refinance a Title Loan
Find out how to refinance a title loan. If you find yourself regretting the fact that you are on the hook for a car title loan, you might want to consider the option of refinancing your loan. All you need is a bit of time and a few documents to help you relieve the burden of your loan and the high monthly fees that you are struggling with and trade that in for a much more agreeable and manageable situation. There are a number of reasons why you might want to refinance a title loan, it could be to lower repayments, or borrow some more money or perhaps you are dissatisfied with your current lender and want a change.
The first question you have to ask yourself is are you ready to refinance. In order to refinance, you’ll have to find a potential lender who is willing to take your current loan on, in the form of buying out your title loan. You will complete an application process, which will include a requirement to verify the status of your existing loan as well as the lien holder of your vehicle. On top of that, your vehicle will have to be inspected to assess its equity.
Beyond that, here are several steps you can expect to undergo before being approved. Be prepared to hand over information and a number of documents to ensure that you can get the loan refinance you need.
- You will have to offer proof of your monthly income to ensure that you will be able to repay your new loan. A paystub or banking record should suffice.
- A government issued ID, such as a driver’s license or State ID card.
- Personal and professional references.
- Proof of full-coverage auto insurance (necessary for loans of $2,500 or higher).
- An open checking account. This is sometimes but not always required - it depends on the lender that you go through
During the application process, make sure to inquire about how much you will owe per month, that allows the new lender you are applying with to know and how much you could save when you refinance your loan. Also the total amount that you owe is important. This is a good time to let the lender know if you need some extra cash or if you have some funds you can use to pay down the balance. The lender may not need you to pay any additional funds to reduce the balance, but if you are able to or might be able to its useful to let them know. That gives them more options to be able to approved you. Once your application has been processed and your loan transfers to your new lender, you’ll get to enjoy much less debilitating interest fees and penalties. You’ll also get to keep your vehicle!
Now that you understand how you can apply for a car title loan refinancing, it is time to go over the multitude of benefits that you will enjoy if you decide to
Ultimately, the primary goals of refinancing your car title loan is to lower your payments and increase your savings over time. There are different kinds of refinancing lenders for you to consider, and it all depends on what you’re hoping to get out of the refinancing lender you choose to go with. Let’s go over all the things you can hope to get by taking your loan to a different company.
1. Help Covering Other Expenses
When you get in trouble with your original lender, you can accrue a number of other expenses – including interest fees and penalties. If you’re like many other individuals who have taken out an auto title loan, these fees may prove too much to handle. When you refinance your loan, the new company that takes on your loan will do all it can to ensure that you don’t default on your refinanced loan with them. Considering that, they’ll help you pay back your existing loan and issue a new loan that could certainly save you money in the long run.
2. You Can Get a Better Payment Plan
When you are refinancing a title loan, make sure that the new company you refinance with offers a significantly better payment plan. Often, you can make sure than your new loan offers no prepayment penalties, no surprise fees, and no balloon payments.
With a refinanced loan, you will likely get the opportunity to pay a low, fixed-rate that is evenly divided up throughout your loan term. You can also work out an agreement with your new lender to make sure that your payments are due in accordance with your pay dates. That ensures that you will have the money necessary in your checking account to start paying back your loan.
3. Lower Those Insane Interest Rates
One of the most challenging aspects of digging yourself out of the hole created by a car title loan are the massive interest rates. With a refinanced loan, you can look forward to digging yourself out of that hole.
Car title loans often have an APR as high as 300 percent and interest rates as high as 25 percent per month. You will be grateful to learn that the interest attached to your refinanced loan will likely pale in comparison to the interest of your original auto title loan. You’ll still be paying money, but you won’t have to worry about being gauged financially in the same way.
4. Better Service
With a new lender, you get a new opportunity to develop a much more productive relationship. If you feel you pay unnecessarily high-interest rates that you simply cannot afford, your new lender could offer the opportunity you need to pay your debt and get back on track financially.
So what exactly is a Car Title Loan Refinance
Car title loans can be a fast and easy way to get a quick injection of cash if you find yourself in a financial pinch. There is definitely a certain amount of risk involved, however, especially if you don’t have a solid plan to repay the loan within the given repayment term.
If you end up finding yourself unable to repay the loan, it could easily lead to a cycle of seemingly never ending debt where your loan keeps not getting paid off as you make interest payment after interest payment.
One way to break out of the cycle is to elect to find a and participate in a buyout program. Basically, a title loan buyout is when another lender pays off what you owe on your original car title loan, and then you that new lender off. When this is done responsibly and thoughtfully you can save yourself boatloads of cash and get yourself out of the debt that’s been weighing you down.
How They Work
Before you elect to go the route of a title loan buyout, it’s crucial to make sure that you fully understand every that goes into having a title loan.
Basically, a title loan is a secure loan in which a lender bases the money that they lend you off of the value of your car and the equity that they have in. One important rule to remember is that your title must not have a lienholder, and that your name has to be on the title. The reason that there cannot be a lienholder on the title is because when you get a title loan, the institution that lent you the money becomes the new lienholder. There can only be one lienholder at one time.
A few characteristics of car title loans are as follows:
- They are typically short-term loans, with the average term being just 30 days.
- The interest rates can be very high, with annual percentage rating often being as much as 300 percent.
- The total amount is due by the end of your payment term.
If you were unable to pay the entire amount of your loan with any added fees by the end of your payment term, you will risk becoming a victim of the loans high interest rates. You can try to avoid paying off massive interest fees by opting for a buyout. In many ways, getting a title loan buyout is just like refinancing your loan.
In order to get a car title loan buyout, you’re going to have to find a buyout company. Many title loan companies will also offer buyouts as well. In order to qualify, you will have to supply basic financial information, just like you did when you first took out your car title loan.
Once you supply that information, the potential buyout lender will evaluate your financial situation and then decide whether or not they want to buyout your loan and what kind of interest rate it would offer you. If you agree to the buyout, then your new lender will pay the entire value of your original car title loan. Then, your new lender will become the lienholder of your car title.
Guide to Refinancing a Title Loan near you
Are you looking to refinance your title loan? Perhaps you are not happy with the interest rate, or you are looking online to find a way to obtain a title loan with low repayments or for low income. Your circumstances such as your income may have changed since you last obtained a car title loan. The good news is that there are a number of lenders both in California and in other states that are ready to take your title loan refinance application either online or over the phone or to apply online see this page for more info..
How to refinance a title loan
The first step is to find the loan documents of your original loan application. This will show your name, the vehicle that is used as security for the loan that you wish to refinance as well as the term, payment and interest rate. The documentation will also show the name of the lender, which is useful to know because when you go to refinance your title loan, the new lender will need ot contact that lender to determine the payout figure or the amount that you have owing on your loan at the time of refinance. Get ready to receive the cash that you need to help you in your situation today by calling or applying online. Now that you have your documentation in check move to step 2.
Step 2 – Contact other online refinance lenders
A google search or phoning up different lenders is the best way to yield different options. If you have been late on your repayments or you have been paying all your repayments when they fall due will be a big factor that the new lender would look at. Think about it, if you are not very good at making regular repayments on the loan, that would negatively affect your chances of approval. Also be up to date with the current mileage of your vehicle and the condition it is in. This is because the value of the vehicle is a large factor that influences the likelihood of your loan being approved for a refinance. The whole process can be fairly quick provided you have the required documentation in place and while refinances are typically more difficult to be approved for than a new loan, that doesn’t mean that there are not options out there for you. It just takes a bit of time on the phone and being organized and having documentation together in one place ready to discuss with a title loan refinance lender near me.
Step 3- Compare options
By now you would have spoken to a number of car title loan lenders. If you are in California there are a large number of lenders positioned all throughout los angeles and other cities such as san diego and sacramento. Even if you do not live in a large metropolitian area for instance if you live in a remote or rural area, there are still many online lenders that allow you to apply for and complete your auto title loan refinance over the phone and over email using the internet to apply for your refinance. The great thing about a tile loan refinance is that the loan can be completed quickly often with you receiving funds that very same day into your bank account.
How much cash can I obtain in a title loan refinance
To be approved for a high loan amount in a title loan refinance will depend on the value of the vehicle. If the amount you are approved for is not enough to pay off the other lender than you will need to contact other tile loan refinance brokers or lenders to try to secure some funding that will enable you to complete your refinance. Once your loan is approved, you now need to plan on how you would repay your loan as these loans are often high interest rate loans so you want to have a plan on how to reduce the principle balance as soon as you can to avoid paying high interest rates or paying too much in repayment than you really have to. That’s about it, I hope this has been a useful starting point for your journey.
At True Financial we can assist you in obtaining a title loan refinance, simply call us or fill in the form on the apply now page today to get started.
What Are the Benefits
The primary benefit of a car title loan buyout is that you will typically be able to secure your new loan at a lower interest rate than your original one. That means that you will be paying less money back from month to month as you work to pay back the entirety of your loan.
Deciding if a Buyout is Right for You
A buyout can be a great thing to consider, but only in the right situation. You have to know answers to some crucial questions such as, how much longer will it take to pay off your original car title loan? What will the difference in interest rate between your old loan and your new loan save you? How much do you have left to pay on your original car title loan?
The reason why you have to ask these questions is to help you decide whether the money you could save with a car title loan buyout would be worth going through the process of setting it all up. It isn’t all that difficult to initiate a contract buyout – the process is almost as quick as taking out the original car title loan – but it still doesn’t make sense to go through all of that if you won’t end up saving all that much money.
If the difference between the interest rate for your car title loan and the interest rate for a potential buyout is not that big, then it probably is wise to just stay the course and pay off your original loan. The same goes if you don’t have that much money left on your loan.
If you only have a few months left before you can pay off your loan, it’s probably better to just do that instead of setting up the whole buyout process.
Make Your Decision
If you think you should seriously consider pursuing a car title loan buyout, it is important to find the right lender for you. Make sure to do your due diligence and find something that will really end up saving you money as opposed to just moving your debt around. It may take some time, but once you actually apply, you can expect to get approved rather quickly. Title Loan Refinances are available in a number of states such as california, arizona, new mexico, florida, utah, ohio, missippi.