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TITLE LOAN REFINANCE!

Are you struggling to pay down the balance on your title loan, or have the monthly payments become more than you can handle? Or maybe your lender threatens to repossess your vehicle if you don’t make the next payment on time? It almost always makes sense to refinance your existing car title loan, especially if you have a loan with an interest rate of more than 40%. There are certain situations where a refi or even a revision on the payoff terms is unnecessary. This includes if you already have a decent rate with favorable payoff terms. Of course, a “decent rate” can be up for interpretation, and you can save a considerable amount of money even if you bring your APR down a few points. Another time will be if you’re close to paying off the balance and, in these cases, better off staying the course.

Finance charges with title loans are often high as many lenders won’t check your credit and instead rely on the equity in your vehicle as collateral. But as time passes, making the payments on time each month can be harder, and that’s when people turn to us to refinance their loans. At Premier Title Loans, we work with anyone who has an existing title loan, and we’ll know within minutes if it’s in your best interest to refinance.

Are you looking to get a lower monthly payment on your title loan? It makes sense to expect a lower rate after making timely payments, much as you would with a car or home equity loan. Another scenario is if you are about to pay off the loan in full because of early payment or near the end of the payoff terms. When refinancing, you should see an improvement in the repayment terms and less money be spent monthly on finance charges. You can benefit from a quick payoff or lower monthly payment, as refinancing will often lead to a lower interest rate.

Every lender offers different terms with a refinance, but ultimately, they need to be better than what you currently have. It doesn’t make sense to refinance your loan only to have a similar repayment term or interest rate that’s only a few percentage points lower. That means you should expect a lower interest rate and repayment terms that get you out of debt quicker. At Premier Title Loans, we work with direct lenders throughout the country, and most companies are ready to offer rates far lower than what you currently have! Many borrowers took out high interest title loans over the past few years, and there’s no reason you can’t have a lower monthly payment and reduced interest rate if you’ve been making your payments on time each month!

Are you looking for a scenario where it makes sense to refinance? Let’s assume you live in California and have an interest rate of 60% on your existing loan. By refinancing, you can lower your APR to less than 36%! By cutting your interest rate in half, you can repay the loan much quicker and get your car’s pink slip back in half the time. Lenders are now limited on the interest rates they can charge in California and a few other states, and most will jump at the chance to get a new loan on their book, even if it’s at a lower APR than what you currently have. Review the quotes you receive for a title loan refinance, and only move forward if the payment terms and interest rate reductions make sense. While you should always strive to lower your finance charges, refinancing may not make sense if you can only reduce the APR by a few percentage points.