Great Ways To Refinance a Title Loan There are many benefits to choosing an auto equity loan or a title loan. They can really work to your advantage when money is tight and you are having trouble getting money in traditional ways. It can be even more difficult to find title loans without proof of […]
Great Ways To Refinance a Title Loan
There are many benefits to choosing an auto equity loan or a title loan. They can really work to your advantage when money is tight and you are having trouble getting money in traditional ways. It can be even more difficult to find title loans without proof of income. However, with a little bit of due diligence, you can find many options that are available to you right from the comfort of home on your computer. If you need money and have great credit, the best way for you to get money is through a bank or credit union. If your credit is less-than-perfect, your best options when you need money fast are vehicle title loans.
What Is An Online Title Loan?
Title loans are loans in which a borrower can apply for using a vehicle such as an RV, car, truck, motorcycle or SUV. To obtain the loan, the borrower will have to put up their vehicle’s title as collateral for approval of the loan. The loans are short-term loans lasting anywhere from a couple weeks to a year or more. While these types of loans come with higher interest rates than traditional loans from banks and credit unions, they have many benefits that other types don’t offer. When you need cash quickly, you can usually apply online for title loans in less than an hour and in most cases receive your funds direct deposited into your bank account in one business day.
There can be many benefits of a title loan refinance when you need the cash. Once you have fully understood the process of title loans in general, you can fully appreciate the benefits of refinancing them. Below are some of the top benefits.
Better Payments And APR
Title loans from different lenders can vary from company to company. You can rest assured that you will love the easy process of refinancing your auto equity title loans through us. The government has caps on the amount of interest that loan lenders can put on their loans. Even though there are caps from the government, some companies are greedy and refuse to go any lower than they have to on the interest rates to give borrowers a break.
With a smaller interest rate, you can expect that your monthly payments will go down as well. This can really come in handy when you are repaying title loans over the course of a year or more. Some other repayment options can include getting interest-only payments. These types of refinanced title loans are referred to as amortized loans.
Easy Payment Options
Another great benefit of a title loan refinance is that you can get much more affordable payment options. If you have ever worked with other lenders of short-term loans, you may have seen firsthand how they generally insist you only use one type of payment form. Thankfully, with lenders like ours, you can choose from many different payment options that will work best for you.
Better Customer Service
Most banks, credit unions and other traditional lenders only want you to come do business with them during their business hours. It isn’t always about what is best for the customer when it comes to offering a title loan refinance. Lenders of title loans can offer a borrower the ability to refinance their loan online at a time that is convenient for them. There is no need for having to drive to a store’s location or having to wait in long lines.
No matter what type of loan you get, it is never a good idea to default on it. You can easily rack up lots of fees and interest. Additionally, for some loans, you could end up getting penalties for repaying the loan off early. Certain lenders will make you pay a part of your remaining interest when you refinance, not just what you had left on your principle balance.
Benefit Of Refinancing Title Loans
Most auto loan lenders will not require a credit check when you initially apply for one of their auto title loans. These loans work differently than traditional loans. For these, you are going to put up your vehicle as collateral for securing the loan. Because of this, there is no need for a credit check. The lender will be safe from borrowers who default on their loans. They will have the title to the vehicle and can use it to repossess the vehicle and sell it to make back the money they are owed.
Am I Eligible for Rebuilt Title Loans?
At Title Loans Online, our network of lenders isn’t concerned about your credit score or history. That’s good news if your credit history has been holding you back from getting traditional types of loans.
Whether you apply for a rebuilt title loan or a traditional title loan, you must meet certain requirements.
- Age – You must be at least 18 years old when you sign the car title loan contract.
- Income – The best part about our loans is you aren’t required to have a job. However, you must be able to verify that you have a consistent source of income.
- Vehicle ownership and lien-free title – You must be the owner of the car, truck, van, or motorcycle that is listed on the application. If there are several owners of the vehicle, each owner must apply for the vehicle title loan.
If you meet the eligibility requirements, you can complete an online application today. To learn more about our loan guidelines, call our company to speak with a loan representative.