Title Loan Refinance
Perhaps you took out a title loan with the best intentions. You were trying to help your family or a family member, you were behind on payments, or an emergency struck you without any forewarning. While your cause to help was, in fact, noble, you’ve now found yourself unable to payback the title loan. Now, more than ever, you feel lost and disappointed, you feel alone and scared. But you don’t have to feel that way. With the option to refinance your title loan, you can feel good about yourself again and get back on the road to a swift and successful repayment plan.
There are many who have been in your same situation –worried about payment plans that have somehow become massive in the blink of an eye, they think there is no solution. Nonsense, there’s always a solution and we’re here to guide you through the process.
How to Apply for Refinancing
First, you must contact your lender and advise him/her that you are behind on your bill schedule and that you will not be able to pay the next monthly payments on time.
Second, the lender will look into reevaluating the terms of your title loan which means that more time can be added to your original payback period. Another option might be renegotiating the monthly installments to something more affordable for you and your current living situation.
Third, be honest with your lender about what you hope to resolve by refinancing. If another emergency has arisen, if you simply cannot handle the payments as they are, if you have been laid off or fired from your job –the more information you give the title loan lender the easier it will be to reach an agreement and solve the situation for good.
Lower the Rate
In most cases of refinancing a title loan, it’s a matter of reducing the interest rates. For many title loan holders, this will make a world of a difference and alleviate a sizeable amount of stress. Let the lender evaluate the situation by asking you some questions about your current status and your current title loan. Together you will reach a solution.
Refinance With Another Company
In many cases of title loans, the borrower can contact another title loan agency with the hopes of receiving a better title loan offer and interest rate than the first agency. This is not always a guarantee, however, it never hurts to inquire. To refinance with another lender, the borrower might have to fill out another application and have a new car title loan estimate. In some cases the following might be required: proof of income, government-issued ID, proof of full-coverage car insurance, references, open checking account, and not be an active service member.
The truth is that it’s not comfortable to be in this situation, however, when refinancing does need to happen, there are companies and lenders out there ready to serve the needs of people like you. People who deserve a second chance, people who are trying to do the right thing. Understand that our employees are here for your benefit and will work to resolve the issue as fast as possible. We sympathize with your situation and the fact that you are looking into refinancing. Our goal is to make the process as stress-free and painless as possible, after all you’ve already taken out one loan and we want to help you make the best decision that will lead you to the loan-free road.
Don’t panic, keep a level-head, call our experts today. It’s our job to help you help yourself.