Max Cash Title Loans has continually been at the forefront of the title loan industry since their introduction in early 2009; however, many consumers aren’t aware that they can refinance their vehicle loans through Max Cash Title Loans as well.
There are two main types of vehicle loan refinancing, both offering multiple benefits to the consumer.
- You can refinance a car title loan through Max Cash Title Loans that was obtained from a competing company.
- Refinance a loan through Max Cash Title Loans that was secured through an alternate financial outlet, such as a dealership or bank, which was used to purchase the vehicle.
Vehicle title loan is offered in multiple, though not all, states and this practice is rather common.
States in which Max Cash Title Loans can perform refinancing include:
- New Mexico
Availability of auto title loan refinancing is dependent on the state’s rules and regulations rather than the company offering them. It is important to note, however, that just because refinancing is available in your state, it does not mean that all loan providers will offer this service; most do not have the resources or simply do not care enough about their customers to offer this service, and this is one of the many ways in which Max Cash distinguishes ourselves from other loan providers.
Vehicle loan refinancing through Max Cash Title Loans has many perks that the consumer can take advantage of:
- You save cash by reducing the amount of your monthly payments
- You can secure lower interest rates
- You can save your car from being repossessed by a competing lender or financial institution.
Refinancing an auto title loan from a competing company
As previously mentioned, the first type of refinancing has to do with other title loans. These consumers are often locked into a high interest, short term loan with competing companies, where the terms of their payments were not made clear, giving the lender the opportunity to take advantage of their customers. Borrowers find themselves in a tough situation and cannot risk losing their vehicle.
So what can consumers do if they find themselves locked in a high interest title loan?
These consumers can come to Max Cash Title Loans and refinance. Meaning, Max Cash will pay the remaining balance with a competing lender in full, and offer a title loan that matches the remaining balance, or higher if the customer wishes, with a lower interest rate and no extra administrative fees outside of a small amount to process the paperwork.
Consumers should be aware when researching title loan refinancing with other companies because other lenders will offer lower interest rates, but couple them with large administrative fees in the hundreds of dollars. In this fashion, the consumer ends up paying the same as they would have originally, or even more.
Refinancing an auto loan through an alternate financial institution
The second type of refinancing entails vehicle loans offered through financial outlets other than title loan companies, like a loan that would be secured to buy the car from a dealership. If a consumer has 6 or fewer payments left on the vehicle, they can come to Max Cash Title Loans to refinance their loan.
Max Cash Title Loans lenders will pay the remaining balance to that financial institution in full to free the car title, which will be used to secure a title loan. This saves the borrower time and offers peace of mind. Before they were worried about being behind in payments and whether they would keep their car. After refinancing, they can be sure-minded their vehicle continues to be theirs and extend the length of time to make payments on the same amount they previously owed. By extending the length of the loan, the payments are easier to make.
Max Cash Title Loans is known for their customer satisfaction, and they continue to offer their services with the best interest of their customers in mind. This is apparent through years of dedication to their borrowers, which has helped save thousands of families and individuals from financial turmoil – Including helping them secure their modes of transportation through vehicle loan refinancing.