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What is an Auto Title Loan Buyout?

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What is an Auto Title Loan Buyout?

An auto title loan buyout is a very popular option that many customers like to take advantage of. Since no two lenders have the same policies, rates, or have the same payment structures, it is very common for a customer to wonder “Have I gotten myself the best possible deal?“ If you have been wondering this very question, then continue reading this article. We will be going over this exact topic in question.

 

Auto Title Loan Refinancing:

Auto title loan refinancing is a highly sought after option. A lot of the time, a customer will be in a very stressful situation, and they will usually take the first offer that is presented to them. This can end up being a worse situation for the customer in the long run since it only provides a temporary solution to their financial struggles. The great thing about auto title loan refinancing is, that you still have a chance to restructure the original arrangement that you had made that might have not ended up being the best possible option for you.

Typical scenario:

When you needed a title loan you didn’t contact us to get you the best deal, you went to a local store and got a loan and the interest rate was 200-300% BUT they told you that they have no prepayment penalty and you can pay off the loan at any time. You needed the money at that moment, so you took it thinking you could pay it off in a very short time. Then the payment came up. You made the first one, but it was much larger than you remembered when you took out the loan. Worse, you noticed that almost all the money you paid on your first payment went to their interest.

So now you worry that you simply won’t be able to go the long haul on the loan and pay it off. Fear sets in that when this happens you are going to lose your car. You don’t know that WE CAN GET YOU OUT of that situation, until now.

Because they have no prepayment penalty, we can find a lender who will pay off the remaining balance which stops that interest rate problem. The new lender should be able to get that interest down to something reasonable and more importantly get your payment way down as well. Pressure off.

 

Types of Refinancing:

There are a couple different types of refinancing as well as a few different reasons why someone would want to refinance their loan. See below for possible reasons why many customers have taken this option in the past as well as the different types of auto title loan refinancing.

Reasons to Refinance an Auto Title Loan:

  • Refinance to receive additional funds
  • Refinance to get a lower rate
  • Refinance to work with another lender

 

The Different types of auto title loan refinancing:

 

An Auto Title Loan Buyout – 

An auto title loan buyout is an option that someone would take through a different lender than they originally took the loan out with. In this case, you would need to have your current lenders information ready for the loan officer at the new company that you are attempting to get a loan out with.

Information that you will need:

  • Payoff Amount
  • Your current lenders phone number
  • phone number
  • The 10 Day Payoff
  • The Per Diem (amount owed per day)

 

An Auto Title Loan Refinance:

An auto title loan refinance can be done either through another lender (see buyout) or it can be done through your current lender. If this is done through your current lender you would usually need to wait an allotted time before refinancing your current loan. Once you are eligible for a refinance through your current lender, you would need to call to speak with a representative from that company. You would then explain your reason for the refinance to see if there is an offer that can be made in order to fit your auto title loan refinance needs. After an agreement has been made, you would then need to provide the loan officer with the necessary documentation needed in order for the loan officer to complete your auto title loan refinance.

 

An Auto Title Loan Re-Loan:

An auto title loan re-loan is going to be very similar to the auto title loan refinance option, however, in this case you would be attempting to get re-loan on your current amount under your current contract.

There are many options that are available in the auto title loan industry that are made available to the people out there that are in need of some financial stability. The problem is, that the average consumer does not have a connection in the inside to help them make an informed decision. This is where MaxCash title loans comes in. We have a very experienced staff that is very well versed in the auto title loan industry. Each and every one of us here at MaxCash title loans are one big team with one united goal; GIVE THE CUSTOMER FINANCAL PEACE OF MIND. Apply with MaxCash title loans today to get in touch with one of our highly motivated loan officers for an auto title loan refinance today. https://www.maxcashtitleloans.com/apply-now/

 

How do I Calculate My Payment Structure?

There are different ways to figure out how your payment structure for your current auto title loan. One easy way is to ask your lender for an amortization schedule, this tool will help you calculate your payment to show you how much you are paying each month towards the principal as well as the interest. This tool will help you figure out if another option might be beneficial for you to look into. Use our MaxCash Title Loans calculator for an example of this type of calculator.