Car title loans have long been relied upon by people who are in need of some emergency funding. This is because they are unique to other personal installment loans. You can be approved quickly- regardless of your credit! 5 Qualified borrowers can get cash in as little as one business day!5 However, as it is with any other kind of loan or line of credit, it can become difficult to budget your monthly payments appropriately. You could end up falling behind on your payments. If you are in a position where it feels like things have gotten out of hand with your title loan, you may need some help figuring out what to do when you can’t pay your car title loan.
It can be very anxiety-inducing to feel like you can’t afford your title loan. However, it is incredibly important to remain calm. There are always solutions available to you! Max Cash® Title Loans might be able to help you make your title loan more affordable through refinancing.5
Paying Down your Title Loan
Since car title loans are a form of installment loans, that means they are meant to be paid back in a series of monthly installment payments that are usually prescheduled within the loan terms and signed off in the loan contract. How big those monthly payments are is determined by: how long your loan terms are, how big your loan amount is, and the size of the interest rates you are charged by your lender.
Depending on all these factors, your loan payments can become unaffordable for your situation, and if you don’t have someone looking out for you, it can be easy to find yourself in a sticky situation that you didn’t anticipate.
Options for When You Can’t Pay your Car Title Loan
Since title loans are secured through the collateral value of your vehicle, not being able to pay off your loan could put your car in danger. If this is the case, it might be best to start considering refinancing your car title loan, so you get monthly payments that fit better within your budget.
Max Cash Title Loans could be exactly who you need on your side so you can be set up for success!
Getting your Car Title Loan Refinanced Could Help You Pay
When you are stuck with a title loan that you can’t afford to pay off as scheduled, then it is definitely time to consider your refinancing options. Whether the high-interest rates are making the payments too high, or you were given way too short of a time to pay it off, a refinanced title loan could make a marked improvement!
A refinanced title loan with a different lender could have the potential of giving you:
- More affordable monthly payments!
- An improved annual percentage rate (APR).1
- Additional funding on top of what you originally received!
- Longer loan terms so you have more time to pay off the loan.4
Max Cash Title Loans does extensive research on behalf of our customers. That way, we can connect them with the best lenders who offer the best refinancing options available.4 When you work with Max Cash Title Loans for title loan refinancing, you may be able to get:
- More Reasonable Terms4,
- Competitive Interest Rates4,
- And More Time to Pay Back Your Loan4
How to Qualify for a Refinanced Title Loan
Ready to see if you qualify for a refinanced title loan with Max Cash Title Loans? The process to see if you will be approved is astoundingly simple and can be done in three steps5:
First Step – Our Online Inquiry
Firstly, to get started in the qualification process, fill out our easy online inquiry form. You can find it on the homepage of our website!
The form should only take you a few moments to complete and will ask you some basic information about yourself, like: your full name, your email address, current income, and details about your car.
After this, you can get a free estimate on your refinanced loan from a title loan agent- which comes at absolutely no obligation to you!
Second Step – Send Over a Few Documents
Secondly, if you wish to move forward with refinancing your title loan, you will be asked to send in some documents. These documents are necessary for drafting a new contract. The things you will be asked to fax, email, or text are:
- Official Photo Identification
- Proof of Income
- Proof of Address
- The Title to Your Car
- Some Pictures of Your Car
Third Step – Refinance Your Loan
Thirdly, the lender for your refinanced title loan will review all your documentation. From there, they will write up a new contract with new loan terms. You will be able to review this new contract ahead of time.
Lastly, after signing off on your new refinanced loan agreement, you will be able to pick up whatever additional funding you might have qualified for.5
Let Max Cash Title Loans Help When You Can’t Pay Your Car Title Loan
Max Cash Title Loans wants to give you the assurance that there are options for you when it feels like you can’t afford your title loan anymore.
Max Cash Title Loans may be able to connect you to a lender.5 They may be able to make your title loan more manageable through a refinance.5 The best part is, you can find out if refinancing is a good option for you at no cost! Simply fill out our online inquiry form today.