If you are paying off a title loan you may be curious about a title loan payment plan. There are options out there to consider when trying to figure out a payment plan for your title loan. From working with your lender to refinancing an existing title loan, these options range, and may work with you depending on your needs and financial situation. Keep reading for more information on setting up a title loan payment plan.
Working with Your Existing Car Title Loan Lender
If you already have a title loan with a lender, but the repayment options aren’t working for you, you should talk to them. In most cases your lender will try and work with you, to come up with a title loan payment plan that is a better fit, in the case that your financial situation has changed.
Keep in mind that although repayment terms such as the monthly payment amount, and the length of the loan may be adjusted, the interest rate (annual percentage rate and monthly percentage rate) will remain the same.
Along with that you will have to pay back the full loan amount that you borrowed, regardless of a new payment plan. Depending on the title loan lender there may be additional fees.
Refinancing for a New Title Loan Payment Plan
Another option to consider when you cannot pay back your title loan with your current repayment schedule, is refinancing.
Refinancing is when you take out a second loan in order to pay off the previous one. Ideally, the new loan would have better interest rates and fit better with your budget. Although you may be able to refinance with an existing lender, that may not always be the case. This is especially true if you are, for example, one missed payment away from repossession, or you want to simply work with another lender.
The good news is that there are options available outside of an existing title loan lender.
Other Loan Options to Consider for Refinancing
Here are some loan options that can work for refinancing:
- Personal loans— personal loans are some of the most common loans out there. In order to be approved for a personal loan, a borrower will need to have good a credit score. For those who don’t have good credit, getting approval may be possible but the interest rates will likely be high.
- Credit Cards— credit cards can be used for a variety of different expenses, and needs, including balance transfers. However just like personal loans you won’t likely get approved with poor credit.
- Payday Loans— these loans work with a borrower’s paycheck- hence the name payday loans. Keep in mind, they have high interest rates and short-term repayment.
- Title Loans— even if you have a title loan, you may be able to take out another one in order to pay off the existing one.
With all these options you can set up a title loan payment plan that works better for you that you existing title loan.
Where to Start When Looking for Another Title Loan, and to Set up a New Title Loan Payment Plan?
At Max Cash® Title Loans, we are the best place to start when looking for a change with your auto title loan. Instead of being a lender ourselves, we work hard to connect people with lenders all across the nation.5
Our lenders are all hand-picked and we do all the hard filtering work for you. When looking for a new title loan, start with us. Here are some of the repayment plan benefits that can come when working with us and the network of lenders that we work with:
- A Short-Term Loan or Long-Term Loan— the lenders we work with could offer you a few months to repay, or up to a few years for the same loan amount, and interest rate.4 This potential to customize your repayment length can be a huge advantage when looking to set up a title loan payment plan.4
- No Hidden Finance Charges— everything about the loan will be stated clearly on the loan agreement! This means no hidden fees to worry about when paying back a loan on your new title loan payment plan.3
- No High Interest Rates— worried about high interest rates? When working with the title lenders from our network you can rest assured you are getting the most competitive interest rates.4
- Pay Earlier than your Due Dates or Total Payment Schedule without any Fees— want to pay off your loan early? When working with our team, you can do so without any fees or penalties included.3
- Several Options to Make Payments— making payments towards your car title loan is simple. Make your payments online or over the phone through a debit card or bank account, mail a check, or if applicable visit an in-person location with your lender/loan company.
The Application Process
And so, as you can see, we offer tons of benefits with our handpicked network of lenders! Not to mention our application process is simple, even if you have an existing title loan /no clear title. Here is what the loan application process will look like:
1) Give us a call toll-free or head to our website to apply.
2) Talk to a loan agent about your needs and submit a few documents.
3) Found out approval with a loan company.
4) Once approved, review the loan terms, sign, and get your funding with your new title loan payment plan!1 2 4 Our friendly loan agents are here 7 days a week and can help you with any questions you may have about the process. To learn more, head to our FAQ page, or simply give us a call (855) 561-5626. We can make it fast and simple to set up a title loan payment plan for you!2 4