Just like any debt, you may be looking to pay off your title loans. But if it is your first time tackling debt, you may be wondering how to begin. When you stay on top of your title loan payments, you can avoid hassles like losing your car or dealing with late payment fees. If you’re looking for some great advice on how to pay off your title loan, you’ve come to the right place!
Depending on your financial situation, there are some options and strategies that work best to pay off debt. Below you’ll find more information on the different options available when trying to pay off title loans, bank and credit unions, or other forms of debt.
Working with the Title Loan You Already Have
In some cases, the existing title loan that you have may still be a good fit for your finances, and you are simply trying to pay it off ASAP. In this scenario here are a few repayment strategies to consider:
- Make more than the minimum payments each month. A common strategy to take on debt is to make payments that are more than just the minimum due. Even a small extra payment each month on top of your minimum can make a huge difference over time.
- Pay off the loan early. In some cases, you may be able to pay off your loan early without additional fees. Some people may take on this approach to the entire remaining loan amount. Others may want to simply make an extra loan payment.
Refinancing the Title Loan in Order to Pay it Off
The refinance process is fairly simple. Essentially, you take out a new loan in order to pay off an existing loan.
The goal of this process for borrowers is to get better repayment terms, and interest rates, also known as an annual percentage rate. This is especially true when struggling to repay an existing loan when you borrow money.
Many loan types can be used for refinancing purposes, here are a few options to consider:
- Personal Loans— personal loans are a type of unsecured loan that can be found with private lenders, at a bank, or through a credit union. For those who have good credit, a personal loan can come with low interest rates. However, those with bad credit may not be eligible at all.
- Credit Cards Cash Advance— credit cards can be used for balance transfers, or a cash advance, however, just like personal loans, you will need good credit in order to qualify.
- Home Equity Loans / HELOC line of credit— home equity loans use the borrower’s home in order to provide funding.
- Payday Loans — payday loans are a type of secured loan that uses the borrower’s paycheck as collateral. These loans can help those who have bad credit history or a low credit score. However, they come with
- Car Title Loans— car title loans work by using the value of the car (the borrowers) to make funds available. Because these loans are secured with a vehicle, credit history is not a huge factor for eligibility. When choosing another title loan to pay off an existing title loan it is extremely important to find an affordable and flexible lender.
Why Work with Max Cash® Title Loans When Looking to Refinance with Auto Title Loans?
When looking to pay off your existing title loan with another, Max Cash Title Loans is the best place to start. Here are a few benefits that could come with working with our team and our network of third party title lenders:
- Lower Interest Rates— worried about high interest? The good news is that the lenders we work with offer highly competitive interest rates for borrowers.4
- Affordable Monthly Payments—the monthly payments are kept low from beginning to end of repayment.4
- No Hidden Fees or Finance Charges— other title loan companies offer all kinds of fees simply to take out a loan while advertising a low-interest product. One reason and why you may be looking to pay off your title loan in the first place. The lenders we work with don’t have any hidden fees.3
- Flexible Loan Terms— you can repay your loan as early as you would like without any prepayment penalties.4
- A Smooth and Fast Application Process— we do all the work for you, and can even help process things for your previous loans. Processing everything takes up to an hour.
Advantages with the Process:
- An Online Process with Online Lenders— everything including a vehicle inspection can be done from the comfort of home.
- Trusted Title Loan Companies— all the lenders that we work with are vetted. And so, you can rest assured that your information is in safe hands. We also never share your information without your permission.
- Credit Check Only Around the End of the Title Loan Process—although your credit score/ credit report is not a large part of the process, there will be a credit check at the end, to confirm that you are not in active bankruptcy.
- Get Extra Money You Need Quickly Once Approved— once approved for the funds, you could get the cash you need in as little as 24 hours.1 2 5 Once you get those funds, you can use them to pay off your existing title loan.
To get started, simply head to our website and apply for a car title loan, or give us a phone call. We are here 7 days a week to get the process started. Or we can answer any questions you may have about the process.