Title Loan Refinance

What is a Title Loan Refinance?

If you’re struggling to keep up with the payments for an existing title loan you took out, you might be considering a title loan refinance. Through car title loan refinancing, you’ll be able to replace your existing loan with a new one, often with the goal of obtaining different loan terms and a more affordable monthly payment.

You can refinance your title loan with your current lender or attempt to refinance your title loan with a new one if you want to explore other options. Another lender may be able to offer more optimal loan terms! Optimal loan terms may include a better interest rate or an extended loan term with lower payments that fit your budget better than your existing ones. Having an extended loan term can give you more time to catch up with your payments and get your finances back on track! However, keep in mind that not all title loan providers offer title loan refinances.

ChoiceCash is one of the title loan options that does offer refinances. About 2% of ChoiceCash loans are refinances from another lender. Through ChoiceCash title loans serviced by LoanMart, you can expect a quick and flexible application process if you want to refinance your current car title loan. Complete a short pre-approval form online today or call 855-422-7402 to speak with a loan officer and learn more about getting approved for a quick loan!¹

Can I Lower My Payments Through a Title Loan Refinance?

If you plan on applying for a car title loan refinance, your goal should be to obtain better loan terms. Otherwise, you may end up in the exact same situation as you are now. Life happens, and you can’t predict when financial hardships are going to strike. However, you can work around them and try to set your finances up for success by refinancing your current title loan to try to get a lower monthly payment.

It’s important to search for a lender that can offer more advantageous loan terms than your existing ones. When reviewing your loan contract, pay close attention to your loan’s interest rate, monthly payment, and the amount of time you have to repay the loan. A longer loan term often translates to paying more in interest, but that can still be beneficial if you need a lower monthly payment and more time to get your finances back together.

What are the Benefits of Refinancing My Title Loan?

Are you struggling with your payments, or are you unhappy with your current loan terms? Refinancing your car title loan could be an option to consider! Check out some of the benefits that may come with trying to refinance your car title loan:¹

More Time to Repay Your Loan

Generally, refinancing your title loan can allow you to obtain a longer loan term and get more time to pay back your loan. It may also be possible to ask your current lender for an extension on your existing title loan. A loan extension will give you more time to make a payment. In some cases, your lender may allow you to push your due date forward by up to one month.

Better Customer Service

Although your lender’s customer service agents are not included in the terms of your loan, they can impact your overall loan experience. Refinancing your title loan with a new lender or loan servicer means interacting with new loan officers and customer service agents!

Access a Different Interest Rate

Your loan’s interest rate is one of the factors that impacts the total amount you will repay over the duration of the loan. If you try to refinance your title loan, your interest rate will likely change – hopefully for the better!

Required Documents for Title Loan Refinancing

The documents you will need to complete a title loan refinance are similar to the ones you will need to apply for a car title loan. Generally, you will need a valid, government-issued photo ID, proof of income and residence, and some recent pictures of your vehicle. Depending on your state of residence and the title loan provider you currently work with, the title to your vehicle may currently be held by your existing title loan provider or your state DMV. Therefore, a title loan refinance can be a scenario where you can get a title loan without the title in hand.

You may be required to provide additional paperwork depending on the state you currently live in. If you want to have the smoothest application experience possible, it can be helpful to find all of your documents before you try to apply for a title loan refinance!

How to Refinance Your Title Loan Through ChoiceCash Title Loans

Trying to refinance a title loan can sound complicated, but it can be a lot simpler than you might think. Title loan refinancing is a lot like applying for a new car title loan! It involves filling out an application and seeing if you are qualified for a new loan – ideally with better terms and conditions than your existing one.¹

Here is a list of the basic steps that you will need to complete to apply for a ChoiceCash car title loan refinancing:

1. Apply for a Title Loan Refinance Online or Over the Phone with a Loan Officer
2. Submit Your Paperwork if You are Prequalified
3. Sign Your New Loan Agreement if You Qualify!

The way a title loan refinance works is that a portion of your new loan amount will go toward the remaining balance on your original loan. The average payoff amount that ChoiceCash pays off when refinancing a title loan is around $2,500.

If you are eligible for car title loan refinancing, you can enjoy your new loan terms and start repaying your loan! Once you’ve made the final payment on your loan, the lender will release the lien on your car’s title.

Applying for ChoiceCash title loans serviced by LoanMart can be simple and convenient. You can start your application from home at any time of the day or night! Just fill out an online pre-approval form to get started. The average amount that qualified borrowers can receive when refinancing their loan through ChoiceCash title loans is around $3,400!¹

Why Choose ChoiceCash Title Loans for a Title Loan Refinance?

If you aren’t happy with your loan terms and the level of customer service you are receiving with your current lender, you might be considering a title loan refinance.

Through ChoiceCash title loans serviced by LoanMart, you can access superior customer service! ChoiceCash title loan officers are available six days a week for extended hours to take your call. They strive to be as helpful and knowledgeable as possible, so your loan experience can be efficient!

If you are eligible for a ChoiceCash auto title loan refinance, you can access exclusive perks, including competitive interest rates and flexible loan terms! Don’t wait to find out if you can refinance your current loan. Call 855-422-7402 to speak with a loan officer or complete a short questionnaire online and discover if you qualify for instant pre-approval!¹

Frequently Asked Questions About a Title Loan Refinance

What Companies Will Refinance My Title Loan?

If you’re not happy with your current loan terms, you can try to refinance your existing loan. Find out if you qualify for title loan refinancing today by filling out a quick pre-approval form on the ChoiceCash title loan website. It can take no time at all to find out if you are qualified!¹

If I Refinance My Car Title Loan, Can I Get More Money?

Yes, with ChoiceCash title loans serviced by LoanMart, it can be possible to borrow more money and access better terms if you qualify for title loan refinancing.¹

Do I Need Good Credit to Refinance My Title Loan?

Not necessarily. You can still qualify for title loan refinancing even if you have bad credit. The title lender will consider your credit history, but it isn’t the focal point of the application process.¹

Can I Refinance My Title Loan to Avoid Repossession?

If your title loan is currently in default, you will not be able to apply for title loan refinancing. If you want to refinance your title loan, you need to be in good standing with your current lender.