Refinance Your Existing Car Title Loan
Why It Makes Sense To Refinance
It almost always makes sense to refinance your vehicle equity loan. There are few situations where a refinance is not necessary. This would be a situation where you already have a decent rate with favorable payoff terms. Most companies will first give your a loan with rates that are comparable to what you see across the board. Finance charges are always going to be high, as this form of lending is risky and many companies won’t check your credit. But as time goes on you should be making your payments on time each month. Most services will report on time payments to the different credit bureaus. It makes sense to expect a lower rate after time, much as you would with a car loan or home equity loan. Another scenario is if you are about to payoff the loan in full because of an early payment or you’re near the end of the payoff terms. Most of the time though, a refi is going to be a good move to make. With a refinance you’re going to see an improvement when it comes to the lending terms. You will also benefit from either a quicker payoff or lower monthly payment as a refinance will often lead to a lower interest rate.
What To Look For
When You Want To Refinance
Once you’ve made the decision to refinance your car title loan there are a few things to consider. Much like if you were applying for a simple vehicle equity loan, you first need to start by choosing a lender. Do you go with an online title loan company or someone that provides funding in your neighborhood. Also, most companies aren’t in the business of providing a refinance option. In our experience only the largest lenders offer this service. It pays to shop around when looking for the best terms. Even an interest rate improvement of one or two percent can save you a considerable amount of money in the long term. Lastly, be sure to have the finance terms spelled out in language that you can easily read. Check the contract for hidden terms or fees that may make your refi counter productive. Here at PremierTitleLoans we’ll work with you to get the best rates and terms when you first apply for an online loan. Go ahead and check out our application to get started on the paperwork and application process. It often takes less than 15 minutes to submit your info. You can often expect a lending decision within a few hours. Only work with a company that provides a disclosure and check their customer service records and complaint history online.