Refinance An Existing Title Loan
Do you have an existing title loan, and would you like to lower the interest or monthly payment? If so, refinancing could be an option for better rates and payment terms. The best part about working with Florida Title Loans on your refi is that you can get approved quickly for a new lending term! Since you already have a loan with another lender, we must confirm those lending details and ensure you can be approved for the new payments and terms.
Title Loan Refi Requirements
You don’t need much to get new payment amounts and interest rates when you first apply for a refi. Here are the primary documents you’ll need:
– Your auto’s title or proof of ownership for the vehicle being used as collateral
– A valid state or federal ID, like a driver’s license
– Proof of income to show your ability to make payments
– Your current title loan information, including balance and payment history
After you gather those documents and decide you want an initial estimate, we recommend getting quotes from a few companies to compare the final lending terms. That way, you can ensure you get the best deal possible for your refinance. You can also leverage these quotes with your preferred finance companies. Tell them you got a refinancing quote with a lower payment or more beneficial APR. That will put them on the spot, and in the best case scenario, you’ll get a great rate with your new loan!
What Are The Benefits Of Refinancing An Auto Title Loan
We all know that title loans come with high interest rates, much like bad credit loans. In all likelihood, your initial lender probably gave you the title loan at a rate that could have been better. Still, refinancing can ultimately improve your financial situation by reducing monthly payments and overall interest.
A refinance is an excellent option for those seeking lower payments or improved lending terms on their secured loan. Gather your necessary documents, shop around for quotes, and see if a new quote is right for you! It may turn out that you already have a great rate, or perhaps you don’t qualify for a 2nd lien title loan refi because the rates are already low. Either way, it doesn’t take long to see if you can improve the current finance terms from a title loan lender in Jacksonville.
Refinance A Title Loan With Poor Credit – Is It Possible
Has your credit improved since you first applied for a bad credit title loan? Even though your credit history is not the ultimate factor when underwriting a loan, improving your credit score can only lead to a lower rate with a refi. Ultimately, your credit will be as important as when you first applied for the original loan. Here at Florida Title Loans, we work with customers facing all types of credit issues, and we look forward to getting you more favorable payments and rates for a car title loan refinance!
A Title Loan Refinance Is Different From A Loan Buyout
There are many different types of financing companies in Florida, and most will offer a quick refinance on a secured loan. But what about those that provide loan buyouts, and how does that work? A title loan buyout is when a finance company pays off your current title loan in full. They will issue you a new title loan with better terms and rates. These loans are generally harder to qualify for than a traditional refinance. Many borrowers will look for a buyout if they’ve fallen behind on payments or need to restructure the terms of a 2nd lien title loan. Often in those situations, it’s challenging to get approved because of the considerable risk the new lender would take on.
The main difference between the two options is that with refinancing, your original loan still exists until it is fully paid off. However, with a title loan buyout, that previous title loan is no longer active, and you will have a new loan with different terms. Try to fully understand the terms and conditions of any title loan before signing a contract, whether a refi or buyout. Always shop around for the best rates and payment options available! Also, For those looking to refinance a loan in Orlando, you may be in luck, as dozens of companies in that area will work with you!
Apply Now To Refinance Your Title Loan
Ultimately, both types of loans can be an option for someone in Florida struggling to stay current on their payments or pay down the balance. Consider the qualification factors and potential consequences before committing to either choice. Here at Florida Title Loans, we can help you if there’s a scenario where a buyout or refinance is right for you. Apply online or call us at 888-986-8505 to see how much our new payment term can save you!
