It’s easy to refinance a title loan!
At Auto Equity Loans, we strive to make getting and maintaining your title loan a simple and pain-free process. We understand that your financial situation may change during the course of your loan, so we make sure there are ways for us to accommodate you and your needs. Auto Equity Loans has a few ways that we can lower your monthly payments throughout your loan. The quickest and easiest way to lower your monthly payments is to refinance your auto loan!
If you have paid your car title loan down a little and have a good payment history with the company, you will most likely be eligible to refinance your title loan. Just call the office you received your original loan from and they will tell you if refinancing is a good option for you and even be able to set up an appointment over the phone. When you refinance your title loan, all you will have to pay is the amount of interest that you have accrued since your last payment. After that, Auto Equity Loans will pay off your existing loan within the company. This will start a brand new, short-term loan for the amount of your previous loan balance and with whatever monthly terms you feel comfortable with.
Auto Equity Loans can write loans from anywhere between 4 and 24 months (although eligibility for the extended terms is on a case by case basis). Because your new title loan will only be for the balance of your previous loan, it will be SMALLER than what you originally borrowed, meaning you will be receiving a lower monthly payment! The best part about refinancing is that you will keep your original title loan’s interest rate. Your interest rate will never increase just because you refinanced for a smaller loan amount.
I know that refinancing doesn’t always seem ideal, especially if it means extending the terms of your title loan, but the option is there for you! At Auto Equity Loans, there are NO penalties with paying your title loan off early. Meaning that you can pay off your title loan at any time, without being charged any extra fees. In fact, the sooner you pay your title loan off, the less you’ll be paying back! Times may get tough, but Auto Equity Loans will do anything we can to help you get through it and make sure that your title loan isn’t just another burden on your shoulders.