Refinancing Car Title Loans
Saving money is always a good idea, right? One way to do so is by refinancing car title loans at a better interest rate. Many borrowers have already taken advantage of this smart strategy by refinancing mortgages and transferring account balances on credit cards. But did you know that it is possible to refinance high interest car title loans? Not all car title loans are alike. Fees and interest rates can vary widely from one car title loan lender to the next. So the potential for saving money may reach well into hundreds or even thousands of dollars over the life of a loan.
Most borrowers understand that refinancing car title loans at lower interest rate can save money on car title loans. What may be more difficult to calculate, however, is just how much money any additional fees charged by many car title loan lenders may ultimately cost. Some areas to consider are late fees, application fees, document fees, filing fees, bank fees on returned items, club fees, charges for credit checks and so on. Finally, if your car title loans interest rate is not fixed, figuring your final payoff may prove difficult.
So just what is the process to refinance an existing car title loan? Certainly this will likely vary from lender to lender and not all car title loan lenders will handle refinances. The first step is to compare interest rates and fees. Once you have determined which lender is best for your particular needs the process should be relatively simple. The company refinancing the loan will generally require an application. Once approved, they will pay off the existing car title loan. You will then have a loan agreement with the new lender.
Should the new car title loan lender offer same day service on refinances, you can start saving money immediately.