How can I refinance my car title loan?

Is it possible to refinance my car title loan? I’m having trouble making payments because the interest rate is high and I’m really scared that my car will get repossessed.

Answer
It is possible to refinance your car title loan! The process will be pretty similar to refinancing a car; you’ll apply for a new title loan, and the lender will pay off your old one.
When applying for the new loan, the lender may ask you to provide the following documentation:
  • A copy of the original loan certificate
  • The title of the car
  • A certificate of inspection with any adjustments or repairs that have been made since you took out the first loan
You’ll also have to undergo a credit check before getting approved for your new loan. If your credit has improved since you took out the original loan, you might be able to get better terms on your new loan.
If your financial situation has improved since you bought your car insurance, you should consider evaluating your insurance policy, too. Many people pay too much for car insurance, but the Jerry app can help you find the lowest rates out there. Jerry compares personalized rates from the top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!
Liz Jenson
Answered on Nov 03, 2021
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