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How do I refinance a car title loan?
I’m having trouble meeting the payments for my car. How do I refinance a car title loan so I can avoid falling behind on my loan?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear that you’re having trouble making your car title loan payments. Luckily, you do have the option to refinance to make it easier for you to get through this tough time.
Here is how you can refinance your car title loan:
- Gather necessary information. You will need a copy of the original title loan document, the title for your vehicle, and an inspection certificate noting repairs that were done on the vehicle since you took out the loan.
- Get your payoff quote. Your payoff quote tells you the exact amount you’ll need to pay to satisfy your title loan, including interest and early payoff charges.
- Check your credit score. Your new loan provider will need to run your credit to determine rates and eligibility for your revised loan. You can have your bank provide one for you, or grant permission to your lender.
- Find a lender willing to refinance your title loan. Not all lenders will refinance a title loan, but you can shop around to find someone willing to work with you.
- Choose a repayment plan. Think about possible financial situations that could arise during your new finance term and adjust your loan repayment plan accordingly.
- Update your information. When you begin your new title loan term, update your information with your insurance company to avoid issues later on.
Car title loans are illegal in some states because of the financial risk to borrowers. When you refinance, make sure you sign for a deal you can reasonably afford so you don’t risk repossession of your car.
Hopefully, refinancing provides you with the financial relief you need. Another way to save money on auto-related expenses is by downloading the
Jerry
app. Just answer a handful of questions that will take you roughly 45 seconds to complete and you’ll immediately get car insurance quotes for coverage similar to your current plan. Jerry customers save an average of $879 a year.Good luck!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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