Do you have some big car title loan payments to make? You might be wondering whether or not refinancing an auto title loan in Arizona is an option available to you. The answer is yes—you are able to refinance car title loans to get a better rate if you’re starting to get overwhelmed by your payments.
Here’s what you should know about the process.
How to refinance car title loans
The refinancing process is actually relatively simple. By changing your loan terms, you can get more time to pay off the loan and get a lower interest rate over that time. Of course, the difference ends up being that if you take the entire time to pay off the loan, you would ultimately pay more in interest than you would have under the initial terms of the loan. But if you find yourself getting close to being underwater with your financial responsibilities, making smaller payments each month could be a big difference maker.
At Cash-N-Go Auto Title Loans of Phoenix, our team will be able to carefully walk you through every step of the refinancing process, explaining the options you have available to you and helping you to select an option that will be better for your financial situation. When we refinance, we’re generally able to give you more money on top of paying off your loan.
We’ll also take a look at the structure of your existing loan. We could, for example, restructure your loan from an amortized to an interest-only loan, reducing your payments to give you better terms. Depending on the loan-to-value of the loan you currently have in place, we could also potentially increase your total loan amount, giving you some cash up front.
If you took out your loan with a different lender, that’s no problem at all. By signing our contract, we’ll handle all the payoff responsibilities of your loan with your other lender and make it as seamless as possible for you to switch over to our services. We pride ourselves on excellent communication and customer service at all times so you can feel completely comfortable with all of the work that we do for you to keep you financially stable.
Interested in refinancing a car title loan? Fill out an application (available online) and submit it to us online, via fax or by bringing it to our office in person. Your loan representative will help you through the refinancing process by analyzing the value of your vehicle, your total income level and the amount of money remaining on your existing loan with your current lender. We’ll then pay off your remaining balance, establish a brand-new loan that gives you better terms for paying it back and you’ll be good to go moving forward.
For more information about the benefits of refinancing an auto title loan in Arizona and what you need to know about the refinancing process, we encourage you to contact Cash-N-Go Auto Title Loans of Phoenix with your questions.