Whether you need to pay some bills or make a big purchase, getting an auto title loan is one of the easiest ways to get some cash in your pocket. Although getting fast cash is never a bad thing, you’ve got to be careful about auto title loans—there are plenty of lenders out there who charge extremely high interest rates. If that’s the case, you may want to consider getting that loan refinanced. This post will answer all the questions you have about how to refinance auto title loans in Phoenix.
Can refinancing help avoid default?
Defaulting on your auto title loan can have a drastic impact on your credit score and can even lead to your car being repossessed. If you’re in danger of defaulting, getting that loan refinanced can help. When your loan is refinanced, your new lender buys the loan out from your old one. So, you’ll no longer have to worry about paying back your original loan.
Can a refinanced loan secure a lower interest rate?
Those high interest rates mentioned above could be a thing of the past if you get your auto title loan refinanced. Applicants with a good credit score can typically get a much lower annual percentage rate (APR) if they refinance. Just be sure to do your research to find the lender with the best interest rate for your needs.
Does the refinanced loan give me more money?
Along with getting a lower interest rate, refinancing can get you some extra cash on hand if you need it. Talk to your loan officer while applying to see if you’re eligible to get extra money. Just keep in mind that borrowing more money could mean that it’ll take longer to pay off your entire loan.
What’s the application process like?
Applying to refinance an auto title loan in Phoenix is often just as easy as applying for your original loan. All a lender needs to know is some basic information about your vehicle, your credit score and the amount of money you need. When you come to Cash-N-Go Auto Title Loans of Phoenix, you can get your loan refinanced in as little as 30 minutes.
Are there any fees?
The one downside of refinancing is that there may be some associated fees. Before agreeing to refinance, carefully read all the fine print to ensure you know how much you’ll owe on your refinanced loan each month. The last thing you want is to default on your refinanced loan.
Where should I refinance my loan?
Come to Cash-N-Go Auto Title Loans of Phoenix to refinance! Nobody beats us when it comes to lending cash at low interest rates. Better still, the application is easy, and we can refinance your loan in a matter of minutes.
Whether you need to refinance a small auto title loan or a big one, be sure you refinance at Cash-N-Go Auto Title Loans of Phoenix. We’ve been helping our customers refinance auto title loans in Phoenix since 2000, so you know you’re in good hands when you come to us.