3 Benefits of Refinancing Your Auto Title Loan
Auto title loans give you a great opportunity to get money you need fast. They lend you money based on the value of your vehicle, and you can be approved and have money in hand the same day. You just need to show a steady income and proof of vehicle ownership (your title).
Before you pay off your title loan, you may find that you need additional money, or you may find another title loan company in Las Vegas that offers better terms. You can refinance your loan to enjoy many benefits, including these:
Lower Your Interest Rate
One of the most common reasons that people start thinking about refinancing their Nevada auto title loans is to get a lower interest rate. No matter how short your loan term, having even a slightly smaller interest rate can have a big impact on how much you pay, not only monthly but in the long term. You can save a significant amount of money by refinancing your loan and getting a lower interest rate.
Don’t be afraid to shop around to different title loan companies serving Henderson. The more bids you get, the lower the interest rate you are likely to get.
Lower Your Payments
If you refinance your title loan with a lower interest rate, your payment should certainly be lower (unless you also shorten the term of your loan). But there are other ways that you could lower your loan payment by refinancing your loan. For example, you could refinance the amount you owe over a longer term, and that would result in a lower monthly payment.
Sometimes, just simply refinancing the principal can lower your monthly payments since it is removing all the interest you were expected to pay on the previous loan. Just talk to different title loan centers in Paradise and compare terms to see what can lower your monthly payment the most. Remember that you are under no obligation to accept any of the terms you are offered.
Get Extra Money
There are a lot of ways to manipulate the terms of a loan to either save money or get money. For example, say you got a title loan for $5,000, and you paid off half of it. Now you need money again. But you don’t want to take out another loan. Instead, you can refinance the full amount of the loan and get back $2,500. You are essentially tapping into the original amount to borrow what you have already paid back – basically resetting the loan.
There are other ways you can change up your loan terms when you refinance to get money back. Talk to each title loan company in Spring Valley about what would be possible based on what you currently owe and the value of your vehicle. The title loan center will likely be able to make suggestions that hadn’t even occurred to you.
Make sure you are getting the full benefits of your auto title loan by refinancing when you can get better terms or you need more money. Never forget that your vehicle is a valuable possession that can be a financial resource when you need it. If you need money fast, shop for title loans near you. If you already have a title loan and are struggling to pay or are in need of more cash, shop around to get better terms by refinancing with a new title loan center in Summerlin.
Title Loans 365 offers some of the best terms on auto title loans in Las Vegas, North Las Vegas, and Henderson, whether you are opening a new loan or looking to refinance an existing loan. We offer approval in just minutes on auto title loans for cars, trucks, and RVs. You can apply for online title loans, or you can visit one of our centers to apply in person. We’ll check your documents and make you an offer in minutes. We offer the best title loans in Las Vegas, and we pride ourselves on our exceptional service. Apply for your title loan online now, or call us to ask questions or get assistance with your application. You can also visit us to apply in person in Las Vegas, North Las Vegas, and Henderson.