3 Ways to Take Advantage of Your Car Title Loan Refinance
If you own your own vehicle, getting a title loan is a great way to get some money fast when you need it. Did your toddler spill juice on your computer? You can get a title loan to get the cash to buy a new computer. Did you have to get emergency dental surgery? That loan can help you finance the care you need.
After you’ve been paying on your loan for a while, you may find that you need money again. Or you may decide that the terms of your loan are a bit of a burden and want to get new terms. Fortunately, you can refinance your loan and reap fresh financial benefits. Here are some of the ways you can take advantage of refinancing auto title loans in Las Vegas:
Get More Money
Title loans are awarded based on the value of the vehicle. So, your vehicle acts as your equity. Say you have been paying on your loan for a while, and you’ve paid down $2,000 of a $5,000 loan. Now, something has come up and you need money again. In essence, you still have $2,000 worth of equity on that loan. You should be able to refinance the loan for the original amount, pay $3,000 into the first loan and have another $2,000 of walking-around money.
You may be able to refinance with the same title loan company in Las Vegas, or you may have to go to a different lender to get a new loan. Either way, you end up with the money you need.
Lower Your Payments
When you first took out your title loan in Paradise, you may have been fine with the monthly payment, either because you could easily afford it or because you were willing to carry the burden in order to get the money you needed. Now, you may be looking for ways to lower your monthly payment because your circumstances have changed or you just want to make the terms better for you.
Refinancing your loan could help you do that. Use the above example. You have paid down $2,000 and now you just owe $3,000. Instead of refinancing for the full original amount, you could just refinance for what you owe. That could lower your monthly payment by giving you a new repayment term but with a lower amount.
Lower Your Interest Rate
Sometimes, your Las Vegas title loan company will lower your interest rate when you refinance after you have shown a history of paying on time. You will have proven yourself a reliable borrower, and the company may be willing to negotiate better terms on your refinance. That can bring down the overall amount you end up paying.
Sometimes, you will need to shop around and find another title loan center. There’s nothing that says you have to stay with the same Las Vegas title loan company when you refinance. Shop around to find the best title loans at the best rates. You’ll save significantly in the long run by lowering your interest rate even by a point or two.
Title loans are a great financial tool when you need cash fast. So long as you have a vehicle title and proof of income, you can be approved for the loan, regardless of your credit. Shop around to find the best rates so that you can keep your costs low. If you aren’t happy with your rates, or if you need more money, look into refinancing your Paradise title loan.
Title Loans 365 offers the best title loans in Las Vegas and Henderson. We offer title loans on cars, trucks, RVs, and other vehicles. We also refinance auto title loans you may have originated with another title loan company. We offer competitive rates to keep your costs low. We don’t have any prepayment penalties, and we keep our fees low. You can apply for your loan online, or you can visit us in one of our Las Vegas, Henderson, or North Las Vegas locations. We offer fast approval, and you can have your cash in hand quickly. Find out what you can borrow by filling out our application for online title loans, or contact us to have your questions answered and get guidance through the process.