There are many reasons that you might want to refinance your title loan, depending on the terms of the loan or how your financial circumstances have changed.
One of the most common reasons that people look into refinancing title loans is that they are facing new financial hardship. For example, a person may take out a title loan because they have been injured in an auto accident and need to get extra cash to pay the medical bills that aren’t covered by insurance.
But then the medical bills continue and wages go down because the person isn’t able to work while injured. The person may not be able to pay the title loan under the current terms, so refinancing it can bring the monthly payment down to a manageable level.