Title Loan Refinance
Consumers across the United States have widely been able to seek out and successfully be awarded loans by banks and other financial institutions to help pay for things like buying a home, purchasing a consumer vehicle, or affording tuition and related expenses at colleges or universities.
Such lending services have been provided to consumers in all 50 states for well over 100 years. Since the Great Recession came around, however, the lending market has been turned upside down.
When subprime mortgage borrowers began defaulting on their mortgages en masse, tons of banks and other lenders that were once willing to make such loans were immediately thereafter unwilling to make such loans to even prime – or suitable, in other terms – borrowers.
Banks and financial institutions began requesting more collateral on the same loans that previously did not require any collateral, too. If prospective borrowers didn’t have enough assets to fork over as collateral in the event that they defaulted on such loans, they simply couldn’t get approved!
After this Great Recession, things started to change
The economy has gone straight up in terms of performance since the advent of the Great Recession from 2007 to 2009. After the worst of the recession came to an end, new types of financial institutions started to come about.
These new, smaller versions of traditional financial services companies survived by offering check-cashing services, payday loans, and car title loans, primarily. They often offered deals to first-time borrowers such as being able to borrow $200 and only having to repay $203, if not only $200!
Such loans are known as personal loans. The reason they’re named as such is that borrowers do not have to provide lenders with a specific reason for needing such financing. This is different from how lending has always been done in the United States, as banks have only had a few general types of lending opportunities available to prospective borrowers, including:
- Mortgages, or long-term loans used to pay for homes.
- Car notes, significantly shorter-term loans used to finance the purchase of consumer vehicles.
- Small business loans, which often came in the form of revolving lines of credit.
- Although financial institutions outside of those offered by the federal government for schooling through the FAFSA, they sometimes offered loans to pay for expenses required to attend universities and colleges.
After 2009, however, there was an explosion of the aforementioned, no-purpose loans, which soon became known as personal loans.
The reason why they’re named personal loans is because the reason why borrowers are asking for them isn’t important to personal loan lenders. Unlike the traditional types of loans listed above in bullet points, personal loans are only available in much smaller dollar amounts – as well as for much shorter borrowing terms – than for mortgages, car notes, tuition loans, and the like.
The downside of many personal loans
Most even halfway-significant personal loans are for just a few months at a time. In addition to annual percentage rates tending to be fairly high, the dollar amounts available from lenders are usually quite a bit smaller than their traditional counterparts.
Most places you’ll find title loans will offer them at high interest rates, no matter how good your credit score or personal financial situation is! This holds true even for lenders that provide low-dollar title loans despite the fact that you might sign over a relatively high-dollar-value car as collateral.
The above two paragraphs are usually more true for car title loans than they are for personal loans in general.
Fortunately, somebody’s here to help
That somebody, fortunately for you, is us here at Refinance Title Loan, one of the finest providers of title loans in the Golden State, as well as elsewhere in the United States. Owned by Wilshire Consumer Credit and founded nearly 20 years ago, making RefinanceTitleLoan.net one of the most historied providers of personal loans – or one of the most historied members of this new class of American financial institutions – in the game.
Do you have a car title loan that’s outstanding right now with a higher interest rate than you’re comfortable with? We just might be able to help you lower both your annual percentage rate – in other words, that means your interest rate in addition to any financing fees you’re required to pay – and monthly required payments.
We’ve dealt with thousands of people in your situation over the years. Having been in such sticky, stressful situations ourselves over the years, we realize that everybody needs a fair, open chance of recovering from being in poor financial situations.
How might you benefit from a title loan refinancing provided by Refinance Title Loan?
There are five primary ways that you can benefit from reaching out to us at Refinance Title Loan for our title loan refinancing services.
Number one is that you’ll be able to reduce how much money your title loan requires you to pay each week, every two weeks, or each month.
Secondly, you may find that our team can prevent your current car note from going into default.
Third, you’ll be able to consolidate any other loans – at least any other loans of equal size or smaller dollar amounts – that you currently have outstanding. This is generally only going to be true for credit cards and other loans that the new class of financial institutions outlined at the beginning of this article offer. Put simply, if you’re approved, you’ll have to worry about fewer individual payments and less stress weighing on your shoulders in general.
Next to last, we may be able to offer additional cash that you can borrow. Think of this opportunity as another loan installment.
Finally, you could lower your interest rates. All of our rates are competitive with the contemporary title loan market and vary based on the worth of your vehicle and what the terms of your current car title loan financing agreement are.
All you have to do is navigate over to our secure, safe form – it’s on this very website – in which you’ll complete a few short fields of required info including current title loan amount, current APR, and your identifying info.
More details about applying for our car title loan refinancing services
Here at Refinance Title Loan, we want to make it easy on you to apply for our title loan refinancing services. That’s why you can do so by simply calling our kind, understanding, experienced loan officers and customer service representatives, all of whom have been trained extensively to understand financial lingo and the extent of the services that we provide.
Not all other lenders can say this – that’s one of many reasons why we stand out among the crowd.
So, when it comes to applying for the potential to refinance your car title loan, here’s what will take place:
- First off, we’ll ask for your official credit report from one or more of the three nationally-trusted credit bureaus – Equifax, TransUnion, and Experian – to look at what other outstanding debt you have, what your personal history with debt looks like, and what your credit score is.
- Next in line – you’ll need to send us your official car title. This is to prove that you, and nobody else, own the vehicle, and so we can verify the vehicle’s registration with the state you’re looking for a loan in.
- Third, we’ll estimate your car’s current value. You may need to provide pictures of its current condition; we also may come to check out your vehicle in person.
- Lastly, we’ll use all of this information to determine what loan terms we’re able to offer, as well as evaluate your potential for repaying our title loan refinancing offer if we were to extend the offer to you.
If you have any questions, or if you wish to go ahead and start this process, simply fill out our form online, request a call from our loan officers through our website, or call us immediately.