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Should You Go For Refinancing Title Loans?

There are times when life throws a wrench in your decided plans and it is always unexpected. During such situations, you always consider getting a loan. No wonder, getting a Car Equity Loan is always good even if you have a bad credit score or you don’t want to go for other loan options. But what if you are unable to repay your borrowed money? This can leave your car in a risky situation. 

However, there is a piece of good news you can even refinance your title loan to prevent your car from being repossessed. This will leave you in a safe place and you can continue to focus on other things as well. 

Is it okay to refinance my ongoing title loan? 

Refinancing your title loan is equal to replacing the ongoing title loan debt with another one but to getting different terms. There is an option to refinance the existing title loans in Illinois with the lender or you can find a new lender that can offer you better terms. 

Also, the process to refinance your existing title loan is similar to inquiring about a new one which involves three steps: 

  • Inquire about the title loan that you want to refinance
  • Complete the paperwork 
  • Sign the new contract for a title loan

After you complete the entire process of refinancing your title loan, you can start repaying for the new title loan and begin the added terms.

What is the average interest rate if you decide to refinance your title loan? 

The average interest rate on any title loan is around 300%. Also, there are chances that the title loan providers or lenders can charge various other fees which are associated with the repaying of the loan which also includes the lien filing fee. Thus, if you are going through this process then it is better to have an open conversation with your lender. 

What documents are required to refinance the title loan? 

If you are deciding to refinance your car equity loan then here are some documents that you need

  • Title loan agreement – This is the most important thing which is required to refinance the title loan. It is required to offer original loan paperwork. The paperwork will offer details like the borrowed amount, the interest rate being paid, etc. 
  • Photo ID – You need to offer an original photo ID that is government issued. This includes a driver’s license, state ID, passport, etc. 
  • Proof of residence – You also need to offer proof of the residence in which you are living currently. This is can be in the form of credit card statements, apartment leases, phone bills, etc. 
  • Proof of income – To refinance your Title Loan in Illinois, you also need to provide your proof of income. This shows that you can repay the loan. You can submit tax returns, bank statements, pay stubs, etc. 

Conclusion

Refinancing a current title loan can save you from various problems. You can even save your car from being repossessed. Thus, refinancing the title loan is always a great idea and a safe option. 

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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