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What Are The Advantages And Disadvantages Of Getting A Title Loan Refinance?

Are you considering getting your title loan refinanced? Are you confused about title loan refinance? There are many circumstances when the borrower is unable to repay his car title loan. The result of this can be losing your car or opting for a refinancing option. Most people opt for refinancing title loans Cleveland, OH. However, the decision can be difficult and a bit confusing. This is the reason that it is better to weigh the advantages and disadvantages of title loan refinancing. 

What is the meaning of refinancing title loans? 

Refinancing a title loan is all about paying off the current car title loan in Cleveland, Ohio with the new one. However, depending on certain things such as payment history or credit score, the option of refinancing can easily lower the overall interest rate, and monthly payment, and can even change the overall loan duration.

If you are someone who is unable to repay the current borrowed title loan in Cleveland then it is the best option to refinance the loan and save your car from being repossessed by the lender. Moreover, your chances are high to refinance the title loan if your credit score has increased or if you have made the payments in time.

Pros of title loan refinancing

Here are some of the advantages of refinancing a loan:

  • Better interest rate – There is no doubt about the fact that interest rates can create a huge difference in monthly payment amounts as well as total interest. If the interest rate of your current or ongoing title loan is more than you qualify then it is better to refinance the title loan. This will help to lower the payment and have a chance to save some money. 
  • Chance to lower the payment – Getting the title loan to refinance can be beneficial in reducing the monthly car payment by lowering the interest rate as well as extending the loan term. However, this will extend the total amount that you need to return. 
  • Borrow extra money – Another benefit of refinancing the loan is borrowing extra money if you accumulate the car equity by prepaying the existing loan. This will lead to a lender offering a cash-out refinance. This way you can borrow extra money on the basis of the equity of your car that you hold.

Cons of title loan refinancing

  • Refinancing fee – There are some costs of refinancing your loan which include application, title transfer fee, etc. Thus, depending on the lender and his terms, you might end up paying a refinancing fee. Try to consider this factor before considering the refinancing of a title loan.

Conclusion 

There are two sides to the coin which means refinancing your car title loan in Cleveland, Ohio has its benefits and disadvantages. Depending on your situation and your lender, you need to take the right decision. However, there are more benefits to refinancing rather than disadvantages. Thus, if you don’t want to lose your car then it is better to opt for auto loan refinancing. 

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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