paydayloanalabama.com+tuskegee bad credit no credit check payday loans

The topic of refinancing title loans can often be a bit confusing

On one hand the ability to lower the interest rate, payment, and total loan cost on an existing title loan can be a big help, especially for borrowers who rushed into a loan with a very high interest rate.

On the other hand refinancing a title loan is not permitted in all states and therefor not available to all borrowers. Nevertheless, if you have an existing title payday loans Tuskegee loan with a payment that is not affordable it may be a good idea to consider a title loan refinance.

So the answer to can you refinance a title loan?' is yes, assuming you reside in a state that permits these and you can meet the requirements for doing so. We'll cover those shortly, first, what factors are there to consider when refinancing a title loan?

Factors for Refinancing a Title Loan

how much is chase cash advance fee

Borrowers may want to consider refinancing their loan for a number of reasons which we'll cover shortly. So what factors are considered by the lender when entering such a transaction?

Vehicle Information

The first item to consider is the vehicle value. As with all title loans vehicle value is an integral part of determining the loan amount.

The good news for borrowers is that used car values have increased significantly over just the past year. This play a major role in how much you can borrow; if refinancing for a larger amount then this may be very important.

Existing Loan Details

what cash advance apps work with cash app without bank account
  1. Existing loan amount
  2. Term (Length)
  3. Payment history
  4. Current standing
  5. Outstanding balance

By current standing we mean whether or not you are currently in good standing with the lender. This means you are up to date on all payments and meeting all terms and conditions spelled out in the loan agreement. If this is not the case it may be difficult to refinance the loan.