HOW TO REFINANCE YOUR TITLE LOAN WITH AUTO EQUITY LOANS
Refinancing is a term that is often used in the banking and lending world. However, to those that are not used to that term, refinancing can be a nerve-wracking concept. There are many misconceptions about refinancing an existing loan. To ease your nerves about refinancing, it’s important to know the basics of how the process works.
In a nutshell, when a client comes in to refinance, it pretty much pays off the existing loan and starts a new loan for the remaining balance on their account. There are a few different reasons that someone pay refinances their title loan. Many of the common reasons are: to switch their loan to Auto Equity Loans, to lower their payments, or to switch their due dates. Auto Equity Loans can refinance your loan from a different lender. This benefits the client as Auto Equity Loans has the lowest interest rates amongst all of our competitors.
With lower interest rates, you will be lowering your minimum payment, and paying back less in the long run. Another main reason to refinance a current loan is to lower your monthly payments. Since the new loan will be based on your remaining balance, if you have paid down your loan, your minimum payments will be based on your new balance. Since Auto Equity Loans has no early pay off fees, you can pay off whenever the funds become available to you and you will not be trapped in another new loan. Another way that refinancing your loan may be beneficial is to change your due date. At Auto Equity Loans, your payment is due 30 days from the date you receive your loan. If you get a new job and your pay date changes, maybe your old due date does not work for you any longer. Auto Equity Loans wants our loans to be as convenient as possible, so you can refinance your loan around a due date that works for YOU and your new due date will end up being at a time that works with your finances.
One clear difference between online title loans and payday loans is that title loans are not secured by a paycheck, but instead use your vehicle as collateral for the loan. Depending on the amount of equity you have in your vehicle, title loans are typically available for amounts between $2,000 and $50,000 making it easier to get additional cash when you need it. An additional difference between title loans and payday loans is the repayment term; most title loan lenders allow you to repay over 12 months or more, which helps you budget more so than payday loans. In most cases, title loans are less expensive than payday loans because they represent a lower risk to the lender, but you must have equity in your vehicle to be eligible for a title loan. Learn more at https://medium.com/@jamesdonrichards123/emergency-loans-no-credit-check-1c49be7ebc05
