Can I Refinance My Title Loan?

You were in a pinch and got an auto title loan to tide you over until your finances stabilized. That was then. While you were imminently grateful for the loan, now you realize that the payments or terms have become unmanageable, or you’ve discovered you need more cash. So, you wonder whether you can refinance your title loan. Perhaps you can — but keep reading for more info.

What are Auto Title Loans?

These are loans that use car titles for security. That is, the vehicle title serves as collateral. The loan amount available depends on existing equity in the vehicle. Approval rates are high compared with other loan options since qualification requirements are generally flexible. For example, you don’t need good credit.

How Do They Work?

When your vehicle is put up as collateral – which, essentially, it is – the lender becomes lienholder. Then, you make payments until the title loan is paid off.

How Do Such Loans Compare to Other Options?

Well, if you can get a bank loan, go for it. You’ll need great credit, of course, as well as patience since the approval process can be quite tedious. That may not work in an emergency.

Then there are payday loans, which are short-term loans that are meant to bail you out until you get your paycheck. However, this may not work for you either if you need more than a couple of hundred dollars, or you won’t be able to erase your balance within a couple of weeks. Further, you could end up paying big interest fees that can inhibit repayment.

What’s So Great About Title Loans?

We’ve broached a few, but here are the top ones in a nutshell:

  • Affordable payments. The last thing you need coming off an emergency are stress-inducing payments. Generally, title loan payments are manageable. If you have trouble making them, though, keep reading for info about possible refinancing.
  • Longer time to repay. You may need more time than, say, what a payday loan offers for repayment. In that case, a title loan may be the ticket. If you need even more time, you may need a title loan refinance. Refinance is the process of revising and replacing terms of an existing credit contract, typically for a loan or mortgage.
  • Competitive interest rates. Rates for other loan options may be prohibitive. Interest rates for title loans are established based on up-to-date market analysis.
  • Quick cash. If you’re looking into an auto title loan, you need help right away. Lenders such as LoanMart know that, and you may even have your funds within 24 hours of approval.

Any Chance I Can Get Refinanced?

If you find your payments or terms unmanageable, or if you’d like to borrow more money, or you don’t care for your lender’s customer service, yes, a re-fi is possible.

If you’re hoping for a lower rate or payment, you can contact your lender to see whether they’d be amenable to modifying your terms. If your payment history is sterling, your lender just may reduce your rate, which will reduce your payment.

If your existing lender can’t help, you might be able to refinance your loan by going elsewhere. First, though, you must wipe out your existing loan. State laws vary, but you can either get rid of the balance yourself or learn whether a different lender will handle it for you.

You’ll likely have many refinance options, but ChoiceCash Auto Title Loan, which is serviced by LoanMart, is the sole lender that can prospectively reduce your monthly payment. A loan from ChoiceCash can clear your current loan and let you borrow a little more.

So, can you refinance your title loan? You likely can, but you should go through ChoiceCash for a lower payment — and more money in your pocket.


A fervid writer and a Commerce Graduand- I am a travel enthusiast and love to explore new things, enthralled by sports ( basketball), when I have free time I like to sing, dance and read. Besides this you will often find me riding bikes.

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