Trying to get a loan refinanced so you can obtain a better deal is always an enticing option, no matter your situation. But if you currently have low credit, you might have concerns about qualifying for a refinanced title loan.
Will a low credit score prevent you from getting your loan refinanced? In this article, MaxCash will explain how the refinancing process unfolds when a borrower has low credit.
Step 1: Online Inquiry
The first step in the title loan refinancing process is the inquiry. To start the convenient process with MaxCash, navigate to the contact page and choose whether to call or email.
Once you make contact, you’ll be asked for some specific information relating to the refinancing process. In order to apply, you’ll need to submit a few key pieces of information. That information will include:
- Your General Location – To help find a lender in your area, MaxCash will need to know your city, zip code, and state. There’s no need to relay your full delivery address.
- An Estimate of Your Monthly Income – In order for a lender to determine how much to lend you, MaxCash needs to know how much you can afford to pay each month. As a result, it’s important to be accurate with this number. Going too high can lead to some overbearing debt and going too low will cut into just how big the loan is.
- Contact Info – In order to help you get a loan, MaxCash will need to contact you at certain points throughout the process, and in order to do that, they’ll need some method of contacting you. MaxCash will ask for your email, phone number, as well as your first and last name.
- Information About Your Prior Loan –In order to refinance your existing title loan, lenders need to know all the details of your last loan. The information requested will include your vehicle’s stats, such as the year, make, model, and mileage. These details will play a large part in determining the specifics of your loan.
Step 2: Searching for Applicable Lenders
Searching for lenders is a difficult process and finding one when your credit is low is even harder. So where do you even start looking? Simple: you don’t. MaxCash will do all the search work for you.
That’s right, instead of doing tedious research and calling numerous lenders, MaxCash will be doing the searching for you. Using their vast financial experience, they’ll find you a reputable lender among their nationwide list of partnered lenders.
MaxCash will present your information to lenders and make a case on your behalf. Lenders will then decide if they want to work with you, and if they do, they’ll make an initial offer.
Step 3: Landing the Best Deal
Once lenders have been found, the next step is to negotiate with them to isolate which one will offer the best loan deal. Negotiation is a very important part of any large monetary decision, but can be a very difficult skill to learn, especially when you’re new to the field. Thankfully, you have MaxCash’s team of monetary experts on your side to do all the negotiating and bartering for you!
MaxCash will start by gathering quotes and offers from interested lenders. They’ll compare the rates and terms of the loan offers to find one offer that best matches your financial situation.
It’s this loan offer that is recommended for you. MaxCash will inform you of the lender found and discuss the loan details with you. If you like what you see, you may decide to proceed with the loan process.
Step 4: Making a Connection
In order to complete the process of the loan, you need to interact with the lender in some way. Once MaxCash has found a compatible lender, they’ll ask which method you’d prefer to get in touch with them.
Most people prefer to make contact over the phone, but if you prefer you could choose to communicate over email.
Step 5: The Transferring of Funds
Once you’ve established some method of communication with your lender, you’ll be given the details of the loan, and be able to accept or deny the offer. Once you accept, all that will remain is one step: receiving your money.
In order to receive your loan money, you’ll need to establish what method you’ll be using to make this exchange. Generally, there are three methods offered:
- An In-Person Exchange – Ensures timeliness, but not great for the more privacy-minded.
- Mailed Correspondence – More private, but reliant on the postal service’s timeliness.
- E-Commerce Websites – Private and quick but requires a stable internet connection.
Once you’ve received your funds and started your repayment plan, you’ll be finished with the title loan refinancing process. No matter how low your credit score is, MaxCash will strive to help you acquire the refinanced title loan you’re looking for.
Interested in getting started today? You can hop onto MaxCash’s website right now to get started! Why wait? Head on over today!