If you found yourself in need of extra money to pay an unexpected bill or expense, you may have taken out a title loan. However, perhaps fortune turned sour for you and your vehicle got damaged after you took out the title loan.
If you want to refinance for a better deal on your title loan, it might be difficult. MaxCash is here for you today to talk about the details that are involved with refinancing a title loan when you have a damaged car.
Could I Get My Title Loan Refinanced with a Damaged Car?
It honestly depends on how badly the vehicle in question has been damaged. As you know, when a car receives damage, the value goes down. If it has been damaged severely, you may not be able to refinance because you will not be able to get enough money to cover the cost of paying back your old title loan.
If the vehicle has not been damaged too badly, you may still be able to refinance your title loan. Of course, this depends on how much money you still owe on your old title loan. You might not be getting as much money as you did when you initially took out the first title loan, but you may still be able to get enough money to refinance what you currently owe.
That said, if your car has been completely totaled, refinancing is almost entirely out of the question unless you are getting another kind of loan. When your vehicle is totaled, you will still owe money on your title loan and will have to pay it back.
How Refinancing a Title Loan Works
If refinancing your title loan seem feasible, then it will be important for you to have at least somewhat of an idea as to how the whole process works before you go through with it.
Refinancing a title loan is not as complicated as you might think it to be. It is actually a lot like taking out a new title loan altogether – essentially because you are actually taking out a new title loan. The only difference is that the new loan will pay off an old one and come with new terms.
When you get a hold of a loan agent after filing for refinance, you will need to let them know right away that the purpose of your new title loan is to refinance a pre-existing one.
Should you be approved for a refinanced title loan, there are a couple of different ways in which the process will move forward depending on how the new title loan lender operates. These ways include:
- Your new title loan lender will take care of paying off and closing your account with your old title loan lender. All you need to do is check to ensure the old account is fully closed and that you have no further ties to the old lender.
- The most common way, your lender will give you the money that you need in order to pay off the old title loan yourself. It is then your responsibility to see that that loan gets fully paid off and that there no other loose ends so that your business with the old lender is fully concluded.
Refinance Your Old Title Loan with MaxCash!
If you would like to go forth with getting a refinanced title loan, then look no further than the great services of MaxCash! We help several people just like you all over the country get the refinancing deals they deserve each and every day!
For the sake of your personal convenience, we have made sure to provide a good variety of convenient ways to get in touch with us. These convenient methods include:
- Calling us on our toll-free number at (833) 207-9052.
- Emailing us at firstname.lastname@example.org.
Coming down to our physical office at 1270 E. Broadway Rd., Suite 208, Tempe, AZ 85282.