Can I Refinance a Title Loan with a Damaged Car?

February 12, 2019

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:

  1. 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.
  2. 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 info@maxcash.com.

Coming down to our physical office at 1270 E. Broadway Rd., Suite 208, Tempe, AZ 85282.

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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