Cash 1 Blog
Can a Title Loan Buyout Help Me?
If you're not satisfied with your current title loan, a title loan buyout is worth considering. With a little research, you can find a new lender who can get you a loan with lower payments, a lower interest rate, and possibly get you more cash if you need it.
If you live in Arizona or Nevada, consider CASH 1 Loans. Buying out loans is our specialty, and we offer great term options, competitive rates, plus excellent customer service. Since 1997, we have helped our underbanked communities who are looking for alternative financial solutions.
What Is a Title Loan Buyout?
A title loan buyout involves transferring a car title loan from one creditor to another. When you find a lender who will buy out your current title loan, they pay off that existing loan. Your new lender will then replace your old title loan with a new one.
Why Would I Need a Company to Buy Out My Title Loan?
Here are the most common reasons to have another lender buy out your title loan.
- You Need to Accommodate for New Expenses
During a financial emergency, you might get a loan against your car title without much research and later struggle to make a payment. A title loan buyout can make room for any additional expenses you have each month. We'll pay off your existing loan and issue a new one that could save you some money.
- You Are at Risk of Default or Repossession
Are you falling behind with your car title loan payments? One of the best ways to avoid the repercussions of default is to find another lender. Even when you are at the risk of repossession, you can get a new lender who can pay off the entire loan.
- You Are Getting Poor Customer Service
Buying out your car title loan gives you a second chance for better customer service than your current title loan lender. CASH 1's friendly loan officers value your time and go the extra mile to provide you with a stress-free and pleasant lending experience. They take great pride in exceeding your expectations. When you get a title loan buyout with us, you can be sure that our knowledgeable representatives will help you choose a payment plan that works for your budget.
If any of those reasons apply to you, decide if a buyout is worth all the effort to go to a new buyer. Title loan buyouts have a relatively high approval rate, and the process is not time-consuming or complicated. But, it doesn't make sense for you to refinance that title loan if the interest rate difference isn't that substantial or it costs you more money in the long run. If you can pay off your title loan quickly, you wouldn't want to refinance again.
What Do I Look for in My New Loan?
Before you sign any documents, you'll want to get the most out of your new loan. Read these goals and consider what plan works best for you.
A Lower Interest Rate
Lowering your interest rate should be your primary goal. A lower interest rate will open up a few options to lower your payments, shorten your loan term, or both!
A Shorter Loan Term
If you can afford it and you do secure a lower interest rate with lower payments, think about paying the same amount you were paying before. This will shorten your loan term because your total financed cost will reduce when your title loan is refinanced at a lower interest rate. For example, if you continued to pay the same amount after your buyout, you could have your title loan paid off after six months, rather than eight months.
Lower Monthly Payments
You can decide to lower your monthly payments when you get a new loan from a different lender. If you lengthen your loan term, it could be an acceptable compromise if you need extra money for other monthly expenses. Please keep in mind that this strategy will not save you money in the long run, as it will increase your loan's overall cost.
Why Should I Choose CASH 1?
CASH 1 has been in business since 1997. Our years of experience can have your buyout completed in minutes. When you do business with us, you can count on our representatives to educate and respect you throughout the process.
- Fast and straightforward application
- Flexible plans
- Respectful and knowledgeable loan specialists
- Quick approval process
How Will CASH 1 Buy Out My Title Loan?
When you decide to get your new loan with us, our loan experts handle the entire process. There's no need to stress! CASH 1 deals with your previous title loan lender.
- We evaluate your existing title loan and your ability to repay the loan.
- We give you an offer to 'buyout' your loan with better terms.
- You review, then approve the offer if it works for you.
- We pay off your outstanding loan.
- You make payments on your new CASH 1 title loan.
What Should I Have When I Apply?
If you choose to buy out your title loan with CASH 1, here's what to bring:
- Your Existing Title Loan Contract
- Your Vehicle for Inspection
- Proof of Income
- Government Issued I.D.
Where are CASH 1 Locations?
We have stores conveniently located in Nevada and Arizona.
If you live in the Grand Canyon State, stop by one of our locations in Phoenix, Glendale, Mesa, Tempe, Chandler, or Goodyear.
Las Vegas Locations
For residents of the Silver State, you can visit our stores in Las Vegas.
Northern Nevada residents can get a loan at the Reno store.
Are There Any Penalties for Repaying My Title Loan Early?
No. There are no prepayment fees at CASH 1 Loans. Your interest is charged on a daily basis, which means you only pay for the time you have the loan.
Do I Get to Keep My Vehicle?
Yes. You keep your vehicle and drive it while you repay the loan.
Does Your Company Require Traditional Credit Checks?
No. CASH 1 determines your loan amount on the value of your vehicle and your income.
Joseph Priebe takes pride in assisting audiences with his articles to help them make sound financial decisions.
With over ten years of experience writing financial content his goal at CASH 1 has always been creating engaging and easy-to-digest information for anyone searching for immediate or long-term monetary solutions.
When Joseph is not writing about personal finance, you can find him photographing the Southwest United States with his 4x5 Graflex Crown Graphic camera. He is based in Phoenix, Arizona.