Should You Try to Get a Buyout of Your Title Loan or Title Pawn?
If you just don’t have the best credit in the world, title pawn loans can be an easy way to get the fast cash you need. Especially since there aren’t any other obviously solutions out there for you. So you end up in a title pawn loan with high interest and keep making interest payments to keep the loan going. It becomes a seemingly endless cycle. You feel trapped!
One way to get free from the title pawn loan trap is with a buyout program. Simply put, a title loan buyout program is when another lender pays off your original title loan company for you, and then you repay the new lender. If you do this right, this can save you loads of money. How do you do it right? Read on.
How does a buyout work?
First, let’s say you understand how your title loan works. (You own your car outright and the title loan company is now your lien holder.)
Take note of these important details on your title loan:
- The total amount due with each payment.
- The length of the loan term which is usually thirty days.
- The interest rate which can be as high as 300% APR.
(The higher the interest rate the more money you’ll pay back. But by refinancing with a buyout, it will also show you how much you’ll be able to save!)
How to get started with a buyout of your title loan?
Look for a title loan buyout company like 1-800-New Rate. Just call them and ask what they can do for you. They’ll ask you some simple questions and you provide some basic information, the same info you supplied to the title loan company. 1-800-New Rate will then look over your info and determine the interest rate that can be offered to you. If you agree to the buyout, 1-800 New Rate will go to your title loan company that has your loan and pay off the entire amount you owe them.
Benefits of a title loan buyout
Simply put, when 1-800-New Rate buys out your title loan you can have have a lower interest rate, can save loads in interest, and your monthly payment can be less.
Don’t default on your title pawn loan
It is not the best option to stop paying on your title pawn loan. Your credit can be damaged, your car can be repossessed, you can be dragged into court, and you could still owe the money.
Why you should choose to refinance with 1-800-NewRate
- Companies like 1-800-New Rate are experts at solving title pawn loan issues.
- The new loan could be much lower.
- You won’t have to sell your car.
- A phone call could mean having your problem solved in one day.
- 1-800-New Rate walks you through the process.
- Even dealing with the the title pawn loan company for you.
Call the friendly people at 1-800-New Rate (1-800-639-7283). By answering a few questions you can be on your way to solving your title pawn loan dilemma today. Your payment could be considerably less and you could keep your credit intact.
Get a Title Loan Buyout Today! Apply Now