A title loan buyout means that a new lender pays off the remaining balance on your current title loan and provides you with a brand new loan. This is a very similar process to refinancing.
A car title loan buyout can be a good solution if you are struggling with your current loan payments. Remember, a loan buyout doesn’t mean you’re selling car but simply taking out a new loan on it.
5 Star Car Title Loans can pay off the remaining balance with your current lender and this will essentially mean you will start a brand new loan with us. We might even be able to provide you with lower monthly payments and interest rates. So, a title loan buyout can be worthwhile, especially if you are unsatisfied with your current lender.
There are a few things to consider before deciding whether a title loan buyout is right for you:
● Will the maturity date on the loan extend and by how much?
● Will the interest rate on my new loan be substantially lower than my current loan?
● What is the new loan amount I will owe after the buyout?
We advise you to ask these questions before deciding if a title loan buyout will improve your financial standings. We assure you that the process will be swift and easy and we are here to help you to make the best financial decision for your future.