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How do I refinance my car title loan?
What do I need to do to refinance my car title loan? We got hit with more medical bills than expected this month, and I don’t know how much longer we can keep making our payments. I don’t want to lose my car!
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Balancing finances can be tricky, especially when there are loans involved. The process of refinancing your car title loan is similar to how you would
refinancing a car
. All you need to do is apply for a new title loan, pay off your old debt, and start paying off your new loan.Make sure to shop around before settling for a new lender. Remember, title loans often have high interest rates and short repayment periods, so take your time to find a loan with manageable terms.
Once you find a lender you like, they’ll probably run a credit check on you. If they find everything acceptable, you’ll need to provide your new lender with:
- A copy of the original loan certificate.
- The title of the car.
- A certificate of inspection with adjustments for repairs made after taking out the first loan.
Once your application is accepted, your new lender will pay off your old loan and assume the
lien
. From there, you can start paying off your new loan!For help keeping up with your monthly payments, start saving on car insurance with
Jerry
. A licensed broker, Jerry helps users save an average of nearly $900 a year on car insurance. All you need to do is sign up, and Jerry can send you quotes from over 50 top providers for free!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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