It can be difficult for people who feel overwhelmed with the rising cost of maintaining loans. High interest rates can cause significant financial hardship for those who are already having a hard time making ends meet. This can make it very difficult to maintain a good credit rating and keep up to date on all loan payments.
Those individuals who find themselves in this situation can refinance their existing car loan title. It’s not something a lot of people think about. A Phoenix vehicle loan is like any other type of loan, which means car title loans can be refinanced. The process to do this isn’t overly complicated either. It does require some persistence and the ability to make sure you get all your paperwork together.
There are several pieces of paper or documentation that you’ll need if you would like to refinance your existing car loan title. They are as follows:
Car title, making sure to have one that includes the VIN
Original Loan Certificate. Sometimes a copy is acceptable.
Certificate of inspection. This is required in some areas to make sure that all necessary repairs and adjustments are completed so that the vehicle is in good, drivable condition.
If you want the process of refinancing your existing car loan to go smoothly, it’s important to make sure you have all of these documents. If you don’t have some or any of these, and aren’t sure where to get them, your local Phoenix MVD should be able to direct you to the appropriate resources. It’s also possible to find out what to do from your insurer.
Another piece of crucial information you’re going to need for refinancing is the exact amount you currently still owe your lender. In financial terms, this is called your payoff. By definition, it’s the amount you need to pay your lender to completely clear your debt with that lender.
The payoff amount can fluctuate from day to day depending on the interest rates. To find out the most current amount, you can contact your lender. They’ll be able to tell you exactly how much you still owe. You’ll have to decide for yourself if it’s financially feasible to refinance your existing car loan. If you have a good credit score, the chances are that you’ll be able to get a better interest rate.
If, however, you have a bad credit score, or your credit rating was damaged through poor financial choices since the time you had the loan, then you may want to reconsider refinancing. It may not be worth it for you to do so.
Call For A Phoenix Title Loan Today 888-426-0600