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How to Lower Your Car Title Loan Interest Rate

How to Lower Your Car Title Loan Interest Rate

You have signed a car Title Loan when you need extra money for emergency, you might not like your currently high interest rate. Many inexperienced persons, and consumers with poor credit, end up with a high interest rate at the time of emergency. Lowering the interest rate on your car title loan is possible, and it can save you a considerable amount of money over the life of your loan. You will need to find other car title loan lenders that can refinance your current car title loan with a lower interest rate and a better monthly payment.

Shop Around Car Title Loans

Shop around to determine what the going interest rate is for your car title loan and credit score. Request car title loan quotes from a minimum of three other independent car title loan lenders and compare the rates. The quotes will give you the new interest rate, projected payment, and length of the loan term. You might also contact your current car title loan lender and ask them to lower your interest rate. If they deny your request, explain to the agent that you’ve received a number of lower rate offers from other car title loan companies, and ask if they’re willing to match or beat the lowest offer. If you have a good payment history and strong credit, the lender will likely want to keep you as a good customer. Now, you can use the extra savings to lower your debt.

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