A Title Loan Buyout
What Is a Title Loan Buyout? A title loan buyout replaces an existing loan through one lender and transfers it with a new loan with a different lender. This is a very similar process to refinancing because you’ll most likely secure a lower interest rate. How Does It Work? The title loan process is simple and easy. You’ll first want to find a lender willing to pay off your loan with your current financial institution. Apply for a new loan, and both parties will settle on financial details such as interest rates and repayment terms on the new loan. When the terms are set, the new lender pays off the original loan. The new lender becomes the lienholder of the title, and you agree to pay the new financial institution according to the terms. What’s The Difference Between a Loan Buyout and Refinancing? Although a title loan buyout is similar to refinancing, there are some major differences. Let’s take a look. Title Loan Buyout A lender will either agree with another financial to buy out th