Car title loan refinancing

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Kendall Woodward

• November 30, 2022 18:40

Unfortunately I had a situation where I had to get fast cash for a family emergency, I also have a poor credit score , and could not get approved for any help at a financial institution. So I did a car title loan on my Jeep that was paid off . Some of my pipes burst at home , and I have huge mess . I need $2000 cash fast again . I am looking to refinance at another car title loan place , but I am having trouble finding one that would refinance me for with the amount I owe , and also $ 2000, cash . Could anyone please recommend a car title loan place that would refinance my loan for $9000, and also get $2000 cash for my home repair ; I live in Ohio . 

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• Official comment

  

  Victor D

  • December 01, 2022 17:58
  • Edited

  Hi Kendall,
  
  Thanks for reaching out to NerdWallet!  We're sorry to hear about the emergency and the bursted pipes. 
  
  While we're not able to offer personalized financial advice, here are some resources that should help point you in the right direction:

   

  • 15 Auto Loan Refinancing Lenders for Good and Bad Credit
  • 6 Loan Apps in 2022: Cash Advances and Overdraft Protection
  • Hardship Loans: How to Borrow Money During a Financial Setback

   

  Best Regards,

  Victor

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  CHRISTOPHER BATTISTA

  • December 28, 2022 19:12

  The issue you face, is that the Title Pawn shops want full control of your title in the event you default. they will not want to share a lien with another Title Pawn. You would have to convince them that you are going to pay off the original title loan with the money, and you WILL NOT be successful with this. For you i think you are better to search for a personal loan that will repay your Title loan and cover your new expense.  the PERSONAL LOANS section on Nerdwallet is a great place to start. be honest with your answers and it will provide the lenders with the best chance of approving you.

  a personal loan will free your car from title pawn lien and get your interest rate on payments much lower. I know loans are harder to qualify for, but that's why these title pawn places are so successful with their 25% rates, you can be stuck with these people forever.

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