Phoenix Title Loans can Refinance Auto Title Loans!

refinance auto title loanIf you have an outstanding auto title loan on your car, and are struggling to make your monthly payments, you have options! What many of us don’t know is that similar to how a car loan works, we can lower our monthly payments by financing with a new, better company that offers lower rates.

Here at Phoenix Title Loans, LLC, we specialize in refinancing our customers. We pride ourselves on offering the lowest legal rates there are, and can damn near promise that we will beat the rate that your other title loan company has. So consider a refinance auto title loan with the BEST in the Valley: Phoenix Title Loans, LLC!

Comparing Competitors

Let’s take a look at how your loan value, payments, and interest work with our competitors.  The rates and values provided are actual, real rates that our customers have shown us.

Here we’ll analyze a loan that has a value of $2000, and look at how the payments work as well as interest.  Many competitors will offer similar interest rates on a loan this size, so many will be grouped together.

Checkmate, Speedy Cash, LoanMax, LoanMart, 1 Stop Title Loans

Total Loan: $2000

Interest Rate: 144.95% APR

Monthly Interest Payment: $240

These loan lenders only make you pay the interest each month, so each month you pay 12% of what your total balance is.

Monthly Principal Payment: $0 (Optional)

You’re required to pay the interest, but you can also pay extra to knock down the principal balance each month.  After a $240 monthly payment, it’s hard to come up with even more extra money to try and actually pay off the loan.

Total Monthly Payment: $240

Remaining Loan Balance: $2000

After each and every single month, you still owe the exact same loan balance that you owed the month before.  Each month you’re paying almost $300 in interest, but not actually repaying the loan.

TitleMax, PLS Financial, EasyFinancial

Total Loan: $2000

Interest Rate: 120.66% APR

Monthly Interest Payment: $200

These loan lenders only make you pay the interest each month, so each month you pay 10% of what your total balance is.

Monthly Principal Payment: $0 (Optional)

You’re required to pay the interest, but you can also pay extra to knock down the principal balance each month.  After a $200 monthly payment, it’s hard to come up with even more extra money to try and actually pay off the loan.

Total Monthly Payment: $200

Remaining Loan Balance: $2000

Some competitors will offer lower rates on a loan of this size, but even at 10% your monthly payment is still $200 and you’re not making any progress on actually covering the principal which leaves you stuck in the auto title loan circle forever.

Cash 1

Per the request of Cash 1, we’ve removed their above association with TitleMax, PLS Financial, and EasyFinancial as their “products and services are distinct in several particulars from those of the other listed companies.”  Cash 1 is admittedly no TitleMax, but at their bequest we will provide them with their own separate heading.

Total Loan: $2000

Interest Rate: 120% APR

Monthly Interest Payment: $200

These loan lenders only make you pay the interest each month, so each month you pay 10% of what your total balance is.

Monthly Principal Payment: $0 (Optional)

You’re required to pay the interest, but you can also pay extra to knock down the principal balance each month.  After a $200 monthly payment, it’s hard to come up with even more extra money to try and actually pay off the loan.

Total Monthly Payment: $200

Remaining Loan Balance: $2000

Some competitors will offer lower rates on a loan of this size, but even at 10% your monthly payment is still $200 and you’re not making any progress on actually covering the principal which leaves you stuck in the auto title loan circle forever.

Presto Auto Loans, Tio Rico Title Loans

Presto and Tio Rico are two unique loan lenders that have interest rates that can even come close to rivaling Phoenix Title Loans, LLC interest rates.  Even so, what they don’t advertise on top is that their monthly payments are not any lower than other loans.

Total Loan: $2000

Interest Rate: 60.17% APR

Monthly Interest Payment: $100

Monthly Principal Payment: $100

The monthly principal payment these lenders require is variable, but is typically going to be near the monthly interest amount that you’ll be paying.

Total Monthly Payment: $160.49

Remaining Loan Balance: $1939.51

Even at an low annual interest rate of 60% (60.17% APR), your monthly payment is still $160.49, and your loan balance has only gone down $60.49.  This means that it’ll take you 20 months to pay off this loan, and your total payments would be $1925.88.

Why a Refinance Auto Title Loan with Phoenix Title Loans, LLC?

Other than having your title loan with the friendliest, caring title loan provider in the valley, there’s many reasons why you should move your title loan over to Phoenix Title Loans, LLC. The first and most important reason is that you can lower your monthly payments by getting a lower interest rate. We’ve made loans to our customers so that they could actually work towards paying off their debts. These options are a little more challenging than the refinance auto title loan, but we still offer them all the same.

Along with this, Phoenix Title Loans, LLC, has 10 valley wide locations in Phoenix, Mesa, Chandler, Avondale, Scottsdale, and Tempe so that we can almost promise we’ll have a location that’s close to you. We’ve been in business for over a decade, and pride ourselves on taking care of our customers every step of the way. So don’t delay, call today!