Can you get more money on an existing title loan?

Quick Answer Yes, it's possible to get more money on an existing title loan. It's called a title loan refinance or rollover, and it involves paying off the existing loan balance and taking out a new loan for a higher amount. However, this can be risky as it often results in more debt.

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Samuel Fisher Answer updated on Jun 14, 2023

Fact checked by Dwayne Dumesle

Yes, you can get more money on an existing title loan.

In most cases, people might do this by refinancing their title loan with a new lender. This can be a somewhat unpleasant option because you are going to take your existing title loan balance and add on new fees, which will mean you will owe more in total debt.

Learn: Can you refinance a title loan?

If you hated math in school, you are going to hate this equation:

    Previous title loan balance, fees, and interest + New lender fees and interest = ☠️

It's true. You will certainly be owing more, but if this is the path you seek, let's examine the details.

Here's what it takes to refinance your title loan:

  1. Dust off that title loan contract: You will need to provide the new lender with your original loan contract, vehicle title, and submit to a new inspection. You've been through this once before, so you should be a pro and know what to expect.

  2. Get your other ducks in a row 🦆: The new lender will also need to verify your identity and verify that you can repay the loan. So, grab your photo ID, a few paystubs, and proof of residence.

  3. Start paying the new loan: If approved, the lender will pay off your former title loan, and the refinanced title loan agreement will begin. Voila! You've completed a refinance.

The good news is that refinancing may include lower interest rates, slightly lower monthly payments, and the extra cushion of time you need to repay. But, see the equation above, you will certainly be paying more.

If your repayment period is winding down, a title loan rollover might be another option. Compared to refinancing, a title loan rollover may save you the hassle of finding a new lender. However, your state's laws may limit the rollover periods you can have for a title loan.[1]

Learn: What happens if you don't pay a title loan back?

One other important thing to note is that title loan refinancing and rollover may mean the same thing with some lenders (cue the Spiderman pointing meme🤣). So, make sure you read all the fine print and know what you are agreeing to. But, one way to solve for any confusion is just to pay your current title loan on time! Try that first.

  1. Car Title Loan Regulation ↩︎

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