Title loan buyouts
Yendo
June 16, 2023
Title loan buyout
What is a title loan buyout?
A title loan buyout is a process where a new lender pays off your existing title loan and provides you with a new loan, usually with better terms and a more favorable interest rate. Essentially, it's a refinancing option for title loans, which are loans secured by the title of your vehicle.
How a title loan buyout works
- Assess your existing title loan: Review your current loan terms and interest rate, and consider if it's too high or difficult to manage. If you feel you can get a better deal, you can start looking for a new lender.
- Shop around for a new lender: Look for a lender that offers title loan buyout or refinancing options. Compare their terms, interest rates, and fees to make sure they are more favorable than your current loan.
- Apply for the loan buyout: Complete their application process and provide any required documentation, such as proof of income, vehicle details, and information about your existing title loan.
- Loan approval and buyout: If your new lender approves the loan buyout, they will pay off the existing loan to your original lender. Once the loan is paid off, the new lender takes possession of your vehicle's title as collateral until the new loan is repaid in full.
- Repay the new loan: As with any loan, you must make regular payments to your new lender according to the agreed-upon terms. The advantage of a title loan buyout is that you generally get lower interest rates and better repayment terms, making it easier for you to meet your financial obligations.
Keep in mind that a title loan buyout may not be the best option for everyone, so it's important to carefully evaluate your financial situation and ensure that the new loan terms are beneficial before proceeding.
What is Yendo?
Yendo is the first credit card that's backed by the value of your car.
The card can provide access to credit for those who might not be able to qualify for other credit cards - perfect credit not required.
It's a real credit card, powered by Mastercard, that provides credit limits from $450 - $10,000 with an average limit of $4,400. Use it to help pay bills, fix the house or apartment or have just in case.
So, rather than apply and re-apply for loans, for example, you get ongoing access to your credit limit. Let your car help you get the financial help you need.
Features & benefits
- Credit limit - access up to $10k in credit. Our average credit limit is $4k!
- App - the Yendo app let's you manage your account, wherever you are - on the go
- Virtual card - our virtual card provides you with access to a portion of your credit limit prior to getting your physical card in the mail. You can continue to use your virtual card even after your physical card too
- Cash advances - ability to do cash advances on your card in case you're in need of cash
- Credit building - with responsible usage, you can not only have access to ongoing credit, but also build your credit for potential future financial options. Credit building can potentially help you with lower rates, from cars to credit cards, in the future
Additional information