Overhaulin'

Is it possible to get a car title loan refinanced?

I took out a title loan on my car a couple months ago and they gave me ridiculous interest rate (80%!), probably because I'm only 19 and have no credit but still. I've made 2 payments so far, and am about to make a third. Is it possible to get this loan refinanced through another company so I can have a lower interest rate? I'm not sure how it works with title loans because I'm not sure if they fall into the same category as an actual "auto loan". My loan agreement says there is no fees for early payoff, so if I had the remaining sum I could pay them today and there wouldn't be any additional fees. Not sure if that matters. Also if anyone knows of any companies that do this that would be awesome! Thanks :)

Public Comments

1. 80% interest sound like you in bed with a loan shark. Wow I can't answer this one but sure your interest payment qualify as illegal.
2. You could go to regular banks to take out a personal load. You might need to go to 5 or 6 before you find one, especially if your credit is bad, but if you have a steady job I'm sure you could find one who would give you a loan. You might need a co-signer. Never borrow from any of them loan sharks like the one you got snookered by, some of them charge as much as 430% APR . They are very creepy and they wait to prey on the people who are the least able to pay such high interest rates.
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