Learn More About Where You Can Get a Second Title Loan!
Financial issues can appear out of nowhere. Unexpected expenses like medical bills, taxes, or vehicle repairs can be difficult to prepare for. If you already have a car title loan and are considering another to help move your finances, you might wonder, “Where can I get a second title loan?”
While you cannot get more than one auto title loan on the same car, you may have considered using another available vehicle for a second title loan. A second car title loan could cover your expenses, but you must consider your resources.
Read below for more information on getting a second title loan, or speak with a title lender representative at LoanMart for further details.
How Can I Get a Second Auto Title Loan?
Borrowers familiar with car title loans often consider applying for a second title loan if they need financial assistance. Most borrowers choose a title loan in the first place because of the simple approval process. Title loans can often cater to borrowers who aren’t confident with their credit history.
Instead of a second car title loan, consider refinancing your current title loan with a reliable lender to obtain more affordable loan payments!
Before applying for title loan refinancing, you will need to satisfy these qualifications:
- Be 18 Years of Age or Older
- Have a Car with Enough Equity in Your Name
- Possess the Ability to Repay Title Loans
You can easily apply for title loan refinancing if you meet these requirements. Talk to your local title lender if you have any questions.
Where Can I Get a Second Car Title Loan on Another Vehicle?
Title loans offer plenty of flexibility during the approval process, but you will not be able to get a second loan on the same car. However, if you currently have an auto title loan on one car and have another available vehicle, you can apply for a title loan on that second car.
Although you can have more than one title loan at a time if you have multiple vehicles, there are some factors to consider before applying for a second car title loan. Two title loans can get you more money, but it can be overwhelming to repay both loans at a time. When applying for a second title loan, a title lender will often look at your finances and decide what would be appropriate and affordable. But if you want more money to cover an expense, you could benefit from refinancing your current title loan. That way, you wouldn’t have to worry about repaying two title loans over time.
Where Can I Get a Second Title Loan on the Same Vehicle?
As you may already know, you cannot get a second title loan on the same car you already have a loan on. But did you know that it’s possible to use that vehicle for another title loan after you have paid off the first loan? There is no limit to how many times you can use your car to get a title loan. As long as it has equity or considerable market value, it may still be the right vehicle for a car title loan. Many vehicles hold market value well, even years after purchase.
Unfortunately, you cannot take out an auto title loan on a car with a lien. Instead, you can only apply for a second title loan on the same vehicle if you fully paid off the first title loan.
If you’re thinking about a second title loan because you can’t afford your current loan installments, you have other resources to consider besides a second auto title loan. Remember, you could talk to your title lender about refinancing your title loan! Look over your refinancing options and see if you can get a more affordable monthly payment on your car title loan! Applying for a title loan refinancing can be just as simple as applying for a second title loan.
It’s essential to note that if you get a second title loan on the same vehicle, you may not get the same amount you had previously because of its depreciated value. While you may not acquire the same cash total, you could still get a reasonable loan amount to cover your expenses!
Ready to apply for a second title loan? Find out if you can qualify for a ChoiceCash title loan today!