Table of Contents
- Are Two Title Loans at the Same Time Legal?
- Another Option: One Title Loans After the Other
- Suggestions for Speeding It Up
- Are Second Title Loans Safe?
- Car Qualifications for Title Loans
- Can you Have Two Names on One Car Title at the Same Time?
- Refinance Your Car Title Loan
- What Documents Do I Need to Refinance Instead of Apply for Another Title Loan?
- Will Applying for Another Title Loan Affect My Credit?
- Am I Able to Receive an Increase on My Car Title Loan?
- Ideal Payment and Repayment Plan
It is possible to have two title loans at the same time for as long as the titles apply to two different vehicles, with two different family members and the loan is not applied to the same car (state restrictions may apply).
If you need money now, getting a second title loan can help you pay for your expenses without the hassle of a traditional loan process. Getting a second title loan can:
- Be easier than a traditional loan process
- Get you the money you need fast
- Pay for an unexpected expense
- Lower your current title loan payments
Being in a financial pinch can be challenging, but a person who is determined to overcome it will always find a way to see it through – especially when he has a car title that he can use to secure a loan with.
Car title loans are a convenient way of making quick cash to assume a sudden financial responsibility during difficult times or basically pay for a sizeable amount without going through the hassles and risks of putting a home up for another mortgage.
Car title loans are also the preferred way of going about things for many people because they are very efficient to process and do not require numerous documents in order to get things moving.
Having experienced the convenience of getting a car title loan, a lot of people also end up naturally wondering if it is possible to have two loans at the same time. This is especially true if the amount of money that they need to come up with is more than the worth of one car but less than the value of something bigger, like a house.
Are Two Title Loans at the Same Time Legal?
One of the biggest benefits of using having a car title loan in place is that you have a way to pay off the urgent expense while at the same time being able to drive the car around. This is certainly better compared to pawning off your car, which will require leaving the vehicle at the shop and only being able to claim it once you have returned the full amount of the loan. Car title loans are absolutely worth the risk.
If you have a title loan on one of your cars, but want to get a second title loan on another car you own, you may be able to do so. You can have more than one car title loan at a time with different cars.
Getting a second title loan works very similar to when you get your first title loan. The entire process is the same from start to finish. Applying for your second title loan could be a lot easier than your first one since you know what to do.
Another Option: One Title Loans After the Other
If having more than one title loan at the same time is not looking to be an option for you at the moment (like in the case of a single car household), the best thing you can do is to wait out your first loan and then apply for more. This can be done immediately in most states provided that everything has been settled smoothly and completely.
The amount that you can loan, however, will still depend on the equity of your vehicle. Let’s say you diligently paid for your loan over the course of 12 months, but in that time the market value of your vehicle has depreciated at about 15%. By the time you apply for a second loan, it is unlikely that you can expect the same maximum loanable amount as you did the previous year unless there is no downward price movement in your car’s market value.
Suggestions for Speeding It Up
If you are really looking forward to making another car title loan or foresee a sizable expense in the near future, the best thing you can do is to shorten your payment period. While you and your loan officer agreed on a set monthly payment scheme for x number of months, there is no harm in making advanced payments and shortening the loan term. This will effectively shorten your waiting time for reapplying for another loan. In fact, it will also shave off some of the interest rates. If you advance your payment by even a mere three months then that’s three months’ worth of interest fees that you saved on!
Thus, heed the following suggestions on how you can make bigger payments to shorten your overall payment period:
- Recompute your daily budget to have some extra dollars left at the end of the month. The monthly savings you can make when you really make your budget just limited to the essentials can total to at least one monthly payment, depending on how much you are able to save up.
- Make money on the side. If you have skills that you can monetize, now’s the time to capitalize on that. This is true even if you already have a desk job. For example, if you are a great speaker then you can market yourself as a wedding reception host. If you do music production as a hobby at home, go online and look for musicians who want to have their pieces mixed and mastered and offer to do it for a fee.
- Use unexpected cash flows to pay for your loan. Throughout the course of a year or more, you might expect to come across extra cash. It can be through cash gifts, work incentives or bonuses, or even from sales that you make out of big-ticket items. Instead of treating everyone to drinks at the local bar the following Friday, use this money to make additional payments on your car title loan.
These three steps might seem very simple, but you also have to admit that they are very doable for as long as you are determined to accomplish them. Before you know it, you will have ended up making enough money for a couple of months’ payments. While having additional vehicles in your household that other members’ can use for a loan is very convenient, these other alternatives can be very handy as well.
Are Second Title Loans Safe?
Are you trying to get another car title loan but are concerned about your financial safety? Don’t cause yourself stress by sitting around and wondering are second title loans safe. When you’re struggling with your finances, the last thing you need to stress about is your financial security. When you get a second title loan, your finances and your information is safe and secure.
Car Qualifications for Title Loans
If you own several cars and would like to apply at least two of them for a car title loan, the important thing to consider is choosing which vehicles will total to the value of your intended loan amount. Other factors will come into play such as your personal preference for using a vehicle, its assessed value (sentimental or monetary), and other conditions.
Once you have an idea of how much it is that you want to get, then you can begin computations on which vehicles will come close to that final number. You might also want to consider other vehicles apart from your automobiles. That motorcycle or pickup truck sitting in the garage could also very well qualify for a loan, if you have the papers for them and the amount they are assessed for will suffice.
When deciding which among your vehicles will be used for applying for a car title loan, some people might automatically choose an older or more-often used one for the loan. While the choice is up to you and your personal preferences, keep in mind that the older a vehicle is the smaller its assessed value can be – and thus there is a chance that you fall short of your total amount.
Can you Have Two Names on One Car Title at the Same Time?
A concern that may come up for people that want to use another vehicle to acquire a second title loan is if there is more than one name listed on the car title. Will you both need to apply for a car title loan together?
The good news is that if your name is on the car title with another person’s, either party could apply for a car title loan in most states!
Refinance Your Car Title Loan
By refinancing your car title loan, you may be able to receive a better interest rate. With a new interest rate, that means you will most likely have lower monthly payments that fit your budget.
Refinancing your title loans is as easy as applying. You just have to let your representative know you are refinancing your current title loan and we’ll take care of the rest!
What Documents Do I Need to Refinance Instead of Apply for Another Title Loan?
With online title loans, you can conveniently upload your documentation online without having to leave the comfort of your home.
Check out the list of general documents needed to inquire for a refinanced title loan:
- Car Title: The car title is required to obtain another title loan. When you inquire with a title loan agent, inform them that you are inquiring for refinancing.
- Photo Identification: In order to prove your identity, you can use any official government-issued photo identification, such as a state ID, driver’s license, or passport.
- Proof of Income: As proof of your ability to repay the title loan, you can provide paycheck stubs, bank statements, etc.
- Proof of Residence: To prove you live at your current address, you can provide credit card statements, a voter registration card, recent utility bills, etc.
- References: To inquire for another title loan, you may be asked for personal or professional references.
Will Applying for Another Title Loan Affect My Credit?
When you inquire to refinance a title loan, you may be concerned about your credit being affected. When inquiring for any type of loan, a hard credit check is necessary. This type of credit check will appear on your credit report and could lower your score by a few points.
When it comes to credit calculation, there are five categories which make up your score, take a look:
- Payment history: 35%
- Amounts owed: 30%
- Length of Credit History: 15%
- New Credit: 10%
- Credit Mix: 10%
Am I Able to Receive an Increase on My Car Title Loan?
Yes! You may be able to receive an increase on your car title loan.
We offer you the opportunity to get the cash you need while increasing your car title loan. Our title loans are based on the value of the car and your ability to repay the loan1. If you take a loan, and you make payments as agreed by our contract, you will stand a good chance to take out the maximum amount on a future car title loan. It is important to note that our car title loans range from $1,500 to $50,000 depending on the state in which you live.
Our car title loan amounts are sufficient enough to pay customers’ emergency needs including:
- Medical expenses
- Unpaid bills
- Credit consolidation
- Repair roof damaged by the storm
- Pay rent
- Pay off credit cards
- Buy food
- Pay services over weekend
- And many other unexpected emergencies
Ideal Payment and Repayment Plan
After going through the loan agreement, you will be asked to sign it in order to receive the cash. The borrowers are required to pay the principal and interest on the loan which has competitive Annual Percentage Rates.
Apply today and get an opportunity to receive the money you need and create your ability to receive an increase your car title loan1.
- Pay by mailing a check to payment center
- By phone with a credit or debit card
- By electronic payments from a checking account
- Pay online by My Account tab
- Use the App with your smartphone
Step One: Apply
The first thing to do is complete your initial application. To see if you qualify, you can call (855) 277-4847 or complete the online inquiry form for a title loan. You could receive a quick preapproval decision within a few minutes.1
Step Two: Submit Documents
Don’t forget to submit your documents! Your representative will contact you about your initial quote and the documents you’ll need to submit1. With our online system, you won’t need to worry about faxing or copying your documents. You can take pictures with your phone and send them to your representative.
Step Three: Sign Your Contract & Collect Your Money
Once you’ve finished sending in your documents, you’ll have the chance to sign your contract with your finalized terms, loan amount, and interest rate. After you’ve finished that step, you’ll be able to collect your money!
Once you sign your contract, you’ll have three different options to receive your money:
- Direct deposit
- Pick up at a participating store
- Pick up your funds at a participating money transfer location near you.