Are Second Title Loans Legal?

 
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Getting a Second Title Loan

Life tends to throw us one curveball after another. There are many situations where LoanMart customers have needed second title loans, and there are many ways our customers have received second title loans. Whether you have two car title loans at once or you are getting another one on the same car, LoanMart can help you with your expenses with a second title loan.

Second Title Loan on Another Car

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 with the help of LoanMart1. You can have more than one car title loan at a time with different cars.

As long as you have a clear-and-free title on a vehicle in your name, you may be able to get a second title loan on that car1. If you have a second vehicle in your name, you may be able to take out the car title loan on your second vehicle to get the money you need. Not only is it legal, but with LoanMart, you’ll be in great hands.

Second Title Loan on Your Vehicle

Have you had a title loan on your car before, but paid off that title loan? Just because you have gotten a title loan on your car before doesn’t mean you can’t use it to get a second title loan. There is no limit to the amount of times that you’ll be able to get a title loan on your car as long as the title is clear with no liens.

If you have a title loan on your vehicle still with a remaining balance, unfortunately you may not be able to use that vehicle while you still have the car title loan. This is because the car title loan company, whether it’s LoanMart or another lender, has placed a lien on your car title loan since you are using it as collateral for your car title loan. Your car title is no longer clear and free, so you may not be able to use it for a second title loan.

Refinance Your Car Title Loan

Sometimes, LoanMart receives customers that are trying to get a second car title loan on their car because they are struggling to make payments on their first title loan. They want to get a second title loan to lower their monthly payments.

At LoanMart, we actually have a special service to help you lower your monthly payments and switch your car title loan over to LoanMart to receive better rates and service. By refinancing your car title loan with LoanMart, you may be able to receive a better interest rate as we have some of the most competitive interest rates on the market1. With a new interest rate, that means you will most likely have lower monthly payments that fit your budget. You’ll also receive the LoanMart benefits that our customers get to take advantage of:

  • Lower interest rates
  • Loan terms personalized to you
  • Great customer service
  • Online account access
  • LoanMart app
  • Assistance 7 days a week

Refinancing your title loans is as easy as applying. You just have to let your LoanMart representative know you are refinancing your current title loan and we’ll take care of the rest!

Important LoanMart Documents

If you’ve applied for a title loan before, these documents should be familiar to you. With LoanMart, if you choose to apply online, you can submit your documents without worrying about finding a location or faxing them. We have our online system that gives you the option to take a picture of your documents and send them to your representative. Make sure you have the following documents available:

  • Vehicle title
  • Proof of income
  • Valid identification
  • Proof of auto insurance
  • Proof of residency
  • VIN, plate, odometer
  • Vehicle registration card
  • 4 personal references
  • Pictures of your vehicle

Applying for Your Second Title Loan

By choosing LoanMart to cover your car title loan needs, you’ll receive some of the best benefits around with our amazing services. We offer customers a great customer service experience that makes a lasting mark. Many of our customers remain loyal after their first title loans, using LoanMart’s services for their additional financial needs when they need fast cash again.

Applying for your second title loan or to refinance on a car title loan is easy!

  1. Apply online, over the phone, or in-person. At LoanMart, we give you many options to apply for your car title loan, so it will be more convenient for you. You can apply at a participating location, by calling our phone number, or you can apply online using our streamlined application process.
  2. Submit your important documents. After you’ve submitted your application, a LoanMart representative will contact you to complete your process. They will offer an initial quote for your title loan, and request any important documents that you may need to submit in order to complete your loan process1. Some of the documents you need are listed above!
  3. Collect your funds. Once you’ve submitted all your documents, your LoanMart agent will give you or send you your contract. It will outline your agreement, your interest rate, loan amount, and terms of your personalized loan. You’ll be able to sign it and, once you do, you’ll receive your money1!

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