Even when someone might already have a car title loan taken out with LoanMart, they may still need to be able to acquire a greater amount of funds for whatever expenses they need to tend to. This need of theirs might cause them to wonder if LoanMart could give them a second car title loan on the same vehicle in Arizona.
How Many Car Title Loans can a Single Car Have?
In most states, there can only be a single car title loan out on a vehicle at one time. That means if you have a car title loan on your vehicle, it may be impossible to get a second car title loan using that same vehicle during the term of the title loan.
This can be frustrating if you have a car title loan but need additional funding. But don’t worry—LoanMart may have some options that might fit for you in your unique financial situation1.
A Different Person Takes the Loan
If you have a second car, you may be able to use that one to apply for a second car title loan. Since only one vehicle can be used as collateral for a single car title loan at a time, having a car title loan on a second vehicle might be an option for you if you really need that extra money now. Note: check to see if a title loan refinance could be a better option for you rather than taking out an entirely new car title loan on another vehicle.
Get Another Car Title Loan After Paying off the Current One
If getting a second car title loan on a different car is not an option right now due to being a single car household, then it may be an option to inquire about a second car title loan after the first one has been paid off.
Depending on what state the borrower resides in however, they may have to wait a certain period of time before they are legally allowed to take out another car title loan. In the state of Illinois for example, there is a 15-day waiting period following the repayment of a car title loan before another one can be filed for from any lender.
Some Things to Keep in Consideration
When applying for a second car title loan, it should not be expected that the same amount of money received before will be the same amount that gets received for the same vehicle again. Because cars are generally a depreciating asset, the value and equity goes down over time.
That said, should a borrower prove that they have the means to start another round of payments (showing to LoanMart the same documents they provided for the first loan) then they may begin working with LoanMart again to facilitate a new car title loan1.
Ways to Speed Things Up
If the speed at which a loan is being repaid needs to be expedited, then there are a few different ways to potentially go about it. Naturally, whatever method a borrower chooses to go with will depend entirely on their current set of life circumstances. The methods include:
- Recomputing one’s daily budget to have a bit of extra money left at the end of every month. The amount of savings that can be made for anyone when their budget is limited to only the essentials may end up being the total to at least one monthly payment!
- Start making some money on the side. There are so many skills that can be capitalized on, and odds are everyone has at least one or two. This is the best time to start making fiscal use of them.
- Use all unexpected cash flows to pay extra on the loan. During the course of a year or longer, there may be times where someone might get a hold of some money they were not expecting to make. This can happen through cash gifts, work bonuses or incentives. The money made from these instances can be used more wisely than splurging on a night at the bar or a fancy restaurant. Instead, this money can be used to make additional payments on the car title loan.
Get in Touch with LoanMart
For any questions regarding car title loans with LoanMart, we can be reached by any of these convenient methods:
- Call us at 1-877-787-4923
- Come in to any participating store during business hours
- Email us at firstname.lastname@example.org