Are you curious as to how many car title loans you can have with LoanMart? Well, the rule of thumb is one car title loan per person, but a household may have more than one person under that roof (may vary by state).
A conditional yes. This will depend on the number of people in your household. If you have one car in your name in an active loan and you would like to apply for another one with another vehicle, then you can do so provided that the lien of the vehicle is in the name of another person who lives with you (your wife, son, or father, for example).
Let’s say you used your everyday vehicle for a title loan to make the down payment on your upcoming wedding reception. And then some time later, you want to have a ready budget to get your fiancé’s dream photographer. The amount needed is not as big as the one you previously applied for, so in this case then maybe the title loan of your father’s car will work (with your father being the one to apply for a car title loan in his name).
Or maybe you and your wife have one or two classic cars in your garage that are in very good condition and run smoothly. You can also use those as a collateral and apply them for a car title loan. For as long as the vehicles are in your and/or your wife’s name, you have a high chance of being qualified for both. The good news is that LoanMart will also consider classic cars for a car title loan, provided that they are in showroom condition. Now the even better news is that there is no fear of your beloved classic car getting roughed up in a garage somewhere, because even if it gets approved for a loan it does not have to leave your garage at all!
While it’s easy to assume that you can get one title loan for each vehicle owned by people in your household, the approval of one or more (or even all of them) will largely depend on whether or not you all can meet the payments.
The good news is that LoanMart’s loan officers want to work with you and not against you, so in cases wherein you really need money and you want to use more than one vehicle for a title loan there may be a re-computation of the maximum loan amount for a particular vehicle or vehicles.
Another Option: One 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 yet another car title loan. This can be done immediately in most states provided that everything has been settled smoothly and completely.
In the state of Illinois however, there is a fifteen-day waiting period right after you pay it off. 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.
Second, if you can continue to prove that you have the sufficient means to begin another round of payments (again by showing bank documents and proof of income or capacity to pay) then you can immediately start working together with LoanMart to facilitate your new loan.
Of course, there are also cases wherein loan clients who are in good standing might qualify for an even bigger loan – even when using the same vehicle – but it will be on a case to case basis. Still, it is good to know that this option might be available to you for as long you are able to maintain a good record.
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.