While researching title loans, you may have come across different resources talking about second title loans. Second title loans are another title loan that you want to get if you have had a title loan before or currently have one now.
What are Title Loans?
When you need money fast and you don’t want to wait in long bank lines or to fill out mountains of paperwork, car title loans are a great way to cover those expenses without having to worry about credit affecting your approval. With a car title loan, you use the title of your vehicle as collateral for a loan. The amount you receive for your title loan is generally determined by the equity of your car and your source of income.
When you use your vehicle’s title as collateral with LoanMart, we place a lien on your title while you pay off the remainder of your loan balance. It doesn’t change how you are able to use your car. You can still drive it wherever you need and go on using it like you normally would. The only thing a title loan affects is the temporary owner of the title on the vehicle.
What are Second Title Loans?
Now that you know a little more about car title loans, you’ll be able to understand what second title loans are. Title loans are a great way to borrow money without worrying about going through a traditional lender, filling out paperwork, waiting months, and having a 50/50 chance of approval based on your credit. With title loans, you know right away how much money you’re getting and how quickly you’ll get it.
That’s why customers of LoanMart who have had car title loans before choose LoanMart to get second title loans, whether it be on another car while they still have a title loan, or on the same car they used before.
Second Title Loan on Another Car
If you currently have a car title loan on a car you own and are looking to get a title loan on another car, it’s okay to get a second car title loan. As long as the title on your second vehicle is clear-and-free of any liens or holds, you should be able to use it for a car title loan. LoanMart will simply look at your current income along with your equity of your second vehicle to determine how much money you’ll be able to receive1.
Second Title Loan on Same Car
You can generally use the same vehicle more than once to get a title loan. The only time you won’t is if there is still a balance on the loan you have on the car. If your current car still has a title loan with a remaining balance, you won’t be able to get a second title loan because the lender, whether it be LoanMart or another company, has a lien on the title. To get a title loan, you need a title without any liens.
If you have used your car before for a title loan and no longer have a remaining balance, you can use it to get a second title loan. Many customers with LoanMart have finished paying off their title loan, then used their car again down the road to get a second title loan. It’s definitely an easier and faster way to borrow than traditional loans.
How Second Title Loans Work
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.
Fill Out an Application
The first thing to do when applying for your second title loan is to complete an application. LoanMart gives you three options for applying with us:
- Apply online with your phone, tablet, or computer.
- Apply at your nearest partnering location.
- Complete your application over the phone at 1-855-422-7412.
Submit Your Documents
After you fill out an application, a LoanMart representative will contact you about your initial quote and collect important documents for you. If you apply online, you’ll be able to submit your documents with our online system by taking pictures of the documents with your phone. The following items will be needed:
- Vehicle title
- Proof of income
- Vehicle registration card
- Proof of residency
- VIN, license plate, odometer
- Proof of auto insurance
- Valid identification
- Pictures of vehicle
- 4 personal references
Sign Your Contract & Collect Your Money
Once all your documents are submitted, you’ll be able to go over all your official customized loan terms, interest rate, and loan amount. Applying online, you’ll be able to electronically sign your document, so you don’t have to worry about finding a location. 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 at a MoneyGram location
Refinancing Your Title Loan
Are you unhappy with your current title loan lender and are looking for a second title loan to pay off your new one? Let LoanMart make your life easier by refinancing your car title loan with us1! We look at the value of your car and income, just like any other title loan. Then, we take the money we give you and pay off the remaining balance on your previous car title loan. In the end, you’ll have a new title loan with LoanMart that gives you a lower monthly payment and a great customer service to help you through the loan term.