Do you already have a title loan and wonder if you can get a second title loan to help with a new financial problem? You may be caught with another sudden expense that you were unprepared for and don’t know how to cover. It’s understandable if you think that it’s not possible to have a second car title loan after paying off the first one. And if it’s possible to have another title loan, you may be wondering-“Where can I get a second title loan?”
Lucky for you, LoanMart may be able to get you a second title loan for your car to cover your finances1. Go online or call a representative today at 855-277-4847 to see how you can inquire about a second loan!
How to Get a Second Title Loan
Customers that have experience with title loans will sometimes return to LoanMart to get a second title loan. They find that, when they need money fast, LoanMart can deliver customers their money without causing hassle with paperwork, waiting time, or anxiety because of a credit score dilemma. There are even ways to collect your cash without leaving your house!
You can get a second title loan the same way you inquired for the first one you paid off. Remember that you would need to have these requirements met to qualify for a title loan:
- The Title of Your Vehicle in Your Name
- Proof of Income to Validate Your Ability to Repay the Entire Loan Amount
The chances are that you know how a title loan works, but just as a reminder, if you want to get a high loan amount, your vehicle must have enough qualifying equity. You must also present proof of the right income to support it. You can always use LoanMart’s online calculator tool to find a loan estimate and obtain a quote free of obligation.
The only thing to note when you are trying to get a second auto title loan is that since the loan amount is dependent on your car’s equity, you might not get the result you may be looking for. Suppose you want a significant loan amount, but if you took time to pay off the first title loan, your vehicle’s value might have depreciated. That means you may not get the same maximum loan amount as you did with the first loan unless there is no downward price movement. Things could be different if you get a second title loan on a separate car.¹
Title loans can be great lending options for those with a less-than-perfect credit score or who need their money now. Take advantage of a quick and flexible approval process by getting a title loan serviced by LoanMart!³
Get a Second Auto Title Loan with Another Car
You may have a title loan on one of the cars you own already, but you may not have known about being able to get a title loan on another car that you own. Just because you have a title loan on one car doesn’t mean you can’t get another title loan on a second car. As long as the car’s title is clear and free of any liens and you have a source of income, you may be able to get a second car title loan with LoanMart1.
Remember that you can use various alternative forms of income to satisfy this requirement. You can provide different types, such as:
- Bank Statements
- Pay Stubs
- Social Security Income
- Worker’s Compensation
- Retirement Income
- Proof of Pension Income
- Settlement Income
- A Letter of Employment from Your Employer
- And Potentially More!
If you have any questions or concerns regarding a second title loan, an expert from LoanMart can help clarify everything with just a phone call! Call today at 855-277-4847 for more information.
Get a Second Car Title Loan on the Same Car
Have you taken out a title loan on your car before, paid it off, and want to use your car again? That’s perfectly fine! There is no limit to how many times you can use your vehicle to get a title loan. As long as the car title is clear-and-free and you have no remaining balance on your previous title loan, you may be able to use your car to get another title loan.
Unfortunately, if you already have a title loan on your car, you cannot get a second auto title loan. Since you have a title loan already on your vehicle, it still has a lien on your title, which means it’s not a clear title. If you’re looking for a second car title to pay for your existing loan, you might consider LoanMart’s refinancing options to see how LoanMart can potentially help you get a lower monthly payment on your car title loan.¹
It’s important to remember that if you get a second title loan on the same car, you may not get the maximum loanable amount that you had previously because of the depreciated value. Although you may not get the same amount, you could still get a reasonable loan term that can help you cover an emergency situation.¹
How to Speed Up the Repayment Process for a Title Loan to Get a Second Title Loan
If you’re looking to get a second title loan on the exact car you’re using for a current auto title loan; you may be looking for a way to finish your installments as soon as possible, especially if you are dealing with a financial predicament that you cannot afford to pay off now. Unlike most loan options, there is no penalty for speeding up the loan process by making early payments than what you stipulated between you and a loan agent.5 You can even pay off the entire loan with a single payment if you choose to do so.
There are multiple ways for you to shorten your repayment period to go straight into your second title loan. Here are some great strategies to take to finish your current title loan as quickly as possible:
- Work up a budget plan to help save more money for your monthly installments. You can always take the 50/30/20 method, where you divide your spending between the most essential and least essential expenses. 50% of your spending should go to immediate necessities, 30% on things you want but are not a necessity, and 20% on paying off your debt or other expenses. You could save up a lot of money in just one month if you follow this method and focus on paying down your debt.
- You can always have some more money on the side by capitalizing on your skills or selling items. Talents can be used to create a business that can help people allocate funds towards their goals. This could be using your editing skills to get some quick cash, working on videos for other people, or creating web designs on the side for potential clients. You can sell items during your loan duration to get some additional income as well. If you have some high-value items available to sell, you could get a massive influx of cash!
- There are times when you may get some money you did not expect. They can come in the form of gifts, bonuses from your job, or when a family member or friend transfers cash to you to help cover for something they owe. It’s okay if you use this cash for things you want, but it would be best to save this money for your installments when you are trying to get a second title loan. To shorten the repayment period as much as possible, designate this influx of cash towards your loan payment.
Although these suggestions might seem like they’re not the super-fast methods you would hope for, you might be surprised how quickly the repayment process can go if you follow one or all of these suggestions. You could get another title loan on a second car, but balancing both loans could be problematic if you don’t have the income level to support them. Take these or other methods to finish the repayment as soon as possible. Call a LoanMart representative for any additional suggestions that could benefit you in this pursuit.
Where Can I Get a Second Car Title Loan?
Getting a second car title loan can be just as easy as receiving the first title loan.¹ Now that you know how title loans work and what to expect, you might be able to get your second title loan quicker than the first time you got it!³ You’re an experienced title loan veteran, and LoanMart is ready to help you find out if you qualify for a second title loan to cover your expenses.¹
You may already be aware of one way to get a title loan serviced by LoanMart, but perhaps you don’t know the different ways to inquire about one that could be even more convenient than you anticipated.
In-Store with LoanMart
LoanMart has participating locations across the US for customers to get their title loans. In these locations, feel free to ask an agent any and all title loan questions. There are representatives at every location that are trained to help qualified customers access financial help.1 You may be able to get a second title loan at your nearest participating location, where you can walk out the door with the money you need.¹
Over the Phone with LoanMart
With a toll-free number, you can apply for your second title loan and ask any questions by phone. There are trained representatives waiting by the phone 6 days a week, ready to help customers with questions or applications. By calling LoanMart at 1-855-277-4847, you’ll be able to apply for your second title loan over the phone.¹
Online with LoanMart
LoanMart understands that life can be busy and knows that the world prefers convenience. LoanMart has given their customers the option to apply for a car title loan, whether it’s your first or second, without leaving your home. With this online convenience, you can apply for the cash you need without leaving your home! You can complete the application on your phone, computer, or tablet. It’s a quick application process, and you’ll even have the option to deposit your money into your bank account directly.³
Apply for a Second Title Loan
Ready to apply for your second title loan? On top of the convenience, LoanMart has many benefits to offer qualified customers for car title loans in Fort Wayne and other cities that you don’t want to miss out on:
- Competitive Interest Rates¹
- Online Account System
- Excellent Customer Service
- Lower Monthly Payments¹
- Streamlined Application Process
- A Convenient Smartphone App
- Customizable Loan Terms¹
Step One: Apply
The first thing to do is complete your initial application. You can either do this online, over the phone, or in-store, and it will be the quickest part since you only need to fill out the basic information regarding you and your vehicle.
Step Two: Submit Documents
Don’t forget to submit your documents! Your LoanMart representative will contact you about your initial quote and the documents you’ll need to submit¹ With LoanMart’s 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. As a reminder, you’ll need:
- Vehicle title
- Proof of income
- Proof of residency
- VIN(Vehicle Identification Number), license plate, odometer reading
- Proof of auto insurance
- Pictures of your vehicle(front, back, and all sides)
- Valid photo identification
- Personal or professional references
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!¹ You can either have a mailed check, pick up your funds at a participating money transfer location nearby, or have the option to have your money directly deposited into your bank account.
Get started today and take care of those finances with LoanMart!¹
With the ability to pay early, the cost of borrowing could be lowered. Find out more about car title loans in Tulsa for Oklahoma residents or any other states that LoanMart services.