What are Second Lien Title Loans?
If an unexpected expense has knocked you off your feet, you may wonder if you can get a title loan to handle your financial situation. A car title loan is a type of secured loan. The title to your car or truck is used as collateral to secure the funding, which can make the application process much more convenient and flexible.
However, if you do not have a clear title in your name, the application process may be complicated. Some title lenders can offer second lien title loans or title loans on financed cars. A second lien title loan can allow you to apply for a title loan without a clear title. A clear title means that it is free of any liens that could affect the ownership of a vehicle. A lien on your car title can be placed by an auto lender if you are financing your car, or a title lender if you currently have a car title loan. In most cases, in order to get a second lien title loan, your first lienholder must grant the second lienholder permission to place a second lien on the title. In some cases, the first lienholder may not allow a second lien on the title.
The fact that some lenders do not offer second lien title loans is not surprising, especially considering the complexity of the process. But, it is possible to get a title loan on a financed car, or refinance your current title loan! However, if you are still making payments on your car, then you may need to complete a payoff authorization form so that your new title loan lender can pay off your existing lender.
If you are interested in obtaining a title loan on a financed car or refinancing your current title loan, it could be a much simpler process! Visit the FAQ page on the LoanMart website to learn more about title loans. Or, just call 855-422-7412 to discuss your options with a title loan representative.¹
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How Do I Get a Second Lien Title Loan?
In order to get a second lien title loan, you will need to submit an application with a title lender, so you may need to shop around to find one that offers them. Additionally, if you want to apply for second lien title loans, it may be necessary to show proof of the original lien during your application, along with a few other basic documents. Usually, you will need to provide a valid, government or state-issued photo ID, proof of income and residence, and a few photos of your car.
Generally, you will need to meet these requirements to initially qualify for an auto title loan:¹
- Have a Steady Source of Income / Alternative Income
- Possess a Vehicle with Enough Positive Equity
- Be 18 Years of Age or Older
- Have a Title to a Qualifying Car in Your Name
Can I Get a Second Title Loan on My Car?
If you have two separate vehicles, you may be able to obtain a second car title loan, thus having a title loan on each vehicle. However, you will only be able to have two title loans at the same time if you can meet the right criteria, such as providing proof of income to demonstrate your ability to repay both of the loans.
Generally, you can use the same vehicle more than once to get a title loan. In some cases, LoanMart customers will pay off their title loan and use the same vehicle to obtain another title loan at a later date. But, your vehicle may have depreciated in value. Therefore, you may not be able to get as much funding the second time around.¹
If a second lien title loan is not an option for you, or it does not seem like the right fit, there are other loan options to consider! You can potentially refinance your current title loan to obtain more optimal loan terms and competitive interest rates. Borrowers who are still making payments on their cars can potentially apply for title loans on financed cars.¹
Whether you need a second title loan, a title loan on a financed car, or you need to refinance your current title loan, there are a number of options available. And, LoanMart is here to help discuss all of these options with you! You can easily call a title loan agent at 855-422-7412 to learn more about title loans and how to apply for one.¹
Can I Get a Title Loan with a Lien on My Car?
It depends. Some title lenders can offer second lien title loans, but some may not, and they are not a popular option. If you are still making payments on your car, a lien will remain on the car title until the loan is completely paid off. But, even if you are currently financing your vehicle, it is possible to get a title loan serviced by LoanMart if you have enough positive equity in your car and can meet the right criteria.¹
Positive equity simply means that the current market value of your vehicle is greater than the amount that you owe on it. In order to obtain a title loan on a financed car, a written permission and authorization form may be requested so that the title lender can obtain information about your current auto loan and pay it off.
Can I Get Second Lien Auto Title Loans Online?
You can shop around for second lien title loans online. Not all car title loan lenders can offer second lien title loans, so you may need to do a little bit of research online to find one that is willing to work with you. Some title loan lenders can offer an online application process, which can be more convenient than visiting a storefront location.
You can also apply for a second title loan or a title loan on a financed vehicle online. There’s no store visit required to apply for an online title loan serviced by LoanMart. Additionally, you can apply for title loan refinancing online!
The inquiry process is just three simple steps:¹
- Submit a Loan Inquiry Online or Over the Phone at 855-422-7412
- Upload a Few Basic Documents Online or Send Them via Email / Text Message to a Title Loan Agent
- Find Out if You Qualify!¹
You can begin your title loan inquiry today by visiting the LoanMart website. The process is simple and hassle-free! So why wait to see if you can qualify for the financial help you need? Call 855-422-7412 for more information. LoanMart has title loan agents that are available 6 days a week for extended hours to take your call.
