After you’ve gotten your first title loan, whether you’re still paying it or it’s all paid off, you might be thinking about a second one and asking: why get a second title loan? If you need money now, getting a second title loan can help you pay for your expenses without the hassle of a traditional loan process. Getting a second title loan can:
- Be easier than a traditional loan process
- Get you the money you need fast
- Pay for an unexpected expense
- Lower your current title loan payments
Easier than a Traditional Loan Process
If you’re looking into a second title loan, there’s no doubt you have experience with title loans already. Think about how quick and easy your process was when you were applying for your car title loan. You didn’t have to worry about your credit affecting your approval, you were able to go through the process without having to fill out mountains of paper work, and you are able to get customizable terms to fit your budget.
There’s no doubt a title loan is different than a traditional loan. You get to use your car title as collateral for your loan and use your income to help the amount you get. With LoanMart, you could potentially get your funds the within 24 hours from when apply3. Who wouldn’t want a loan process that is that easy?
Get Your Money Fast
As mentioned before, LoanMart may be able to get you the money you need the same day you apply3. There are very few traditional loan companies that can offer that type of speedy service. Most of the time, you have to wait weeks before the funds process and go through. With LoanMart, you can get that money easily without having to have the stress of waiting before it goes through1.
Cover Unexpected Expenses
Since you can get money fast with LoanMart and title loans, that makes title loans a great type of loan for covering any unexpected expenses that may come your way. Title loans can be used for:
- Medical expenses
- Unpaid bills
- Credit card consolidation
- And more!
Lower Your Current Payment
In some way, it’s considered a second title loan if you’re trying to refinance your loan. At LoanMart, we help our customers lower their monthly payments by offering some of the most competitive interest rates1. If you’re looking to lower your current title loan monthly payments, LoanMart may be able to help.
By determining the equity of your car and looking at your income, LoanMart may be able to offer you a new loan1. Using that money, we pay off the remaining balance of your existing loan with your previous lender. Then, you have a new loan with LoanMart that may have lower monthly payments and a new interest rate.
How to Get a Second Title Loan
Whether you’ve finished paying off a title loan or you still have one, money can be tight, and you might need to cover some unexpected financial problems. Getting a second title loan could happen in two different ways.
- Getting a second title loan on another car – If you have a title loan already on one of your cars but you own a second car, you may be able to get a title loan using your second car. Sometimes life kicks us when we’re down and we need to borrow money. Since title loans are a great way to cover unexpected expenses, you may be able to use more than one car to get multiple title loans on your cars if they have lien-free titles.
- Getting a second title loan on the same car – If you already have a title loan on your car but want to take another one out on that same car, you have to pay off the existing title loan before you can do that. If you have had a title loan previously on your car but have already paid it off, you may be able to get another title loan using that same car. There is no limit to how many times you can use your car to get title loans. As long as the title is clear-and-free, you may be able to get another title loan.
Applying for a Second Title Loan
Surprisingly enough, applying for your second title loan is the same process as applying for your first one. LoanMart gives you different options for applying, too, so you can choose whichever method is more convenient for you.
- Apply online or in-store. Fill out your initial application by applying online using your phone, tablet, or computer. You can even apply in-store by finding the nearest participating location.
- Submit your documents. After you’ve applied for your title loan, you’ll be contacted by your LoanMart representative about your initial quote and submitting any important documents that you’ll need to qualify for a title loan1. With LoanMart’s online system, you can take a picture of your documents and information, and send it to your representative from your phone!
- Sign your contract and collect your funds1. Once your representative has received all your documents, you’ll be able to sign your contract finalizing your customized loan terms, amount, and interest rate. Then you’ll have the option to pick up your money at any participating money transfer location near you, through a check in the mail, or have it directly deposited into your bank account.
Don’t miss out on the benefits LoanMart has to offer! Get your second title loan today.