Financial problems can sometimes appear out of nowhere. Unexpected expenses like bills or car repairs can be challenging to prepare for. If you already have a title loan and are considering another to help alleviate your finances, you might wonder, “Is it possible to get a second title loan?”
Lucky for you, qualified borrowers may be able to acquire a second title loan! While you will not be able to obtain a second auto title loan on the same car until the first title loan is paid in full, you could use another vehicle to acquire a second loan.
How Can I Get Two Car Title Loans?
Borrowers familiar with car title loans will often consider getting a second title loan if they need additional help with their finances. The good news is that you can get a second title loan the same way you inquired about the first one! Remember, you would need to meet these requirements to qualify for a title loan:
- You Must Possess a Qualifying Vehicle
- You Must Have the Ability to Pay Off Two Car Title Loans
The chances are that you know how a title loan works, but just as a reminder, if you want to get a significant loan amount, your car must have enough equity. Also, you must present proof of reliable income to support that amount. If you don’t know your vehicle’s current equity, you could use different tools, like Kelley Blue Book, to find a rough estimate. However, there are some things to note when applying for a second title loan.
Since the loan amount is dependent on your car’s equity, you might not get the result you may be hoping for. Suppose you want a considerable cash total- but if you took some time to repay the first title loan, your vehicle’s value might have depreciated. That means you may not obtain the same maximum loan amount as the first title loan unless there is no downward price movement. Although, things could be different if you get a second title loan on a separate car.
Get a Second Auto Title Loan with Another Vehicle
You may have a car title loan on one of the cars you already own, but you may not have known about getting a second title loan on another vehicle you own. Just because you have a title loan on one car doesn’t mean you can’t get a title loan on a second vehicle. As long as the car title is clear-and-free of any liens and you have a source of income, you may be able to obtain a second title loan!
Don’t forget that you can use various alternative forms of income to satisfy this requirement. You could provide different documents, such as:
- Bank Statements
- Pay Stubs
- Retirement Income
- Social Security/Supplemental Security Income
- Worker’s Compensation
- A Letter of Employment from Your Employer
- Settlement Income
- Pension Income
- And Potentially More!
If you have any questions or concerns regarding a second title loan, you could contact your title loan lender to help clarify things.
Is It Possible to Get Two Title Loans on the Same Car?
Are you wondering if getting a title loan on the same car you used for a previous title loan is doable? The truth is, there is no limit to how many times you can use a vehicle to get an auto title loan! As long as the car title is clear and you have no remaining balance on your previous title loan, you may be able to use your car to get two title loans.
Unfortunately, if you already have a car title loan on your vehicle, you cannot get a second title loan on it. Since you have a title loan already on your car, it still has a lien on your title, which means it’s not clear. If you’re looking for a second car title loan to pay for your existing loan, you could consider refinancing it. Talk to your title loan lender to see how that’s possible.
It’s important to remember that if you acquire a second title loan on the same car, you may not get the exact amount you had previously because of the depreciated value. While you may not get the same total, you could still potentially get a reasonable title loan amount for your emergency!
Ready to apply for a second title loan? Speak with your lender if you have any questions! Or, consider another title loan option in the future for your second title loan.