How Many Title Loans Can You Have

Are you currently paying off your title loan but wondering if you can have another one? It may sound impossible since your car title temporarily belongs to a loan lender while you’re contributing monthly payments to close the debt. However, that’s not really the case. 

In fact, you can have multiple title loans, but there is a catch. This blog discusses the nuances of having two or more title loans and what advantages and disadvantages they come with. 

Key Highlights 

  • You can get multiple title loans if you own lien-free vehicles. 
  • It is not possible to get two or more title loans on the same vehicle. 
  • You can get a second car title loan if your previous title is cleared on the car you use as collateral. 
  • Another way to get a second title loan is to refinance your existing title loan with a new lender on different terms. 

How Many Title Loans Can You Have?

You can get multiple title loans for separate cars. Every car title loan is subject to interest rates, so taking multiple loans at once should only be considered if you can financially afford it. 

When taking another car title loan, you should be ready to pay for two separate debts, the interest rate of which can differ. The inability to pay one of the loans will result in the repossession of your vehicle. Hence, the more title loans you take out, the bigger financial strain you may be in. 

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How Many Title Loans Can You Have on One Car?

Unfortunately, you cannot get multiple car title loans for a single vehicle. Or, once your car title loan is clean and your previous loan is paid off, you can get another title loan on the same car

If you have already used your primary vehicle as collateral, you won’t qualify for another credit from a lender unless you consider refinancing. Refinancing the loan means trading your old vehicle title loan for a new one provided by a different lender. In most cases, refinancing a car title loan offers better terms and conditions than the previous one. 

Can You Have Two Title Loans at the Same Time?

You can have two title loans at the same time only if you own two separate vehicles. You can use your vehicles to get two title loans as long as they are lien-free. 

No matter how many title loans you get, it will not affect your credit score. Moreover, if you fail to pay the debts, your lenders may not report the default but will repossess your vehicles. 

Additionally, getting a loan from a trusted lender at Titlelo, you can keep your vehicles and drive them without any restrictions.

What Are the Pros and Cons of Multiple Car Title Loans?

Taking out a few car title loans will help you access emergency money quickly and easily You can use your vehicles as collateral and regain the title once the debt is paid off Refinancing a car title loan can provide you with better terms and interest rateYou can keep your vehicles despite using them as collateral You will have to make multiple monthly payments simultaneously Failure to cover the expense of all loans may end up in the repossession of your vehicles Each title loan will offer different interest rates 

What Are the Requirements for Getting a Second Car Title Loan?

Person writing on white notebook photo

The requirements for getting a second title are exactly the same as if you were to qualify for your first loan. One of the most important criteria for title lenders is a clean vehicle title, among other requirements: 

  • Be 18 years of age 
  • Clean vehicle title 
  • Vehicle in a working condition
  • Proof of income (e.g., a pay stub, bank statement, social security income, etc.)
  • Proof of insurance (depending on a lender)
  • Government-issued ID 

If you have already used your vehicle as collateral but have a boat, a motorcycle, or any other vehicle, you can use them to get another title loan. 

How Much Can You Get On a Second Car Title Loan?

The amount you can get on your second car title loan will depend on various factors:

  • Make and model of your vehicle
  • Condition of the vehicle 
  • The year of vehicle production 

Besides the vehicle specifications, some lenders also pay attention to your individual ability to repay the debt. Although your credit score doesn’t play a role in title loans, your financial circumstances do. 

Apply for a Car Title Loan and and Get Approved Within the Same Day

How Can You Get a Car Title Loan?

At Titlelo, you can get a second car title loan even with a bad credit score. If you meet all the qualifications, you only need to fill out an easy online application. With minimum personal information provided, we will ask you to share with us the details of your vehicle, including the make and model, mileage, generation, etc. 

Once filled out, you can proceed to the final step and get approved in as little as a day. 

Final Word 

When in need of quick cash, title loans are often the easiest and quickest way to receive the much-needed funds. The benefit of having multiple vehicles is the ability to qualify for multiple loans. Although getting a title loan on a single car simultaneously is impossible, using two separate vehicles as collateral is an optimal option during an emergency. 

Titlelo is your trusted partner that can help you choose the right lender with an attractive interest rate and terms. We approve our applicants lightning-fast and streamline the process so that you receive cash as soon as possible. 

Got any more questions? Get in touch with us, and one of our experts will happily answer your questions and provide you with the latest information.