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Can You Have More Than One Title Loan?

Many people have found that taking out a title loan on a vehicle they own is a convenient way to quickly get the extra funds they need during a short-term financial crunch.

But what if you already have a title loan—can you add another one? In other words, can you have more than one title loan at the same time? In this article, we’ll show you when it’s possible, and when it’s not, for you to have more than one car title loan.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan in your area, we are able to help you with our large referral network.

All of our referral partners are in compliance with the CFPB.

How Do Title Loans Work?

A car title loan is a short-term loan that allows you to use the title of your car or another vehicle as collateral. When you take out a title loan, the loan company will hold the vehicle’s title, rather than the vehicle itself, until the loan is repaid.

That means you can keep driving your car while you are paying off the loan. Car title loans are a popular option for people who need extra money fast.

Can you have two title loans at the same time?

Let’s say you’ve run into a financial emergency of some kind, and to help you get through that situation you took out a title loan on a car you own. You’re still paying that loan off. But now, for whatever reason, you find that you need additional funds. Is it possible for you to get another title loan to meet your current needs?

The answer to that question is… it depends!

First of all, if you only own a single car and you already have a title loan on it, you can’t get another title loan until the first one is paid off. You’re not allowed to have more than one title loan on the same vehicle at the same time.

But if you own more than one car, motorcycle, truck, or other vehicle, you can take out separate title loans on any or all of them. The key is that you must have a clear title to the vehicle that is the basis for the loan.

Of course, the prohibition against having a second title loan on the same car applies only while the first loan is still in force. Once you pay that loan off, your title is again free and clear and there’s no reason why you can’t take out another loan on that same vehicle if you want to. In fact, there’s no limit to the number of times you can get a title loan on your car, as long as you only have one such loan at a time.

To sum it all up:

  • The answer to the question of whether you can have more than one title loan on the same car at the same time is a flat NO.
  • But if you or your family own more than one vehicle, you can take out title loans for each one.
  • If you have a clear title to just one car, the only way to get a second title loan on that vehicle is to first pay off the existing loan. Once that loan is paid off, you can then take out another title loan on that same car.

Can you get a title loan on a car that you and your spouse own jointly?

Suppose you and your spouse own two cars. You already have a title loan on the car you drive. Can your spouse also get a title loan on the car they drive? Absolutely! As long as the title to that second vehicle is free and clear (no liens on it), there’s no legal impediment to getting a title loan on it.

But what if both of your names appear on the titles of your cars? Can you still get a title loan on the second vehicle even though your name is already on the title and the loan for the first? In most states, that’s not a problem—the fact that your name is already on one title loan doesn’t prevent you from getting a second title loan on a different vehicle that you also own.

How do I get a second title loan?

If you already have a title loan, then you’ve already met the basic qualifications. There are a couple of additional issues you must take into account:

  1. The amount of the loan you can get will be based on the market value of the car whose title you are using as collateral for that loan.
  2. You must demonstrate that you have enough income to be able to pay off the new loan while continuing to make payments on your existing loan.

The process for getting a second title loan is essentially the same as forgetting the first. In fact, since you’ve already gone through the process and know what to expect, it might even be easier for you the second time around. You’ll just need to supply the same kind of documentation, such as the title certificate, proof of insurance on the car and that it’s in good condition, and proof of your identity, residency, and income.

If you’re looking for a second title loan, we can help!

Here at TFC Title Loans, we specialize in helping people use their equity in the vehicles they own to get the funds they need. Even if you already have a title loan, if you’d like to get another one on a second vehicle that you own, we can help you get that new loan application approved and funded in as little as 24 hours. So, please contact us to get your application started today or call us at 1-844-242-3543.

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Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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