Title loans let you use your car as collateral to borrow money. But what if you need more cash than your current loan offers? Let us find out how you can get more money on your existing title loan.
Understanding Title Loans:
Before we go into getting extra cash, let us understand how title loans work. A title loan is when you borrow money using your vehicle’s title as security. Once approved, you get the cash, but you must repay it within a set time. If you can not pay, the lender can take your car.
Can You Get More Money on an Existing Title Loan?
Yes, you can! Here are some ways:
- Refinance Your Title Loan: Refinancing means replacing your current title loan with a new one, usually with better terms. This can give you more money and lower monthly payments.
- Get a Second Title Loan: You can take out another title loan while still having one. But be careful! Having two loans means double the risk of losing your car if you can’t pay.
- Talk to Your Lender: Your lender might increase your loan if you have been making payments on time and have a good record.
Having More Than One Title Loan:
Yes, you can have more than one online title loan, but it is risky. If you can not pay, you could lose your car. Some states limit how much you can borrow with title loans, so keep that in mind.
Consider Other Options:
Before taking out another loan, think about other choices like personal loans, credit cards, or borrowing from family. These options might have lower fees and interest rates.
You can get more money on an existing title loan by refinancing, getting a second loan, or talking to your lender. But be careful! It’s essential to think about the risks and consider other options before taking out another loan.
TFC Title Loans, we will be your broker, helping you the get the right loan for you, and help you to get the most money.
