Can You Have Two Title Loans at the Same Time?
It is impossible to have two title loans on the same car but you can have two title loans on two different cars that you own.
Many individuals struggling financially wonder “can you have two title loans at the same time?” When you feel like you are drowning financially, one title loan can sometimes not feel like it’s enough to keep you afloat. Here, at TFC Title Loans, we want to help you through your struggles each step of the way. We don’t merely view ourselves as lenders but also as educators and financial helpers. We want to make ourselves available to answer all questions you may have regarding finances, vehicles, and title loans which is why we have been steadily expanding our website to include tons of resource pages.
We have been assisting clients with their car title loan needs since 1994; making us the oldest title loan lender in California. Throughout all of those years of experience, we have perfected the lending process so that we might be able to help those who already have title loans but are in need of more funding. You may be able to use a second car, such as your spouse’s, to obtain a second title loan. However, if that isn’t an option then you can refinance your previous title loan with us to get more money and better interest rates.
Since we make consumer education our top priority, we will be laying out all the ways you can and cannot obtain two title loans at the same time in this informational resource page. To learn more please continue reading and see why our second-to-none customer service has drawn thousands of customers to refinance their loan with us over the past 25 years. If you would like to work with us at TFC Title Loans, then fill out our online application or give us a call today.
Two Separate Liens on One Title?
There can only be one lien placed at a time on a vehicle’s title. It is impossible for a title to have two lienholders since the collateral that the loan is borrowed against needs to be free and clear just in case the loan is defaulted. Having two liens placed on the title, makes it impossible for the car to act as collateral since if you were to default on both of your loans the car’s value would not be able to be split two ways.
Liens on Two Different Vehicles
Families that own two separate vehicles sometimes choose to obtain two title loans in order to get a handle on their finances. We have heard of many a time when two spouses have decided to get a title loan on each of their own individual vehicles. If you use this method, then it is very possible to get two title loans at the same time. When you do have two title loans at the same time, you and your spouse ought to make sure that you can afford the monthly payments for each loan. It would also be a good idea to strategize on how to pay the loans off as quickly as possible, prioritizing the loan that has the higher interest rate.
Process of Refinancing
Since you now know that it is impossible to get two liens on one car title, you must be wondering how you can get more money when you need it. Well, you could take advantage of our refinancing programs here, at TFC Title Loans. We can take all the necessary steps to contact your current lender and pay them the remaining balance left on your previous title loan. If we are successful in this buyout with your current lender, then we may be able to get you more money than you were lent before and even get you a better interest rate.
In order to refinance with us, follow a few simple steps to make sure it’s the best option for you:
- Take a look at the terms and conditions of your current loan to see what refinancing terms your current lender set.
- Give us a call to discuss your various options. We can analyze how much more money we can give you and what interest rates we can apply to your refinanced loan.
- We get the necessary documents from you or your lender and take care of the remaining balance left on your previous title loan.
- We write up new terms for your refinanced title loan that will work perfectly for your unique situation
- Finally, you will get more money and better rates than what you had to begin with. It’s that simple.
If, coming to the end of this article, you have any remaining questions that you would like answered then give us a call straight away. We have customer representatives standing by the phone who would be thrilled to answer all of your questions. However, if you feel you are ready to get started in either refinancing with us or getting a second title loan on a second car, then give us a call today or fill out our simple online application. We would love to work with you!