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27 Mar 2019   /   0 comments

How Many Title Loans Can You Have?

Pink Slip Loan Anaheim

pexels-photo-125514Here, at TFC Title Loans, we occasionally get the question “ how many title loans can you have?” and it is a good question to ask. Sometimes your financial situation can be in a really rough place and you need a lot of help to make it through out of the rough patch and into better times. We know that you may need that and many other questions answered and we have taken it upon ourselves to get you the information you need. We are extremely devoted to lender transparency and consumer education. And it is for this reason that we have been working hard to expand our website’s reach and purpose with a new wealth of informative resource articles designed to answer all our current and future customers’ questions.

We are the oldest title loan lender in California and we have lasted so long because of our devotion to quality customer service. Our loyalty to our customers makes them loyal to us in return. When our customers are satisfied, we are satisfied. To ensure that this is always the case, we seek to give you accurate information so you can make the most informed decision possible. Because when it comes to your finances, you need to be sure that any given decision you make is the right one before you make it. At TFC Title Loans, we don’t merely wish to lend you money but guide you towards a bright and financially secure future for you and your family. Let’s find out how many title loans can you have.

Ever since we first opened our doors in 1994, we have helped thousands upon thousands of customers obtain Car Title Loans and on occasion, we have helped customers receive multiple title loans if they had more than one vehicle. Some of those customers we’ve helped have refinanced their title loans from other lenders with us because we could offer them better rates and friendlier customer service.

If you are interested in what circumstances can allow you to take out more than one title loan, then please continue reading to learn more. However, if you are interested in applying for your first title loan then we would like to redirect you to the homepage of our website where you will find our quick and easy online application which you can fill out in under five minutes today!

How Many Title Loans Can You Have?

You are able to borrow money through a title loan by the act of a lender signing onto your car title as the lienholder. Unfortunately, you may only have one lien at a time placed on your car title. Therefore, it is impossible to have two lienholders on one car title at the same time. There cannot be two claims of collateral on one car. Having two lienholders on one car title makes it impossible for that car to act as collateral for either loan as the car’s value could not be split into two if the loan were to be defaulted upon.

Two Different Vehicles?

It is possible for families with two separate vehicles to get two different title loans each obtained through the collateral value of each vehicle. We have heard many times of two spouses deciding to take out a title loan on each of their individual vehicles to obtain the money that they needed from the loan. If you use this method, then you can have as many title loans as you have cars as long as the name of the person obtaining the title loan is the name that appears on the title of the car. If you do decide to take out more than one title loan on more than one car, it is extremely important to know for sure that you will be able to afford the monthly payments of each loan. It would also be wise to strategize beforehand how you plan to pay off the loan as quickly as possible, prioritizing the auto title loan that has a higher interest rate of the two.

A Buyout

If you were looking into a second title loan because you cannot afford the payments for your first, then you ought to consider refinancing with TFC Title Loans. Even though we cannot give you a second title loan on one car when you already have one with another lender, we can still help you out by performing what we call, in the title loan business, a buyout. We can pay off the remaining balance of your previous title loan, get the title from your previous lender, and give you more affordable monthly payments, better interest rates, and maybe even more money!

If you are interested in refinancing your auto title loan with TFC Title Loans, then fill out our online application or give us a quick call today. We would love to work with you to make your life a little bit easier. Now you know how many title loans can you have!

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