Your budget may change from month to month depending on what unexpected expenses and financial emergencies pop up. Like the name would suggest, unexpected expenses are tough to plan for, and you may need to use your vehicle to get the cash you need!
When one title loan isn’t enough to cover your expenses, you may be wondering if you can have two title loans at the same time. It is possible to have two title loans at the same time, but there is a stipulation. The titles must be applied to two different vehicles. Two title loans may not be applied to the same car!
A tough financial situation may be hard to get through. With a title loan, however, you may be able to get yourself back on your feet! Car title loans are a convenient way to get the quick cash you need during difficult times.
How Do Title Loans Work?
While there are many different alternative funding options out there, title loans stick out for a few reasons. Title loans are often the preferred loan option for borrowers that need cash in an emergency! Since they are collateral-based loans, the convenience of a streamlined process is very appealing.
With options like ChoiceCash Title Loans, qualified borrowers can get their funds in as little as 24 hours.1 Car title loans can be fast and efficient because of their design! Title loans allow you to borrow funds based on the value in your car. The more your vehicle is worth, the more you can potentially borrow through a title loan.
For a title loan, you are not using your credit as the sole basis for loan approval. Instead, your loan will be secured through collateral, which is the title to your vehicle! Borrowers from all credit histories and financial backgrounds could potentially apply for a title loan.1 Since title loans are secured loans, they can offer a borrower a ton of advantages over unsecured alternative loan options. These include:
- Competitive Interest Rates That Won’t Hurt Your Wallet
- More Cash Can Be Made Available Through Collateral
- Bad Credit isn’t Always an Issue
How Can I Have Two Title Loans at the Same Time?
The short answer to this question is yes, it is possible to have two title loans at the same time. However, with all the conveniences that a title loan gives a borrower, there are some stipulations to consider.
Two title loans at the same time are only allowed and legal when the title loans are on two separate vehicles. The cars must be different since they are used as collateral for the loan. For a title loan, your eligibility and loan amount are based upon the value of your vehicle. Since your vehicle will be used as collateral if you default on the loan, you cannot have two loans using the same vehicle as collateral.
If you have a title loan on one of your cars but want to get a second title loan on another car you own, it is possible to apply for another one. If another individual is listed on the car title, either party can apply for a car title loan in most states!
If you do not have more than one vehicle at the moment, there are other options to consider. You can ask for more cash on your first title loan by refinancing the loan or waiting out your first loan and applying for another. If you are looking to pay off your car title loan fast, there are a few suggestions to take into consideration to reach that goal:
- Pay more than the Minimum: While it may seem convenient to only pay what is required each month, paying more than the minimum can help you reach your goal faster! Title loans are often amortized loans, meaning you are paying both the principal and the interest at the same time. Paying more than the minimum can help you pay off your loan faster and avoid all the interest!
- Take Up a Second Form of Income: If your weekends are free, a second job can be just the solution for your loan. When you have skills, you can monetize them! Things like yard work, house cleaning, or hair cutting can be skills used to help pay down your loan!
If you are thinking of refinancing your current title loan to obtain more funding, ChoiceCash Title Loans can help you with that! Applying for title loan refinance is easy, even if you currently do not have a title loan with ChoiceCash Title Loans. By refinancing your title loan, you may be able to receive a better interest rate.1 This could help you have lower monthly payments to fit your budget!
What Documents Do I Need to Apply for Two Title Loans at the Same Time?
Title loans are some of the easiest loans to apply for online or over the phone. To apply for a loan online, however, there must be a few documents submitted to verify a borrower’s identity. These documents can vary from state to state, but you can expect to need these to apply for two title loans at the same time:
- Car Title: The title must be in your name to qualify for a car title loan.
- Photo ID: To prove your identity, you can use any official government-issued photo identification. Most borrowers use a state ID, driver’s license, or passport.
- Proof of Income: To apply for a title loan, you must be able to prove your income. Your income is used as the basis for your loan amount and monthly payment! You can provide paycheck stubs, bank statements, etc.
- Proof of Address: Many future borrowers use their recent credit card statements as proof of address, but other forms of proof like utility bills are accepted.
- Photos of the Vehicle: While many title loan companies require an in-person vehicle inspection, ChoiceCash Title Loans can be a bit more convenient. You can bypass an in-person inspection by sending some detailed photos of your car!
If you are using these documents to apply for two title loans at the same time, keep in mind that you will only be able to apply for a second title loan if your first is paid off. Or, you can also apply for two title loans at the same time if you have more than one vehicle that does not currently have a title loan on it.
Do I Need Perfect Credit to Apply for a Car Title Loan?
If you are in a difficult financial situation, your credit may have taken a nosedive. When your credit suffers, it can be difficult to apply for any traditional loan option from a bank. With a title loan, credit is not the most important part of the approval process. Instead, these two factors will be looked at the most:
- The Value of Your Vehicle
- Your Income and Ability to Repay the Loan
Loan eligibility and your loan amount are based on these two factors. The higher your income and the more valuable your car, the larger your loan amount could be! While your credit is looked at for a title loan, it is not the sole focus during the approval process. Borrowers from all types of financial backgrounds could potentially apply for a title loan!1
What are the Benefits of a Car Title Loan?
When most borrowers are looking to apply for two title loans at the same time, they may just be thinking of the cash. Title loans can offer so many more advantages besides cash!
With loan options like ChoiceCash Title Loans, borrowers can take advantage of these benefits:
- Keep Driving: While your car’s title is the collateral for the loan, you can have the opportunity to keep driving it! As long as you keep your loan account in good standing, it can be business as usual on the road.
- Get Your Funds Fast: ChoiceCash Title Loans has created the approval process to be streamlined for financial emergencies. Qualified borrowers can get their cash in as little as 24 hours!1 It can take just a few minutes to apply for a title loan online or over the phone.1
- Flexible Loan Approval: Those from all types of financial and credit backgrounds may get approved for a title loan. You can still apply for a title loan if you are not confident with your credit history!1 Title loans have some of the highest approval rates in the business for a reason.1
Where Can I Apply for Two Title Loans at the Same Time Online?
Whether you are looking to refinance your current title loan or apply for a second title loan with another vehicle, the approval process is quick and easy!
With ChoiceCash Title Loans, there are just three simple steps to get through:
- Submit Your Initial Loan Inquiry Online, or Over the Phone
- Send in the Documents to Verify Your Information
- Get Approved and Get Your Cash if You are Qualified!1
If you could get your funds in as little as one business day, why wait to see if you are qualified for a second title loan? Get started today with ChoiceCash Title Loans by heading over to the website. Or, call a loan agent day or night at 855-914-2945.