Can I Have Two Title Loans at the Same Time?

If you already have a car title loan on your vehicle, but are still in need of either more – or another – injection of cash, you may be wondering whether or not you are able to take out two title loans on the same vehicle.

The short answer is no, you cannot have two title loans on the same vehicle. You can, however, have to different title loans on two different cars at the same time.

That’s a great option if you already have one title loan but are still struggling to stay afloat. At TitlePlain, we can help you get the second title loan you need as well as help you plan for a financially secure future.

Two liens on one one title?

While you may want to put two liens on one car title, you can only have one lien placed on a vehicle’s title at a time. It’s impossible for a title to have two lien holders since the collateral that the loan is borrowed against needs to be free and clear in the unhappy event that a default does occur.

Having multiple liens on one car makes it impossible for the car to act as collateral, because if you do default, the two lien holders would not be able to split the value of the car two ways.

Liens on two different vehicles?

While multiple liens on one vehicle is not possible, having multiple liens on multiple cars is very possible. Or rather, having one lien on each of your cars is possible. If you or your family owns two separate vehicles, you can take out a title loan on each of the vehicles you own to get even more cash.

If you want to go this method, it is more than possible to get two title loans at the same time. That will help you even further when it comes to covering any overdue bills, medical expenses, and more.

Refinancing a title loan

You know it’s impossible to take have two lien holders on one car title, but that doesn’t mean you can’t use your vehicle to get more money when you need it.

At TitlePlan, we can help you if you are interested in refinancing your title loan to get more money, change your term, or get a better interest rate.

We can help you through all the steps of refinancing your loan. If you are interested in refinancing your title loan, consider these factors first.

  • Examine your current loan’s terms and conditions to see what refinancing terms your current lender established
  • Contact us to discuss your options. We can help you discover how much more money you can borrow and at what interest rate with a refinance title loan
  • Examine new terms of your potential refinanced loan and make sure that it works with your economic situation
  • Take out your refinanced loan and get the additional money you need at a better rate.

What to do if you need more money

If you already have already have a lien on your car title, but need more money, you cannot put a second lien on your title. You do, however, have a few other options.

Taking out another title loan on a separate vehicle or refinancing your title loan to get more money and a better rate.

Here at TitlePlan, we want to help you get the money you need. Even if you already have taken out a title loan on your car, you have options.

Contact us today to see what options are available to you.