Cash 1 Blog
Can You Have More Than One Car Title Loan?
Loans
Table of Contents
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- How Many Title Loans Can I Get?
- Can I Get Two Title Loans on One Car?
- Will Another Title Loan Affect My Credit?
- How Do I Get a Second Title Loan?
- Requirements
- What Vehicles Can I Use to Get Another Title Loan?
- How Can I Speed Up the Process?
- Does My State Offer Two Title Loans?
- Why Should I Get Another Title Loan?
- Case Study
- How Can I Benefit From Two Title Loans
- What Are the Drawbacks?
- What Are My State's Title Loan Laws?
- What Are My Alternatives to Getting Two Title Loans
- FAQs
- What Are My Options If I Need a Second Title Loan?
- Why Should I Choose CASH 1?
- Where Are CASH 1 Locations?
Title loans are a fast way to get cash quickly. You might consider getting a title loan if you have an emergency expense or don't have enough money to cover a bill. However, you should only use a title loan when you have the money to pay it back quickly. If you need more money than your vehicle is worth, you can have more than one title loan at the same time. But, you would need to own another vehicle with a clear title for each loan you get.
How Many Title Loans Can I Get?
As long your income supports it, there is no limit to the number of vehicles you can use to get title loans. Each clear title that you have represents an opportunity to get funded using your title as collateral.
Can I Get Two Title Loans on One Car?
Getting two title loans on the same car is not possible because a lender places a lien on your title when you get a title loan on your vehicle. That title is no longer considered clear and will not meet the requirements
Will Another Title Loan Affect My Credit?
Title loans are essentially borrowing money off the value of your vehicle. Most title lenders don't run a hard credit inquiry when you apply for a title loan. So, they won't impact your credit scores.
While a title loan has no negative effect on your credit score, it also has no positive effect on your credit score when you pay it off. Lenders will not report your payments to the three major credit-reporting bureaus, TransUnion, Equifax, and Experian, which means that type of loan will not help your credit score either.
Even if you default on your loan, the lender will first need to ensure fair debt collection practices, then repossess and sell your vehicle. Those funds are used to pay the debt, so there is no need for the lender to sell your debt to an agency or report the default to the bureaus.
How Do I Get a Second Title Loan?
If you live in a state that allows two title loans, you'll need to know the value of your vehicle. Depending on the lender you choose, you might be able to get a loan at 50% of your car's value.
You bring your vehicle, car title, and necessary paperwork to your lender. You can apply online, but you'll need to go to a title lender for a quick visual inspection and sign the paperwork. Once you complete the application process, the lender keeps your title to the vehicle, places a lien on it, and gives the money to you.
Requirements
18 Years Of Age Or Older
You will not receive a title loan unless you are 18 years of age or older.
Government-Issued ID
A valid Government-issued identification ID is required to obtain a title loan.
Proof Of Income
Proof of Income is required, such as a pay stub, bank statement, or a verification letter for Social Security benefits or SSI.
A Clear Title For Your Vehicle
Original vehicle title showing sole ownership. If there's another name on the title, they will also need to sign the documents.
Your Car, Truck, RV, Or Motorcycle For An Inspection
The owner of the vehicle must be present for a brief vehicle inspection.
Not On Active Duty In Military
It is against the law to get a title loan for U.S. military members.
Requirements for New Customers.
What Vehicles Can I Use to Get Another Title Loan?
- Cars
- Trucks and SUVs Title Loans
- Motorcycle Title Loans
- RV Title Loans
- Know the requirements
- Have your documents ready
- Get pre-approved online or on the phone
Does My State Offer Two Title Loans?
Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Indiana, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, South Dakota, Tennessee, Texas, Utah, Virginia, and Wisconsin offer title loans in the United States.
Why Should I Get Another Title Loan?
Pay Your Rent On Time
Avoid late fees or eviction. Depending on where you live, a landlord can begin the eviction process in a few days. If you get evicted, you'll have a difficult time renting another place anytime soon. Plus, you might have to pay expensive fees.
Fast Funds For Car Repairs
When your car surprises you with an expensive repair, most of us don't have the extra funds to fix it. It isn't even an option to not use your car until you save up money for repairs.
Money For Medical Bills
Medical debt can increase at a significant rate, and most medical facilities are not into renegotiating. If you need extra money for an existing bill or a current issue, a title loan could help cover your bill or get you some cash for medication.
Cover Emergency Travel Costs
Last-minute travel can be costly. You might need a loan to cover a plane ticket to see a sick relative or attend a funeral.
Case Study
With low credit scores, Carol and John were unsuccessful in getting funding from a bank. They were trying to get money for a deposit to move into a rental home. They had two dogs, and the rental deposit was more than they had saved, and the home they wanted would be rented soon.
They calculated their budget and determined that they could afford a title loan and a registration loan at the same time and have it paid off in two months. Both loans would allow enough money to pay the pet deposit and moving costs. They were able to move into their dream rental with a big yard for their dogs.
How Can I Benefit From Two Title Loans
More Money
The most significant benefit of getting a title loan is that it enables you to borrow more quickly. Title loans are usually processed on the same day, sometimes in as little as 15 minutes. This is because it is a simple process involving the lender looking at your car to make sure it is worth the amount you need to borrow.
Easy, Fast Approval
There are high approval rates with car title loans. Lenders use your car title as collateral to guarantee the loan. The risk of giving you money is lower because the lender can legally repossess your car if you default on your loan.
Keep Your Vehicle
Another benefit is that you get to keep the car and still drive it while you have the loan out. You will give your title to the lender, but you can still drive. There's no inconvenience, and you get your money.
Bad Credit Okay
Because a title loan is a secured loan, your loan is based on a piece of collateral that you are putting up - So you can have bad credit or no credit at all.
No Prepayment Penalties
There are no prepayment penalties, so you can pay off the entire loan as early as you can. If you can pay off your loan early, less interest will accrue than if you continue with the payment plan options.
What Are the Drawbacks?
Can You Afford Another Loan?
Consider your budget before you apply for another loan. You must be confident in your ability to repay the loan on or before its due date.
You Could Lose Your Vehicle
You risk losing your car if you don't make your payments. If you default on your loan, the lender has the right to repossess your vehicle. They will then sell it to pay off what you owe. If the proceeds from the sale of your vehicle are less than the amount of your remaining balance, you still have to pay the difference.
Some Lenders Have Short Loan Terms
Some title loan lending terms are for short periods. You'll want to research and find lenders that have longer repayment periods that allow you the time to pay off your loan.
Temptation To Overspend
With easy access to cash, you might be tempted to get a loan that you don't need. Think about the risks and don't get loans for frivolous reasons such as expensive clothing, shoes, or purses.
What Are My State's Title Loan Laws?
Title Loan laws, interest rates, and repayment terms vary from state to state. For example, a Nevada title loan only allows a term of up to 210 days. An Arizona title loan will let you get a loan for up to 18 months (24 to 36 months for larger loans). Research the title loan laws in your state before you sign a contract. The list below will help you get started.
What Are My Alternatives to Getting Two Title Loans
Most other types of loans that are title loan alternatives will require credit checks for you to be approved. These loans are very different from title loans, and when you are looking to get money quickly, you must understand how these loans differ to decide what option is best suited for your current situation.
- Line of Credit
- Personal Loan
- Short-Term Business Loan
- Peer To Peer Loans
- Credit Card Cash Advance
- Loans from Friends or Family
- Extra Part-Time Job
- Local Churches and Charities
- Call Your Landlord or Utility Company
- Paycheck Advance
FAQs
Can I Have Two Names On One Car Title At The Same Time?
Yes, you might be able to get a title loan with your name on the title along with anyone else's. Two names on the title imply two people registering and owning the vehicle together. How the names appear on a title is essential in determining how CASH 1 processes the loan. When 'AND' or 'AND/OR' or 'OR' join the parties' names, both parties need to sign the agreement acknowledging the loan/lien if only one party is going to be financially responsible for the payments.
How Much Money Can I Borrow With A Title Loan?
At CASH 1, you can get from $100 to $50,000 for a title loan in Arizona or Nevada. We determine your loan amount based on the value of your vehicle and your ability to repay. We offer title loans up to $50,000, and we take great pride in offering the underbanked a solution and being part of your financial success.
How Long Do I Have To Pay Back My Title Loan?
You get up to 18 months in Arizona to repay and six months in Nevada with low, fixed-rate payments due on your pay dates. Are you worried about missing your payment dates? You can set up automated payments with us.
Whichever loan term you choose, you are free to pay that loan off early with no additional fees or penalties. We encourage you to make early or more prominent payments that will save you a significant amount of money.
What Happens If I Miss A Payment On My Title Loan?
The cost of missed payments can often snowball and make it difficult to complete future payments. A title loan doesn't affect your credit score (in either direction), but your credit can be damaged if you default on your loan and your vehicle is repossessed. If you are late on a payment, you need to have open communication with your lender. You might be able to work out a refinance or receive an extension.
Can I Drive My Car With A Title Loan?
Yes. Once you are approved, you give us the title of your vehicle that you get back when your loan is paid in full. You still retain possession of your vehicle and continue to drive your vehicle while you pay off your loan.
Do I Need A Clear Title?
Yes. You are not considered the car owner when you don't have a clear and free title in your name.
However, if you are making payments on your car, our loan officers can help you get an alternative registration loan that doesn't require a title in hand.
What's The Difference Between Registration Loans And Title Loans?
Registration loans work similarly to title loans because you use your car as collateral in exchange for money. With a title loan, you trade your clear car title for money. Registration loans use your car registration as collateral for the loan. Using your vehicle's registration is beneficial if you are still making payments on your vehicle.
Can I Get A Registration Loan If You Have A Title Loan?
If you have another vehicle that you are making payments on, you can get a registration loan. You cannot get a registration loan and a title loan on the same car.
What Are My Options If I Need a Second Title Loan?
CASH 1 offers a few different options if you need a second title loan:
Title Loan On A Different Vehicle
If you have another vehicle with a clear title, you could get up to $50,000 using your vehicle title as collateral.
Requirements
- Arizona or Nevada Resident
- 18 Years of Age or Older
- Government-Issued ID
- Proof of Income
- A Clear Title for Your Vehicle
- Your Car, Truck, RV, or Motorcycle (for Brief Inspection)
- Not on Active Duty in the Military
Requirements for New Customers.
Registration Loan On A Different Vehicle
If you're still making payments on your vehicle and have equity in your car, you can get a loan up to $5,000 using your registration. There is no title required for this type of loan.
Requirements
- Arizona or Nevada Resident
- 18 Years of Age or Older
- Government-Issued ID
- Proof of Income
- Vehicle Registration
- Your Car, Truck, RV, or Motorcycle (for Brief Inspection)
- Not on Active Duty in the Military
Requirements for New Customers.
Title Loan Buyout Or Refinance Your Current Loan
Maybe you don't need another title loan and only want more money from your existing title loan. Refinancing can allow you the option of lower payments and getting more money.
Requirements
- Arizona or Nevada Resident
- 18 Years of Age or Older
- Government-Issued ID
- Proof of Income
- Existing Title Loan for Your Vehicle
- Your Car, Truck, RV, or Motorcycle (for Brief Inspection)
- Not on Active Duty in the Military
Requirements for New Customers.
Why Should I Choose CASH 1?
Since 1997, CASH 1 has been in business, helping our community get the funding they need - Even with bad credit. Our years of experience can have your new loan approved in as little as 15 minutes. When you do business with us, you can count on our representatives to educate and respect your needs throughout the process.
- Our application process is fast and straightforward
- Flexible loan repayment plans
- Respectful and knowledgeable loan specialists
- Quick approval process
Where Are CASH 1 Locations?
We have stores conveniently located in Nevada and Arizona.
Las Vegas Locations
If you live in Arizona, stop by one of our Phoenix, Glendale, Mesa, Tempe, Chandler, or Goodyear locations.
Reno Location
Northern Nevada residents can get a loan at the Reno store.
Phoenix Locations
If you live in Arizona, stop by one of our Phoenix, Glendale, Mesa, Tempe, Chandler, or Goodyear locations.
Joseph Priebe
Joseph Priebe takes pride in assisting audiences with his articles to help them make sound financial decisions.
With over ten years of experience writing financial content his goal at CASH 1 has always been creating engaging and easy-to-digest information for anyone searching for immediate or long-term monetary solutions.
When Joseph is not writing about personal finance, you can find him photographing the Southwest United States with his 4x5 Graflex Crown Graphic camera. He is based in Phoenix, Arizona.
