Financial problems of life keep coming, whether you are ready or not. If you have already got the first title loan to meet your immediate cash need and think of getting the second title loan, then it’s entirely possible. The best title loan company is ready to facilitate its customer in the best manner available. Here is what you must know about the second title loan.
Getting a Second Title Loan on Another Car
The first situation where you can avail the facility of a second title loan is when you have more than one car. Once you get the first title on one car, you think that the lender won’t offer you a second loan. It’s not the case. In reality, you can get a loan against every car title. If you have three cars, you can quickly obtain three title loans. It will work only when your second car’s title is lien-free.
Getting a Second Title Loan on the Same Car
Is it possible to get a second loan for the same car? The answer to this question depends on one simple fact, which is a lien-free title. As long as your car title has no lienholder, then you can obtain the loan. It means paying back the loan amount of the first title and then proceeding with the next. Some people think that they can’t get the loan again in their car if they already have the first title loan. It’s certainly not true. If you are done with your first loan, there is no problem with the second one. There is no limit on the number of times you put your car title as the collateral for a loan.
What’re the Requirements of a Second Title Loan?
Now you know about both situations of attaining this loan, and the next step is to know the necessary requirements. The best title loan company requires you to have a lien-free title, government-issued ID card, and income/residence proof.
What’s the process of getting a second title loan?
When you have obtained this loan once, it’s not very hard for you to get it the second time. You become familiar with the whole process; you know what’s required. You will furnish all the documents and submit an online loan application. The loan provider will send your car to an auto shop to get an idea about the vehicle’s market value. You get the loan amount based on the value of your car.
Always Go with Online Second Car Title Loan
Although, you can get this loan from a nearby store, yet try to find the best title loan company online. You may be wondering why, well, the simple answer to this question is that when you go online with a title loan, you can have your hand on the most competitive rates and loan terms. There are tons of title loan providers online, and everyone likes to win a customer by setting the most favorable terms and conditions. If you don’t want to apply through an online application form, then another option is to avail of this loan. Also, you can capitalize on the fact that you have paid your first title loan. When you share such information with your loan provider, he will likely offer you a better rate based on your credibility level.