Is It Possible To Get Two Auto Title Loans Simultaneously?Fast Action Finance SEO
There comes a time in life when you find yourself financially drowning. While an auto title loan may seem like the most ideal option, you may not help but wonder if it is possible to get two auto title loans at the same time. One auto title loan may simply not be enough to meet your current demands. Two may suffice to ensure you stay afloat. To clear the air, you cannot possibly get two auto title loans with one car. However, you can add funds to an existing loan if your vehicle has adequate value. Alternatively, you can get a second title loan on a second vehicle. Here’s what you should know:
How liens work
Your vehicle must be debt-free in order to borrow against it from any financial institution or bank. That means that it is not feasible to have two lien-holders on a single car. Why? You may ask. Lenders want to ensure that they are safe in case there is a default. Two liens placed on a single car makes it impractical for it to qualify as collateral. Supposing a borrower defaulted on both loans, the value of the car would not be divided into two to recover the entire loan amount.
Liens on different cars
The question here is whether you own two cars separately. Some families actually have two different cars. If they choose to obtain two auto titles to meet their financial needs, things can work out greatly for them. There have been many cases of spouses applying for two separate auto title loans at the same time and they receive the loans with zero hassle. This is because they have two separate cars.
With two auto titles, it is possible to have two lien-holders. Both cars can be used as collateral and should there be a default of any sort, lenders will not suffer loss because their liens are on two separate cars.
Taking up two auto title loans
When you decide to take up two auto title loans, it means that you have two vehicles and that you are willing to borrow against. Therefore, you should see to it that you are able to make monthly payments for each of the title loans on time. Another great idea is strategically determining ways to quickly pay off the loan.
What if you are completely unable to get two auto title loans at the same time? Is that the end of everything? Now that you know that it is impractical to get two auto title loans with a single car, it may seem like you are stuck in a financial rut. The good news is that there are lenders who offer refinancing services just in case you feel like you need more money.
If your vehicle has adequate value then you could be eligible for receiving additional funds on your existing title loan. The lender will then refinance the loan and restructure your payments to cover the additional funds given.
Lenders will usually lend up to half the value of the vehicle. For example, if your vehicle is worth $20,000 and you already borrowed $5,000, then you could be eligible to borrow another $5,000 from the same lender.
To summarize, it is possible to get two auto title loans, provided you have two separate cars. Spouses with two vehicles can make agreements on the amount of money that they require and apply for auto title loans. If you only have one car, you may have to consider refinancing to acquire more money. It is the only option that may work because your car cannot have two liens against it.