May 22, 2019Many of us have experienced the need for extra money, either because we encounter unexpected bills, or maybe just because that is the only way to afford a family vacation without getting behind on bills. Loans with traditional lenders are typically not a good idea for these kinds of loans. Banks and other lenders are sometimes hesitant to lend money for a vacation or because you've fallen behind on bills. A lot of people can't get a loan with a traditional loan because they have poor credit or they don't have enough collateral. Some people simply need a loan fast and can't wait for the loan process at a bank. If any of these situations apply to you, there's no need to worry. There's a better option. It's called a Car Title Loan. A car title loan can be the perfect alternative for anyone who needs a loan fast and who doesn't have good credit.
What Exactly is a Car Title Loan?A car title loan is a loan that you can get using the title to your car. At TitleSmart, for instance, we supply our customers with car title loans, which means we use the equity in the car to determine the amount of the loan the customer can get. What's so great about this is that your credit doesn't matter. We won't run your credit, so it won't matter if you have good credit or bad credit. We won't even ask you questions about why you need the money. That's your business. We simply want to provide you with the loan you need for whatever reason you need it.
Can You Have Two Car Title Loans at the Same Time?This is a great question. Maybe you are in a situation where you need more money than you can get with one car title loan. In most cases, we offer auto title loans that are sufficient on their own, but it's possible a customer might need more money for whatever reason. In this case, two car title loans might be an option to consider. Here's how that would work. You cannot take out two car title loans on the same car at the same time. You could, after paying off your car title loan, take out another loan using the same vehicle, but only after the first loan has been satisfied. In short, only one loan per vehicle is allowed at any given time. You can, however, take out two car title loans at the same time if you are using two different vehicles to apply for those loans. The same rules apply. Each vehicle you will be using for a loan must have a free and clear title and each of the vehicles will need to be inspected. The minimal paperwork required for a loan will be necessary for each of the loans separately. You may also have two car title loans out at the same time if you live with someone (such as a spouse, roommate, etc.) that has a vehicle in their name with a clear car title. The bottom line is, as long as you are using a different vehicle for each of the loans you have out, and as long as each of the vehicles has a title free of any liens, you can have two car title loans out at the same time. Those two loans can be out at two different title loan companies or at the same title loan company.