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Can You Have Two Car Title Loans at the Same Time?

May 22, 2019

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Many 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.

Car Title Loan

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.

All you need is a car that is in the name of the person who is going to borrow the money. The title to the vehicle needs to be clear of any liens. You just have to bring your car to us for a very brief inspection, fill out some minimal paperwork, and provide a valid I.D., proof of residence, and proof of income and that's it. It's that easy to get a loan fast from TitleSmart.

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.

Two Car Title Loans at the Same Time
Our goal at TitleSmart is to make the process of getting a loan easy, fast, and as convenient as possible. We know that you might experience financial difficulty at any time. The last thing you need is more stress, so our qualified loan experts will work with you to set up a car title loan that fits your needs. We are eager to help and can work with you whether you are looking for a single auto title loan or two auto title loans with two different vehicles. Give us a call at (954) 404-7306 or fill out the form here on our website to get the process started. Let us help you get an auto title loan in Florida today.

If you found this article helpful then let us know in the comments section below. Likewise, feel free to share it using the share options below. Want us to cover another topic of your interest pertaining to auto title loans? If so, then like us and follow us on social media, and post to any of our social media profiles the topic you'd like us to discuss: Facebook TitleSmartFL, Twitter @TitleSmartFL, and Instagram @TitleSmart.

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TitleSmart INC makes use of the phrase "Auto Title Loans" for the sole purpose of advertising. We provide auto equity loans. TitleSmart INC is licensed under the "Florida Consumer Finance Act" under Florida Statute 516. For this reason, lender's loans are exempt from licensing requirements under the "Florida Title Loan Act." This lender's approval of loan is based on the consumer's ability to repay the loan and the condition of the vehicle being used to acquire the loan.

Fees: $89.00 Lien Fee, $25.00 Application Fee, and a Document Stamp Tax which changes according to the amount of the loan. The fees are built into the life of the loan. APR: Annual interest rate ranges from 18% to 30%, depending upon current market.

Repayment: Our convenient payment options are designed to fit the consumer's ability to repay a loan. Those options currently range from 6 months to 24 months.

The table below represents an example of the overall cost of a loan. If you have questions or need further information, we are always happy to be of assistance. We want you to fully understand the terms and cost of your loan before you get one.

Loan Amount$1,000$6,000
Interest Rate(APR) 30% - $214.7318% -$733.25
Lien Holder
(One Time Fee)
$89$89
Application
(One Time Fee)
$25.00$25.00
Doc Stamps
(One Time Fee)
3.8321.33
Term 12 months 14 months
Monthly Payment$109.40$489.24
Total of Payments$1,312.81$6,849.33
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