How to Get a Second Title Loan?
A vehicle title loan can be a useful resource if you need fast funding to get back on your feet. However, your financial situation may change throughout the course of your loan. You may experience job loss or another unexpected financial event during the repayment process. If that happens, you might be wondering if you can get a second title loan. The answer varies! Basically, you can’t get a second one on the same car that already has a title loan on it. That’s because it has a lien placed on it by a title lender, so the lender has a legal claim to the vehicle. Some lenders offer something called a second lien title loan, but that is a rare option to find.
Keep reading to learn more about second lien title loans, second title loans, refinancing a title loan, and more!
What is a Second Lien Title Loan?
Simply put, a second lien title loan involves an application process without a clear title. A clear title means that the car has no outstanding liens against it that could affect the ownership of the vehicle. If you have a car loan or a title loan on your car, then you do not have a clear title in your name.
Generally, it is tougher to apply for a title loan without a clear title. But, getting a financed car is possible. If you are looking to apply for second lien title loans online, you may find it difficult to get a lender to work with you. Most lenders do not offer this type of loan option. The application process for one is quite complicated.
Before you can understand what a second lien title loan is, you need to understand what a lien on your car’s title is. Basically, a lien is your lender’s legal right to your asset. If you are borrowing against the value of your car, then you need to pledge its title as collateral for the loan. Once the loan is complete and the funding is disbursed, a title lender will place a lien on your car’s title. This allows them to legally repossess the vehicle to satisfy the remainder of your debt if you default on your loan. With a second lien title loan, you are essentially applying for a title loan without a clear title. A second lien is placed on your car’s title if you qualify.
Where Can I Get a Second Lien Title Loan?
In order to get this type of loan option, you will need to find a lender willing to offer them. That can be tough, because many do not. Additionally, you need to live in a state that allows multiple vehicle liens. Another reason why it can be tough to get a second lien title loan is that the first lienholder may not permit a second lienholder to add a lien to your title. That’s something to keep in mind if you want to pursue them.
Where Can I Find Another Auto Equity Loan?
If you want to apply for another auto equity loan, you must have another vehicle to use as collateral for the loan. In most cases, you can’t get an auto equity loan on the same vehicle!
But if you have a second car, with Max Cash Title Loans, you can apply for another loan online! Getting started is easy. All you need to do is choose whether to initially apply online or over the phone by calling 855-562-6055. Simply head to our website, fill out a short application, and get a free estimate. If you receive initial approval, you will be asked to submit your documents after talking to a loan agent. The process takes a few minutes, and it can be done from your desktop, laptop, tablet, or smartphone. Connect to a secure Wi-Fi-network and get started!5
Want to talk to a person from the get-go? You can apply for this loan option over the phone! You can text or call toll-free at (855)-561-5626. A friendly loan agent will help you throughout the process. And we can walk you through things like uploading your documents and taking the necessary pictures of your vehicle.
Can I Refinance My Current Loan?
If you aren’t happy with your current loan terms, you can try to refinance your existing loan instead of applying for a second lien option. With a title loan refinance, you are essentially replacing your existing loan with a new one in order to potentially get better loan terms or more time to repay your loan. Give us a call at 855-562-6055 and talk to us about title loan refinancing today!5
What are the Benefits of Working with Max Cash Title Loans?
There are tons of benefits that could come with Max Cash Title Loans, and the title loan companies that we work with:4 5
- Apply Even with an Existing Loan—the lenders that we work with may be able to provide you with a title loan even if you have an existing one that you are paying off. And so, even without a lien-free title, don’t hesitate to fill out an online application!4 5
- Apply Regardless of Credit History—unlike personal loans, credit cards, or other traditional bank loans, no matter what your credit check will bring up, you could be approved!
- No Prepayment Penalties or Hidden Fees—When working with a direct lender, you can repay as early as you would like, without having to worry about pre-payment penalties.3 4
- Keep and Drive Your Vehicle While Repaying Your Title Loan—when working with our lenders, you can keep and drive your vehicle as long you make your monthly payments.2
A title loan could take care of your financial needs! Even if you have an existing title loan with another financial institution, do not hesitate to apply! Start with an online car title loan application.5