Can you get more money on an existing title loan?

With a title loan, you cannot borrow more than your car is worth, because the vehicle itself is the collateral for the loan. Understand that your vehicle’s value decreases once you drive off the lot, and any outstanding loan you have against that vehicle also lowers the equity on your vehicle.

Can I get a loan on a car I already own?

An auto equity loan allows you to secure a loan based on the current value of a car that you own. Similar to a home equity loan, an auto equity loan allows you to borrow money against the value of your car. If you take out an auto equity loan, you’ll be required to repay the loan with interest.

Can you get another title loan on your car?

That’s perfectly fine! There is no limit to how many times you can use your vehicle to get a title loan. As long as the car title is clear-and-free, and you have no remaining balance on your previous title loan, you may be able to use your car to get another title loan.

Can you have two title loans at the same time?

It is possible to have two title loans at the same time for as long as the titles apply to two different vehicles, with two different family members and the loan is not applied to the same car (state restrictions may apply).

Can you get a title loan if you have low credit score?

A title loan is an option for borrowing money if you have a low credit score and own a car or another vehicle. You use your car as a promise you’ll pay the money back. You keep and continue to use your car when you get a title loan. If you don’t make your payments you could lose your car.

What happens if I get a title loan?

Check with your insurance company before you get a title loan. If your car is in an accident or stolen you are still responsible for paying back your title loan. Your insurance company will review your claim and may decide to settle the claim directly with your lender.