Can you get two title loans on one car?

I applied for a car title loan, but the amount they gave me was less than I expected. I could really use the extra cash. Can I get two car title loans on the same vehicle?

Answer
Applying for a car title loan is a quick way to get money in a pinch. But if you need additional cash, you cannot take out a second title loan on the same vehicle.
A title loan places a lien on the vehicle and uses your car as collateral. If you do not repay the loan, the lienholder can repossess your vehicle as payment.
You cannot take out another title loan because the loan amount is proportional to the vehicle’s value and you cannot borrow more than the car is worth.
For example, suppose you have two title loans on the same vehicle and could not pay them back. In this situation, selling the car would not cover the loans. The lender(s) would lose money in this scenario. As a result, no lender is willing to give you a second title loan.
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Jack Walsh
Answered on Nov 05, 2021
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