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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?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Applying for a car title loan can be 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.
The reason why: 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.
The loan amount is proportional to the vehicle’s value and you cannot borrow more than the car is worth. And with an existing lien on the title, you won’t be able to use your vehicle as collateral for a second loan.
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.
A word of caution: Financial experts commonly recommend considering car title loans as a last resort, especially since they often come with such high interest rates. Rather than trying to get a second car title loan, it might be more beneficial to focus on paying your existing one off and seeking out borrowing options with lower interest rates and less risk if you still need to.
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- Gregory R.
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