Can you have more than one car title loan at once?

Would I be able to have more than one car title loan at the same time? I thought I took out enough to cover my bills with the first loan, but I’m going to need more. I might take out another title loan if that’s an option.

Answer
Yes, you can have more than one title loan at one time as long as the loans are on different cars. Title loans use your car as collateral, so you’ll need a different car for the second loan. However, it might not be a good idea to take out multiple title loans at once.
Title loans offer quick approval, but they also offer high APR and relatively short repayment periods. As a result, you might be strapped with high monthly payments. If you’re hit with an unexpected financial hardship and are unable to make payments, you could lose both cars to repossession.
Rather than taking out a title loan, you might try to cut costs on other monthly bills to save some money. The Jerry app can help you lower your car insurance premiums quickly and easily by providing you with a comprehensive cross-analysis of the best policies across providers. Jerry will handle the phone calls, paperwork, and renewals for the policy that works best for you, meaning you could start saving in a matter of minutes. They even help cancel your old policy!
Liz Jenson
Answered on Nov 03, 2021
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