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Can you have two title loans on one car?
Is there any way that I can take out two title loans on one car? I need some cash to pay for my living expenses in the dorms, but I don’t have any way to get a job right now because of school.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, you can’t take out two title loans on the one car. Car title loans use your car as collateral, meaning if you don’t make payments as agreed, your lender will be able to take possession of your car. You can’t secure two different loans with the same collateral.
However, there are other options out there that might work for you. You can take out two title loans on two different cars. If there is another vehicle that you feel comfortable using as collateral, that could be an option for you; just keep in mind that car title loans usually come with a high APR, so you’ll be paying a lot in interest in a short period of time.
You could also try getting a personal or student loan from a credit union, as they usually offer lower interest rates and more flexibility on repayment periods. Credit unions often work with students and can be a great resource for all kinds of loans because of their low interest rates.
In the meantime, you can also cut costs on other monthly bills to save some money. The
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