If you have paid back your car title loan, you may be wondering when you can apply for another. The good news is that you can apply for an online title loan, as soon as you have a free and clear title on your car. Not sure about how that process works? Keep reading about getting a second title loan after you repay.
What Happens After I Pay Off my Car Title Loan?
Once you pay back your title loan in full, your lender will either attach a lien release to the car’s title or have it sent electronically to your state’s Department of Motor Vehicles (DMV).
From here you can a new title that doesn’t have the title lender on it and it is lien-free.
The Title Loan Process with Your Vehicle’s Title for Another Title Loan
Once you have removed the lender from your car’s title, you can go ahead and start a new title loan process. Doing so will be simple, and actually will now be the same process as your previous loan:
1) Apply for a title loan after finding a lender
2) Talk to potential lenders, provide proof of income, a clear title, and other necessary documents in order to determine approval. Just like last time, your vehicle will be used as collateral against the loan.
3) If you are approved for lending, you can review the loan agreement and if everything looks good you can go ahead and sign the loan contract and get your funds.1 2
What if I Need Another Loan While I am Still Have to Repay?
Sometimes you may need another title loan for extra cash, but what if you haven’t repaid your current title loan. Well, there may still be options for you. Here are a few options that may work:
- You could refinance your existing loan. Refinancing your title loan can be one option for another title loan. The way that is works is that you can take out a new loan amount in order to pay the existing loan.
- Taking out a title loan on a different car— another option, if you have another vehicle, is to apply for a title loan on that vehicle.
Why Start with Max Cash® Title Loans When You Are Ready to Apply for a Second Loan?
At Max Cash Title Loans, we are the #1 nationwide title loan marketplace. Instead of being a lender ourselves, we make it easy to connect with title loan lenders all across the country.
Here are some of the benefits that can come with working with us and the lenders that we work with
- Highly Competitive Rates— the interest rates for the loans that we service are highly competitive.4 And so, no need to do all the hard search work to find the best annual percentage rate for an auto title loan.4
- Low Monthly payments — borrowers working with the loan companies that we connect them with, could look forward to low monthly payments.4
- A Fast and Easy Application process— because our team does all the hard work for you, the application process is super simple.
- No Additional Fees as Surprises— you never have to worry about any hidden fees while repaying the title loan.3
- No Pre-Payment Penalties — you can pay your loan early without any fees or penalties.3
- Apply Regardless of Credit Score — regardless of what your credit history or credit score is you can apply for a title loan. Title loans are a type of secured loan. And instead of worrying about your credit history, lenders will focus on the value of the car and income.
- Flexibility with Repayment—whether you need a short-term loan or a long term loan, the lenders that we work with could offer those terms.
How to Get The Process Started with Us?
Here is what the title loan process will look like:
1) Fill Out an Online Loan Application — the first step is going to require you to reach out to us. This can be done online, or through the phone—we are here for you 7 days a week.
2) Talk to a Loan Agent about Details —once you reach out to our team, we will help you with next steps.
3) Find Out Approval with a Title Loan Lender —from here we’ll begin the search for your needs, and once a lender is found start the application process.
4) Once Approved, Get the Funds —finally once approved for the loan, sign the agreement and get the funds.1 2 The funds can be sent to you as a check, transferred to a bank account, or picked up at a local MoneyGram location, in as little as one business day.1 2
Whether you have paid off your current title loan, or are very close to doing so, you can look into applying for another one. And at Max Cash Title Loans we make it easy to connect with financial institutions that service title loans.5
Need more information on how a title loan works? Check out our FAQ page, or give us a call at 1-855-561-5626 to speak to a friendly loan agent.