Can Get I One Loan Today with the Value of Two Cars?
Is it possible to get one loan based on the value of two vehicles?Sometimes when in a financial crisis, it is understandable to need more money than one car title loan may be able to provide you. This is when you might start wondering if you can get a loan for two vehicles at once in order to boost your chances of financially surviving the situation at hand. If you are in such a situation, Max Cash® may be able to work with you.5
Can I Get One Loan Based on the Value of Two Vehicles?
Typically, at Max Cash, you can only receive one loan, for one car, per person, through our lenders, if you qualify. 5 This is to protect the consumer. We want to make sure our customers take the debt out that they can afford, and taking out two car loans at once can be overwhelming.
Get Another Car Title Loan After Paying off the Current One
If you currently have a car title loan out, you could apply for a new one once you have paid off the balance on your existing loan.
Depending on what state you live in, however, you might have to wait a pre-determined period of time before you are legally allowed to file for another car title loan. For example, in the state of Illinois, there was a 15-day waiting period following the repayment of a car title loan before another can be applied for from any lender.
Some Things to Keep in Consideration
If you go to apply for a second car title loan, you should not expect to get the same amount of money you got before for the same vehicle once again. However, this will depend on the individual lender. Due to cars being depreciating assets, their value will decrease as time goes on. If it has taken you 12 months to pay back your loan, the market value of your vehicle could decrease by as much as 15%.
Ways to Speed Things Up
If the speed at which you are repaying your car title loan needs to be sped up a bit, then there are some different ways to go about it. Whatever method you decide to go with will depend entirely on your current circumstances. Such methods include:
- Recomputing your daily budget to have some spare money left over at the end of each month.
- Make money on the side. Odds are you have at least one or more skills that you can capitalize on. This would be the best time for you to start putting them to use to pull together some extra cash.
- Prioritize and make use of any and all unexpected cash flows you might get to pay extra on your loan. There might be times when you get the cash you were not expecting to get. This can occur through work bonuses or incentives, or even cash gifts. Any extra money you get can be put towards a car title loan balance.
