You may have more than one car title loan if they are not for the same vehicle. 

Only one car title loan is allowed per vehicle because the title is used as collateral for the loan, and the same car cannot be used as collateral for two different loans.

While it is possible to have multiple title loans at the same time, most lenders won’t approve a loan on a second vehicle. If you do find a lender that will beware of the financial burden this may cause.

Good to know:

While it is possible to have multiple title loans at the same time, most lenders won’t approve a loan on a second vehicle. If you do find a lender that will beware of the financial burden this may cause.

Title loans often come with high-interest rates, and multiple title loans can come with large monthly payments. If you cannot make your payments, you could potentially have one or both vehicles repossessed.

Title Loan Buyout or Second Title Loan?

Do you need extra cash?

Another option to get the exstra funds you need is a title loan buyout. The process is pretty simple once you find a lender who will buy out your current loan. The new one may come with a lower interest rate, lower payments, and get you the money you need without having to take out a second loan.

With Montana Capital, you may be approved for a title loan buyout or an additional title loan for up to 70% of your vehicle’s value, between $500 and $50,000.

Apply online with Montana Capital Car Title Loans to see which option is right for you. Find out now how much cash you can get. It’s fast, secure & free!

In a Nutshell:

While you can’t have multiple car title loans on the same vehicle, you may have car title loans on multiple cars or other vehicles, such as motorcycles, trucks, boats, and RVs. To get approved, you must prove the vehicle’s value supports the loan and that you can repay the loan.

What are Car Title Loans and How Do They Work?

So how does it work?

Title Loan Value Examples

Title loans are loans against a car’s value. You keep the car and can drive it while borrowing from the car’s equity. At Montana Capital, you can borrow a loan amount of up to $50,000, per vehicle, depending on your car’s value. You must also prove you can afford the payments to get approved. 

Credit and Employment Status

You don’t need great credit or a job to qualify for a title loan. 

Instead, we look for stable proof of income in any form and equity in your car to guarantee the loan. If you are looking for title loans on multiple vehicles, having enough income to prove you can repay the loan may be tough. 

Applying for a Title Loan

The application process can be done online, over the phone, or in person at a local Montana Capital branch. You can get pre-approved within minutes, and after supplying the necessary documentation, you can complete the approval process within 24 hours, receiving your funds quickly.

Multiple Title Loans at a Time – Is It Possible?

Because car title loans use your car as collateral, there are strict rules regarding their legality.

The Same Car

You may only have one car equity loan at a time per car. For example, if you currently have a title loan but have more room in your car’s equity, you may qualify for another title loan that pays off the current loan. However, you cannot simultaneously carry two title loans on the same car.

Different Cars

You may qualify for title loans on each car if you own more than one vehicle. However, each car must be worth enough to borrow against it, and you must prove you can afford the payments on both loans.

Requirements for Title Loans – How to Apply for a Car Title Loan

To get title loans online or in person, you should understand their requirements:

  • Proof of Income
  • Proof of Insurance
  • Vehicle Photos 
  • Title in Your Name 
  • Government Photo-Id 

Factors Affecting Your Vehicle’s Value

How much cash you are approved for depends on the value of your vehicle. The following factors can increase or decrease your car’s value:

  • Condition
  • Age/Year
  • Mileage
  • Make and Model
  • Modifications

Vehicles That Can Be Used to Get Another Title Loan

Just like your first vehicle, the second needs to have enough equity to borrow against, and you must be able to afford the repayment. Essentially, if your vehicle has a lien-free title, it may be approved for a title loan. These vehicles include:

  • Cars
  • Trucks and SUVs 
  • Motorcycles
  • RVs
  • Boats

Is It Illegal in Some States to Have a Second Auto Title Loan?

Not all states allow auto title loans for even one vehicle, and no states allow you to have two title loans on the same car. If it is legal in your state to have one title loan, you may get a second as long as it is on a different vehicle and you qualify. 

Some states where it is legal to have multiple title loans include the following:

Where to Get a Second Title Loan

Even with bad credit or limited credit history, we encourage you to apply since credit is only one determining factor for approval. Check out our location page to see how we can help applicants with financing across the United States.

Contact a Montana Capital Car Title Loans representative to learn more about your state’s options.

Risks of Multiple Title Loans

Having multiple title loans can be risky. Knowing what you’re getting into and risking is important to help you decide if it’s right.

Multiple Payments

Each auto equity loan you borrow increases your monthly payment obligations. The more payments you have, the harder it can be to keep up with your finances.

High-Interest Rates

Title loans have high-interest rates, usually starting at 60 – 175%.

Short Repayment Periods

Title loans typically have short repayment periods. For example, at Montana Capital, the longest term loan agreement a borrower can get is 36 months.

Risk of Default

If you default on your title loan, you risk losing your car to repossession. Your car title is the collateral; the title lender selling your car will satisfy the obligation if you don’t make payments.

How Much Can I Get for a Title Loan With Montana Capital

As we discussed above, Montana Capital Car Title Loans may approve borrowers for up to 70% of their car’s value. Loans range from a minimum of $500 to $50,000 and depend on multiple factors like your income and ability to repay your title loan.

Alternative Options to Two Title Loans

Two title loans can be risky, but there are alternatives to help you get the funds you need.

Back-to-Back Title Loans

After satisfying auto title loans, you might find you still need money. Rather than having title loans simultaneously, consider back-to-back title loans. You can use the same car if it’s still worth enough, allowing you to keep other cars lien-free.

Refinancing Your Loan

If you need more money while you have an existing title loan, consider refinancing it with another title loan. The new loan will pay off the existing auto equity loan and give you the money left in cash.

A Friend-or-Family Loan

If you have friends or family that can loan you money for the short term, you’ll pay much less interest and won’t risk hurting your credit or losing your car.

Title Loan Buyout

As I mentioned above, having your auto equity loan bought out can be beneficial. You may receive better terms with new title lenders and the benefit of only one loan, not two. 

How Many Title Loans Can You Get – FAQs

Will Taking Out Multiple Car Title Loans Affect My Credit?

Can I Have Two Names on One Car Title at the Same Time?

How Will I Receive My Title Loan Funds?

Are Two Title Loans at the Same Time Legal – Key Takeaways

A car title loan is handy when you need funds fast but also need to continue driving your vehicle, unlike pawning your vehicle where you give up your car until the debt has been repaid. 

A Rule of Thumb: Only One Title Loan is Allowed Per Vehicle

If you already have one title loan but want or need a second, you may do so if it is on another car. Getting a title loan on a second vehicle is almost identical to your first vehicle. It may even be quicker and easier now that you know what to do.

If you’ve decided a second title loan is right for you, contact Montana Capital today and see how easy the application process is to get the extra cash you need.

Written by Samantha Hawrylack

Written by

Samantha Hawrylack

Samantha Hawrylack writes for our company and is an expert in personal finance. Sam received her Bachelors of Science in Finance and her Masters in Business Administration from West Chester University of Pennsylvania. She began her career in the financial services industry and shifted to an entrepreneurial role where she could directly impact clients. Sam has an impressive background in personal finance and business management.