A car title loan is a loan that involves putting down a car’s title as collateral. When looking into car title loans, a potential borrower may have multiple cars and may be wondering if they could get a single title loan based on the combined value of those cars.
Unfortunately, due to the laws of car title loans the value of multiple cars cannot be combined. Instead, a person may only take out a title loan on the value of their single vehicle. However, having multiple cars may help a person get the most value from their car title loan.
Can I Take Out a Loan on Each Car Individually?
Because of title loan laws, a person may only take one car title loan out at a time. If a person owns two or more cars, each individual car will not get them multiple car title loans. A single car being used for a title loan cannot be used for a second one until the first title loan is paid off completely.
How is Having Two or More Cars an Advantage?
When it comes to car title loans, having more than one car may pose an advantage. This is because if one car contains a higher value, then acquiring a car title loan with that car could mean receiving more money. When looking into getting a car title loan, it is best to show the lender all the vehicles available for them to choose from. When determining the value of a vehicle, the lender will take a look at a couple things:
- That the vehicle is in safe, working condition
- The title for the vehicle is in your name
- Make
- Model
- Year
- Mileage
- Condition (inside and out)
Using these details, the lender will come up with a value for the vehicle. This value will play a large role in the title loan process when determining the amount of the loan. In addition to the value of a car, income and ability to repay the loan will both play a role in determining the amount a person will receive from their car title loan.
How to Receive the Most Value from My Cars When Looking for a Car Title Loan?
When trying to get the most value from a vehicle, it is first important to understand the variables that may impact the value of a vehicle:
- Factors that May Increase Value
- Performance packages
- Keeping mileage low
- Having good tires
- Documents of history and regular maintenance
- Factors that May Decrease Value
- Dents, scratches, rust or any other noticeable exterior damage
- Rips or tears in the interior
- Customization or modification
- Mechanical problems
Once these factors are known a person could go about trying to get the most value from their vehicle. To make the best impression on a potential lender, it is best to present a vehicle in the best light possible.
Fix any small mechanical errors, and any damage to the interior or exterior, replace any lights that are out, and simply give the car a good cleaning both inside and out. Presenting a car in the best light could add more value to the car title loan.
Where Can I Get a Title Loan on My Car?
Title loans are available in many states across the U.S., at Max Cash Title Loans we may be able to help connect people with a potential car title loan lender. We are a free loan processing service that matches customers with lenders, both quickly and efficiently. We have experience working with all kinds of financial situations and all kinds of cars.
To get started with us, a potential borrower will need to give us some basic information about themselves, along with a few things other pieces of information:
- State I.D. or driver’s license
- Proof of income
- Qualifying title in their name
- Pictures of the car
When looking into obtaining a car title loan with more than one car, a person might be curious if they can combine the value of their vehicles to receive more money. Unfortunately, car title loans do not work that way. A person may only take out one title loan at a time for the value of a single car.
When looking into a car title loan, it may be helpful to know that lenders greatly consider the value of a vehicle when coming up with a value for the car title loan. To make the best impression, there are simple things a person could do to their vehicle, from making small repairs to just cleaning up their car. Max Cash Title Loans could make it easy to find a reputable lender.5