How to Get a Second Title Loan
There are two ways to get a second title loan. You can either pay off your first loan early or go to another title loan lender. However, the best option is to pay off your first loan early, assuming that you can pay it off in a short time. Your monthly payments will decrease significantly, and the principal amount that you owe will go down as well. This all helps you save money on interest and gives you the freedom to borrow. If you decide to go to another title loan lender, they will give you a new contract paper set. A fresh title loan will start from the bottom up. Your principal amount and annual interest rate will stay the same.
What will change is your monthly payment, which will calculate an amortization schedule for you based on your first set of payments. This may sound not very easy, but it is actually an excellent deal for you. When you borrow from the same company again, you can choose to pay off the first loan before paying your second monthly installment. Since interest payments are calculated based on the original loan amount, the due monthly payments will decrease once it decreases. This will lead to a quicker payoff and a less expensive loan. You can use this technique a third time, but you will soon run out of money since an installment is usually lower than the original monthly payment.
If you do not want to deal with the hassle of getting a third title loan, you should get in touch with your lender and ask them if they can change your original terms. This is a much easier way to get a lower monthly payment and save money on interest payments. Your overall payment will be decreased as well since your number of installments will decrease. Lastly, you can pay off your second title loan by delaying the payment long enough. The law states that you have 30 days until your title loan term expires to come up with the money. Of course, this is not practically possible since the company will probably offer you a lower interest rate for making timely payments.
Second Title Loan with Another Car
You can get a second title loan with another car. There is no problem there, but you should keep the same servicer and the same contract papers. Otherwise, it will be a brand new title loan without any special terms and will start from the bottom up.
Advantages of Second Title Loan
Firstly, the repo fee before your vehicle is repossessed is reduced to $75 in most states. Secondly, if you decide to turn in your car later, you will not be required to pay your monthly payment for two months already. Before that, you can turn in the car and get a full refund of your first month’s payment and the repo fee. Afterward, the amount returned will be equivalent to the amount paid before the cash refund. Of course, if you have made second and third installments before turning the car in, the amount will be less than half of what was paid.
When you turn your car in, you can ask for a payoff statement. The amount will be the difference between your original
How to apply for a Second Title Loan
First, you’ll be required to apply for a Second Title Loan with all your documents. Once the application is approved, you have to get in touch with our agents and communicate with them to indicate the date when you intend to get your title loan. The money course will then be disbursed into your bank account within a couple of hours, provided that you provide the necessary information during your application. If you do not declare how you intend to use the money, you won’t get your title loan as there won’t be any facilities attached to it like at lender direct. You can then take out cash from courtesy checking by contacting our agents and indicating the date you plan to make a payment.
Documents for Second Title Loan
- Your second car, Title Loan
- Proof that you own the vehicle
- Proof that you own the buyer property to Vehicle
- A Mortgage Application
- Proof of employment