I Have Two Cars; Can I Get A Car Title Loan Based On Both?

Feb 24, 2022
Title Loans


Are funds running low and you're in need of instant cash? Then you may want to look at applying for a car title loan. We live in a world where poor credit history or a low income makes it nearly impossible to get a loan. With a car title loan, none of that matters!

Unfortunately, it's not without its barriers. This is why Rapid Auto Loans would like to share the ins and outs of a car title loan.

 

What Is a Car Title Loan?

 

Before applying for a car title loan, it's important that you understand everything that it entails.

A car title loan is a short-term, high-interest loan, where your car is used as collateral. This means that you're using your car to secure the loan payment. If you

should you miss a payment, you run the risk of having your car be repossessed. If this happens, it will be sold so that the company can recover its loan to you.

Applying for a car title loan is relatively easier than applying for a loan anywhere else. All you need is to own your car free and clear. This type of loan is considered an example of subprime lending because its main target audience is members with a poor credit score or history. With nowhere else to turn, a vehicle title loan offers them an opportunity to get financing.

The problem is that a car title loan carries a higher risk than other loans, thus it has a higher interest rate. So, how does it twork?

 

How Does a Car Title Work?

 

Simply put, a car title loan is an easy way for someone to borrow money against their car. When applying, the borrower would need to present their driver's license as well as proof of ownership of the car.

 

The Numbers

 

The lender will then determine the loan amount based on the value and condition of the car. Typically, this would be between 25% to 50% of the car's total value. These loans are usually 30-day loans, but many companies will allow the time to be extended. During this time, you can use your car as normal, but the company will keep the title as security for payment.

 

Repayment

 

If after 30 days you are unable to make payment, your car will be repossessed and sold. It's a high-risk loan, which is why most companies add a hefty fee of 25% of the loan amount onto your payment.

 

One Car = One Title Loan

 

Do you already have a car title loan but are wanting to take out another? Unfortunately, having two cars in your name doesn't mean that you're able to take out two loans.

However, if the second car title is in your spouse's name, then each of you would qualify for a separate title loan.

 

Ready To Apply for A Florida Car Title Loan?

 

A car title loan is an easy way to get your hands on some extra cash, but it isn't without its risks. Knowing exactly who you're dealing with will save you headaches and unnecessary stress.

At Rapid Auto Loans, we understand that sometimes things are tight and that some extra cash can go a long way. This is why we help people like you by giving them an opportunity where other lenders will not. We're people, people and our only goal is to help.

If you're interested in a vehicle title loan, call Rapid Auto Loans today at 954-960-7097 for more information or to start the title loan process!

 

 

 

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Do Salvage Vehicles Count Towards Car Title Loans?

Looking for fast finance? Are you needing to use a salvaged vehicle as collateral? Salvaged vehicles are often declared as a complete loss by insurance companies. But there is good news. You can use your salvaged car as collateral in certain cases. Here are the distinctions for a salvaged car when it comes to car title loans.

What Are My Options For Quick Loans?

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How Do Title Loans Differ From Payday Loans?

Times are tough, and we all know what it’s like to need some extra cash. At a moment’s notice, your entire world can flip upside down, and you could need some help. Well, if this happens, you’ll have a few options available to you. Two common loan options are title loans and payday loans. Let’s look at the differences to see what’s best for you.

save money, fast cash

There is nothing more frustrating than getting to the end of the month and realizing you’ve spent too much money. You tried your best to save money, but the budget was simply too tight.

Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.