Car title loan is a simple loan process in comparison to the traditional one. It helps people get over the emergency situation or financial crunches with instant cash. The auto title loan companies provide a decent amount of the money according to the borrower’s vehicle value. In case of certain emergency or extremely bad financial situation you may wondercan you have two title loans at the same time.

The auto title loan is eligible for the car, truck, SUV, motorcycle, RV and many more. The automobile owners with a clear vehicle title are eligible for the title loan process. It is impossible to hold two title loans at the same time on the same vehicle. The vehicle title must be clear to be eligible for the title loan. After getting the first auto title loan, the vehicle title already have the lien of the lending company, getting the second loan will be of no use and will not be considered. Having two liens on the same title makes it impossible to act as collateral. For example, is the borrower is considered as a defaulter for both the loans, the car’s value wouldn’t be able to be split in two ways. Therefore, double lien on the single vehicle is not considered as the collateral by most of the lending companies.

Some people have more than one vehicle in their garage and they wish to get the advantage in all the possible way during extreme financial crisis. Families that own multiple vehicles can choose to obtain multiple title loans in order to handle their financial situation. If you own two cars, you can take out a car title loan on each of those cars to accommodate a bigger loan amount. The second car title loan is completely separate from the first. One will need to fill out forms for both loans individually, and the terms of each loan are separate from each other. Moreover, the loan amount on both the vehicle will subject to its individual condition and market value. One may get a better loan on one vehicle compared to other depending on the factors of car title loan.

If the vehicle titles are on the name of different members of the family, they can get a title loan on each of their own individual vehicles. In case, all the vehicle title are on the name of the same person of the family, it is better to get the vehicle title transferred to the family member who have attained the legal age and owns a driver’s license. One can easily get the vehicle title transferred on the name of a family member by visiting the Department of Motor Vehicle (DMV).  One can use this method to get two loans at the same time. In some cases, two car title loans might be taken out by one individual who owns two cars. In most of the cases, the family chooses to take out a loan on individual vehicles. It is certainly legal to have two car title loans out in the same family as long as each of these cars has a clear title and are treated as separate loans.