Can You Get More Money on an Existing Title Loan?

If you’re low on cash and have an emergency or major need, you might consider taking out a title loan on your car, truck, or SUV to get funds. Unfortunately, circumstances can change, resulting in the need for more money after getting a title loan approval. So, can you get more money on an existing title loan?

Cheap Title Loans in Phoenix is a top provider of auto title loan services in Phoenix, Arizona. Since people have questions about getting a higher limit on current title loans, we offer this comprehensive guide to explain if and how you can get more money without taking out a second loan.

Can You Get a Title Loan Refinance for More Cash?

Before you learn if you could get additional money from car title loans, it may help to understand what a title loan is. A title loan on a car is a secure loan that provides fast cash with your vehicle as collateral. To qualify for this loan, you must own your car and have no outstanding loans or liens on it.

When you apply for a title loan, the lender will evaluate your vehicle’s value. Your loan amount will be a percentage of the car’s equity, yet lenders also use monthly income as a determining factor for loan approval and amount. Though you’ll have the money and retain possession of your car, the lender may repossess it and sell it to recoup their losses if you fail to make your payments on time.

So if you already have a car title loan, can you get more money on an existing title loan? The short answer is yes. The access to more funds largely depends on whether the lender offers those services, but not all title loan lenders do.

Who Can Get an Equity Loan on Paid Down Titles?

Even if a title loan provider offers title loan refinancing for more cash, not all borrowers will qualify for the service. The lender will reassess your monthly income and the amount of equity you have on your vehicle to determine if you are eligible for a higher limit on your current title loan.

You don’t need a standard 9-5 job to qualify for more cash on an existing title loan. Lenders may accept multiple types of income or proof of income for borrowers, such as:

• Money from retirement plans
• Bank statements
• Letters from employer
• Current pay stubs

Some lenders will also help borrowers determine if they have enough equity in their vehicles to support a new loan amount. You’d need specific information about your car like its make, model, style, and level of interior or exterior damage.

How to Increase Existing Title Loan Amount

Though you can undoubtedly consolidate debt with title loan increases, you want to ensure you’re taking out loans responsibly. You should be a responsible borrower by not taking out loans in higher amounts than you need and making your monthly payments on time, every time.

If you’re ready to get the funds you need without taking out a second loan, here’s what you should do.

Having Proof of Credible Payment History

You must be a borrower in good standing to get more money on an existing title loan. You can prove your credibility by maintaining a history of on-time loan payments. Lenders will also be more likely to approve a title loan refinance if you successfully paid off a previous title loan.

Consult Your Title Loan Lender

Next, you should reach out to your lender. If your financial circumstances change and you need more funds from the loan, you’ll need to explain that to them. You should also want to express how you intend to pay for the higher loan amount to show that you’re not trying to be irresponsible with your borrowing.

Provide Updated Financial Details

When seeking a higher title loan amount, prepare to provide additional or updated financial details. Lenders need to know you can repay the loan.

Get a Title Loan in Phoenix Today to Clear Your Debt

Can you get more money on an existing title loan? You can certainly get additional money from a car title loan under the right circumstances. Cheap Title Loans in Phoenix can show you how it works and help you get your initial title loan for your vehicle.

As a top-rated title loan provider based in Tucson, Arizona with more than 100 positive reviews, our locally owned and operated company embodies professionalism and outstanding customer service. We dedicate ourselves to making it easy to get affordable title loans, so call (520) 200-5626 today and get cash now.