Semi Truck and Car Title loans- A Financially beneficial Combo

Millions of people face financial crisis every year, some of them faces issues as they fail to manage their money and some get stuck in unexpected situations which demands urgent flow of cash. Dealing with financial crisis is the most difficult situation for any individual especially when he or she doesn’t have good credit score. In today’s world credit score plays a vital role if you want to receive some financial aid with affordable interest rate. Majority of lending company thoroughly determine credit score of the borrower as eligibility criteria to qualify for loan. A good credit score depicts well-managed credit history of individual, ensuring lender about repayment whereas bad credit score increases the risk rate and hence, people with bad credit score often find it difficult to get through loan process.

Even a small financial crisis can have severe consequences. If you have unexpected financial problems, needs fast cash but posses bad credit score then title loan can be a great help. Any individual who owns motorbikes, commercial trucks, semi trucks or any type of car in good working condition can easily qualify for loan process. Since the amount of loan is determined according to the market worth of the vehicle and in majority of cases, borrower is only provided with 50% of the vehicle’s worth; one can increase the amount if he or she owns multiple vehicles.

Can one apply for multiple title loans with separate vehicles?

It is impossible for an individual to get multiple title loans on the same vehicle, but if they own multiple vehicles they can easily use them to increase the amount.  If your financial crisis requires a bigger loan than you can get with a single car as collateral, one might consider using multiple vehicles available with them. It is possible for an individual to get title loan on different vehicles, for example, you can use car and semi truck you own to get through the financial crisis.

As in the case of one car, you still need to have a clear title on the second vehicle. However, the processing of both the loans will be individual and will have separate terms. The amount of loan one can get with vehicle is subject to equity in each vehicle individually. Which means you might get a larger loan on one of the vehicles depending on its condition and market value.

Similar to car title loan, semi truck title loans have same processing structure. While applying for title loan with two separate vehicles, the borrower is required to fill different loan application form and the lending company will further inspect both the vehicles. In a nutshell, both the loan processes will be carried out individually but borrower can get major benefits in term of final loan amount. There are high chances that the use of semi truck can provide a good amount of loan in comparison to the car title.

Both the title loan process can be easily completed within few hours providing borrower with instant access to case. However, getting both the title loan will be really easy for borrower but it is really important to plan on repayment as the loan default could have harsh consequences.