Living in the 21st century has become a challenge. Every day, you run into numerous problems, extracting more money out of you. That is why sometimes taking out a loan can be a big help, especially if managed correctly. But what if you need more than what you originally got?
Traditional loans have a lot of requirements and an even longer processing time. But title loans, on the other hand, are far more versatile and immediate. You can get a title loan in under a day! And all you need is the title to your car. Not to mention, if you need to get more money on an existing title loan, you can avail of that as well, depending on the lender and their guidelines.
Can You Get More Money on an Existing Title Loan?
Surprisingly, yes. You can easily get more money on an existing title loan as long as the lender provides those services. However, it is important to keep in mind that while not all title loan providers offer this option, some are willing to work around the limits for their clients. That, too, is for people who are willing to pay back the loan, along with the interest rates. Having a responsible image is a necessity when considering a title loan.
Ultimately, it depends on how you and your lender communicate. Make sure to talk to them and ask them to increase your loan amount if needed. It would help to also let them know about the specific reasons for you requiring additional funds.
How to Get More Money on an Existing Title Loan
If you need to double your loan, the best way to do so is by talking to your lender. Additionally, you will also need to keep a record of the loan amount, interest rate, and repayment terms that were originally discussed. Nevertheless, take a look below to see how you can get more money on an existing title loan.
1. Prove That You Have a Credible Payment History
By showcasing a history of timely payments, you can significantly increase your chances of securing more money on your existing title loan. Lenders are more likely to consider your request if you have consistently paid off your loans or bills in the past.
2. Communicate Openly with Your Lender
Open communication is key. Reach out to your title loan provider and discuss your financial situation. Explain as clearly as you can why you need additional funds and how you plan to manage the increased loan amount.
3. Provide Updated Financial Information
Lenders may require updated financial records to run a credibility check on you. Be prepared to give them your employment details and any other relevant documentation. This helps lenders gauge your ability to handle a higher loan amount.
4. Do More Research on Your Car
If the value of your car increased since you last got a title loan, you may be able to get an additional loan. All you have to do is provide the necessary documents.
Long Story Short
To summarize, you can get more money on an existing title loan, depending on the lender and the amount of money you borrowed before. Not to mention, by providing your payment history and communicating with your lender, you can increase your chances of securing the funds you need. For more information, feel free to contact Advantage Finance LLC at (281) 410-5337.