How to get a car title loan when you share a car | finder.com
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How to get a car title loan when you share a car

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You may share everything, but that doesn’t mean you’ll be able to get a title loan for your car.

It’s not uncommon to share a car like you share living space. Many people split car time with their partner, family and friends. However, when it’s hard to make ends meet and you turn to auto title loans, you might be wondering — can you take out an auto title loan when sharing a car?
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    Can I take out an auto title loan if I share my car?

    It depends. Only the person with a name on the title can take out a title loan. If your name is on the title, then yes, you can take out an auto title loan. If you’re using a car that has a title in someone else’s name, you won’t be able to borrow anything against it, even if you’re the main driver.

    How borrowing with a shared title works

    Auto title loans are short-term loans for people who may not have the best credit. Your lender will hold your car title as collateral for your loan, and you’ll still keep full use of your vehicle while you repay. At the end of the loan term — if you’ve repaid the loan in full — you’ll get your title back. Since another person shares your car title, they’ll be responsible for loan payments and could lose the car title in the event of a default as well.

    Compare auto title loans you could apply for today

    Rates last updated December 17th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    Max Cash Title Loans
    With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.
    $50,000
    As little as 1 business day
    Must be a US citizen or permanent resident, 18 or older with a regular source of income.
    AutoTitleLoans.com Car Title Loans
    Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.
    $10,000
    Varies by lender
    Have a regular source of income, not be involved in any bankruptcy proceedings, be a US citizen or permanent residence, be at least 18 years old (varies by state).
    LoanMart Car Title Loans
    A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
    $50,000
    1 business day
    Must live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income, car value of at least $1,500 and a vehicle that is paid-off or close to being paid-off.
    Finova Financial Auto Equity Loans
    Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.
    $5,000
    as little as one business day
    Must live in AZ, CA, FL, NM, SC, TN or OR. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.
    TitleMax Auto Title Loans
    Auto title loans on cars and motorcycles to people in 16 states across the US.
    $10,000
    as little as 30 minutes
    Must have a lien-free vehicle title, government-issued ID, and be age of majority in your state.

    Compare up to 4 providers

    These providers try to match you with a lender that might be able to provide you the funds you need.
    Rates last updated December 17th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Term of Loan Turnaround Time Max. Loan Amount
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    Varies
    1 business day
    $15,000
    CashAdvance.com Payday Loans
    Whether for emergencies or unexpected expenses, this provider may be able to connect you among its nationwide network of lenders.
    Up to 12 months
    1–2 business days
    $1,000
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    3 to 36 months
    Varies
    $5,000
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    Varies by lender
    As soon as next business day
    $2,500
    TriangleCash Payday Loans
    If you have bad credit or no credit history, apply to be connected to a network of lenders for funding at rates that vary by state.
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    As soon as next business day
    $1,000

    Compare up to 4 providers

    What are my options if my name isn’t on the car title?

    It’s not the end of the world if you can’t get an auto title loan. These options can help you get the money you need when your budget is stretched thin.

    Change the name on the title

    If you do share your car with a close friend, family member or your partner, they may be willing to transfer the vehicle into your name for the purposes of the loan. Explain to them why you want the title transferred into your name (for finance purposes). Notify the Social Security Administration (SSA), and then visit to the DMV with the necessary documentation.

    Consider an alternative loan

    If you have bad credit, you may still be eligible for another type of short-term loan.

    If you have a fair or good credit score, generally considered to be 650 and above, you may qualify for a peer-to-peer loan. Rate estimates are usually available from marketplace lenders without it affecting your credit score.

    Bottom line

    Even if you share a vehicle, you may still be able to get a car title loan. If you do qualify for one, make sure the person you share the vehicle with is aware that the car title is being used as security for a loan. Remember to consider all of your options before you apply to get the right loan for your needs, and don’t forget to compare your options to find the best deal.

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    4 Responses

    1. Default Gravatar
      ShannonNovember 7, 2017

      I have a title loan on a truck. It is not my daily driving vehicle. I have someone that wants to purchase the truck, but they want to have the loan transferred to their name and make the payments on the loan and have the title switched to their name. Is that possible?

      • Default Gravatar
        ArnoldNovember 8, 2017

        Hi Shannon,

        Thanks for your inquiry

        You may have to check with your lender about this. If your lender does not allow a car loan transfer, then you can still get out of the loan. You will need to sell your vehicle in order to do so, and you should bring the person who you’re selling the vehicle to with you to the dealership or financial institution in order to do a car refinance.

        Hope this information helps

        Cheers,
        Arnold

    2. Default Gravatar
      MkkkJuly 25, 2017

      Can a new title loan be issued if I already have one but was given my title back ?

      • finder Customer Care
        AnndyJuly 27, 2017Staff

        Hi Mkkk,

        Thanks for your question.

        Kindly note that most lenders require you to have no lien on your title to be approved for a new title loan. If you have an existing loan on your title, you may also consider refinancing it with another lender.

        Cheers,
        Anndy

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