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How to get a car title loan when you share a car
You might not be able to get a loan on a shared 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?
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.
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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.
- Payday loan. Payday loans are usually for less than $1,000 and available in many of the same states as auto title loans.
- Installment loan. Installment loans generally cover larger amounts and are paid back monthly, rather than in one lump sum.
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.
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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