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

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?
LoanMart Car Title Loans

LoanMart Car Title Loans

If you need cash today but don't want the hassle of a payday loan, it may be worth considering an auto title loan. With LoanMart you can borrow funds against the value of the car and your ability to repay. You could have your cash within 24 hours.

  • Interest Rate From: 60%–180%% p.a.
  • Interest Rate Type: Fixed
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 5 year
  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $50,000

What is an auto title loan?

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.

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.

Auto title loans you could apply for

A selection of loans you can apply for

Here are some loan providers that you can apply to. Note that the max loan amount is based on the lender’s max amount. The amount will vary based on your state of residence.

Rates last updated August 20th, 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
LendYou Payday Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
$1,000
1–2 business days
You must be at least 21 and an American citizen and have a bank account, email address and phone number.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
ACE Cash Express Payday Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
LendUp Payday Loans
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.

Compare up to 4 providers

A selection of lender matching services you can apply with

These lender matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to match you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the matching services max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.

Rates last updated August 20th, 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
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
LendYou Payday Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashAdvance.com Payday Loans
Whether for emergencies or unexpected expenses, this provider may be able to connect you among its nationwide network of lenders.
$1,000
1–2 business days
You must be at least 18 years old with take-home monthly income of at least $1,000 after taxes.
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.
$1,000
As soon as next business day
You must be a US citizen, at least 18 years old, and have a valid bank account.

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?

    • finder Customer Care
      ArnoldNovember 8, 2017Staff

      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

US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

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