You may share everything, but that doesn’t mean you’ll be able to get a title loan for your car.
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%–222%% 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.
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.
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.
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.
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?
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
Can a new title loan be issued if I already have one but was given my title back ?
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