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.

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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?

Our top pick: Max Cash Title Loans

  • Max. Loan Amount: $50,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies by lender
  • Requirements: Must be a US citizen or permanent resident, 18 or older with a regular source of income.
  • No bank account required
  • No prepayment penalty
  • Bad credit OK

Our top pick: Max Cash Title Loans

With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.

  • Max. Loan Amount: $50,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies by lender
  • Requirements: Must be a US citizen or permanent resident, 18 or older with a regular source of income.
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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 title loan providers

Updated October 23rd, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$50,000
Same business day to 1 business days
Must be a US citizen or permanent resident, 18 or older with a regular source of income.
With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.
$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).
Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.
$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.
A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
$5,000
as little as one business day
Must live in AZ, CA, FL, NM, SC or TN. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.
Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.
$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.
Auto title loans on cars and motorcycles to people in 16 states across the US.

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.
Updated October 23rd, 2019
Name Product Filter Values Max. Loan Amount Loan Term Turnaround time
$35,000
6 months to 6 years
As soon as the next business day
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$15,000
Varies
Same business day to 1 business days
Get offers from potential lenders in minutes by filling out just one online form.
$50,000
Varies
Same business day to 1 business days
Fill out a simple online form to compare offers from several lenders that may be able to help.
$10,000
90 days to 72 months
As early as 1 business day
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
$1,000
Varies based on lender
Same business day to 1 business days
No credit? Past bankruptcy? One of the lenders in its network may still be able to help.

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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6 Responses

  1. Default Gravatar
    TraceyJune 14, 2019

    If you have a title loan but your name is not on the title, can they still repo the car if the car is in someone else’s name?

    • Avatarfinder Customer Care
      JeniJune 15, 2019Staff

      Hi Tracey,

      Thank you for getting in touch with Finder.

      In most states, once the car loan is in default, the lender is free to repossess the car at any time. But the lender must notify the person on the title first and give them a chance to get out of default. This is called a right to cure. Kindly get in touch with the bank/lender on this matter to prevent any hassle.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. 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

  3. Default Gravatar
    MkkkJuly 25, 2017

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

    • Avatarfinder 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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