How to get a car title loan when you share a car | finder.com
A woman smiling inside a car

How to get a car title loan when you share a car

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

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?

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.
Promoted

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

Updated April 22nd, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$50,000
1 business day
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 April 22nd, 2019
Name Product Filter Values Max. Loan Amount Loan Term Turnaround Time
$15,000
Varies
1 business day
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$5,000
Varies
1 business day
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$10,000
90 days to 72 months
As early as 1 business day
An online connection service for quick cash loans.
$1,000
Varies based on lender
1 business day
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
Up to 1 month
1 to 2 business days
Whether for emergencies or unexpected expenses, this provider may be able to connect you among its nationwide network of lenders.

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.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

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

US Payday Loans Offers

Important Information*
CashNetUSA Loan

Apply for a short-term loan with an easy online application and dedicated customer service.

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.

LendYou Short-term Loans

Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

Go to site