Can you get a car title loan if you share a car? | finder.com
Car sharing loan

Car title loans and shared vehicles

The sharing economy offers new opportunities to make money, but can you get a title loan if you share your car with others?

Nothing is going to waste these days – if you have a car and you don’t use it all the time, there’s a site that will help you share it with others. Even if you don’t use a sharing service you might share your car with your partner, a sibling or even a friend. If you’re in this situation and want to know if you can take out an auto title loan, we’ve covered everything you need to know in this guide.

What is an auto title loan?

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: 60-222% 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

An auto title loan is a form of secured loan that involves a lender holding the title of your car as collateral for a loan. You still get full use of your vehicle while repaying your loan, and at the end of the term — if you’ve repaid the loan in full — you get your car title back. Car title loans are an option for people with less-than-perfect credit.

Can I take out an auto title loan if I share my car?

You are only eligible for an auto title loan if your name is on the car title. If your partner’s name is on the title, only they will be able to take out the title loan, 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 February 19th, 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 Maximum Loan Amount Term of Loan Turnaround Time Requirements
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
7–30 days
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
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
Varies by state
1–2 business days
You must be at least 21 and an American citizen and have a bank account, email address and phone number.
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
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.

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 February 19th, 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 Maximum Loan Amount Term of Loan Turnaround Time Requirements
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
Varies by lender
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.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
3 to 36 months
Varies based on lender
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
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
Varies based on lender
As soon as next business day
You must be a US citizen, at least 18 years old, and have a valid bank account.
SWIFT Payday Loan
Access multiple lenders with a 5-minute application for a cash advance on your paycheck.
$1,200
Varies by lender
Next business day
Must be at least 18 years old and employed or have regular income.
LendYou Payday Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
Varies
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
LoanSolo.com Payday Loans
Potentially get connected with a legit lender offering convenient payday loans and quickly get funds.
$1,000
Varies by lender
As soon as one business day
You must be 18+ years old, legally work and live in the US, have a bank account in your name and be employed with sufficient income.
ExtraLend.com Installment Loans
This free and simple service could connect you with online lenders offering installment loans.
$3,000
Varies by lender
As soon as one business day
Must be at least 18+ years old, legally work and live in the US, have a bank account in your name and be employed with sufficient income.
iCashLoans.com Short Term Loans
Potentially get a loan through a network of 100+ lenders. One simple online application.
$1,000
Varies by lender
Varies by lender
Be employed, have a bank account in your name and income of at least $1,000 per month.
CashAdvance.com Payday Loans
Whether for emergencies or unexpected expenses, this broker may be able to connect you among its nationwide network of lenders.
$999
Up to 12 months
1–2 days
You must be at least 18 years old with take-home monthly income of at least $1,000 after taxes.

Compare up to 4 providers

My name isn’t on the car title. What are my options?

If your name isn’t listed on the car title, you can consider these options to help you secure a loan:

  • Change the name on the car 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. Make sure you bring all the required documents.
  • Consider an alternative loan. If you have bad credit you can still be eligible for another type of loan. You can consider short term loans for small-dollar financing, or installment loans for larger loan amounts. 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.

Find out if peer-to-peer lending is right for you

Car title loans are only one type of financing, so if you find you are not eligible because of a shared vehicle there are a wide variety of other options to consider.

If you do qualify for a car title loan, make sure the person you share the vehicle with is aware 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.

Are payday loans available in my state?

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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?

    • Staff
      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 ?

    • Staff
      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.