Can I Apply for a Title Loan if Someone Else’s Name is on the Title with Mine?
Applying for an online title loan can be an excellent option for people who struggle with their finances but need to access money quickly. Traditional bank loans can deny people with bad credit scores or rocky financial histories, while those factors may not matter during a title loan inquiry.
However, there are initial requirements that you must meet to qualify for title loans. For example, you must have a vehicle title in your name to move forward with this option. But can you apply for a title loan if someone else’s name is on the title with yours? The answer is yes, but it depends!
If you’re interested in applying for an online title loan, but someone else’s name is also on the vehicle title, they may have to sign related documents. This criterion means they may also be liable if the loan amount is not repaid.
Learn more about how to apply for a title loan when you share the title with someone else. You can begin your title loan application online by filling out the pre-qualification form or calling to speak directly with a title loan agent.
What Are the Requirements for a Title Loan When You Share the Car Title?
Having a title in your name is one of the requirements for an online title loan. The other criteria are as follows:
- Be an Adult at Least 18 Years of Age or Older
- Have Some Positive Equity in Your Vehicle
- Show Proof of a Consistent Income
You might wonder-’ what if someone else’s name is on the title with mine?
To obtain a title loan, you must have a car title because the agreement uses the vehicle as collateral. Co-owners are people whose names are on a vehicle’s title with yours. As a result, both parties could have equal ownership of the vehicle and must agree on related decisions, such as selling or transferring it. Both parties will also need to sign off on any paperwork related to the vehicle.
If you share the vehicle title with someone else, you may have to apply for the title loan together. However, this may depend on the verbiage used with your vehicle title paperwork. Contact a title loan agent if you have questions surrounding your vehicle title circumstances by calling today!
In addition to having a vehicle title in your name, you must also have positive equity in your car when applying for this option. Car equity can affect your title loan approval and possible funding amount, so it’s essential to learn about this number!
Equity is the difference between what you owe a bank or dealership and the overall value of your car. It’s best to apply for title loans if you have already paid off your vehicle or are close to doing so.
Finally, you must show proof of consistent income when applying for an auto title loan online. Lenders require proof of income to ensure you can pay back the funding. This proof can be in the form of Social Security benefits, workers’ compensation, pay stubs, bank statements, or other documents. To make the process run smoothly, ensure you provide the lender with accurate and up-to-date information!
How Can I Transfer a Car Title Into My Name?
If you share a car title with another person but want to transfer ownership solely onto you, you will need to visit the DMV in your area. A car title is a legal document the government gives out that shows who owns the vehicle legally. You must have a vehicle title in your name to sell this piece of property.
Car titles have information about the legal owner, Vehicle Identification Number, weight class, and odometer reading at the time of the sale. Obtaining a car title can be simple if you bring the correct documents. In most states, you can only apply for a vehicle title in person instead of online.
For a car title, you must have the following:
- Proof of Identity
- Proof of Ownership (Like the Bill of Sale)
- Proof of Insurance
- Application for the Title
Depending on your state, a fee may be associated with applying for a car title, ranging anywhere from $50-150.
Apply for a Car Title Loan Online Today
The initial requirements for a car title loan can be simple to meet for people from various financial backgrounds. You must have a qualifying vehicle title in your name, and circumstances around sharing a car title can vary depending on the lender.
Contact a title loan agent to ask about your car title situation by visiting the website today! You can also begin your title loan application by completing an online pre-approval form with title loans serviced by LoanMart.
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