Title loans can be a lifesaver for anyone who needs cash in 24 hours or less. But what happens if you have a vehicle titled in someone else's name? Or what if you have a cosigner on your paid off vehicle? All lending scenarios are unique, and there are often ways to get exceptions when you apply for a title loan. But it will be tough to get approved if you don't have a vehicle titled in your name.
How To Get a Title Loan When The Title Is Not In My Name?
The simple answer is no; you're ineligible to apply for car title loans if the car title you want to use as collateral is not in your name. Title loans are designed to help customers access cash with their car as collateral. You need to own the vehicle outright, and there can't be other cosigners on the pink slip. The reason for this is simple as you won't be able to add a lender as a lienholder or make them the primary owner of a vehicle that's not yours! Title loans are unique in that they don't require good credit and most people can qualify with a newer low mileage vehicle. That car or truck must be titled in your name, as the equity you've built up in the vehicle is what's used as collateral for the loan.
If the car belongs to you and you're listed as the sole owner, you should have no trouble applying for a title loan. This is the main requirement when underwriting a secured loan and most customers can complete the underwriting process within an hour after submitting proof of a paid off vehicle. Highway Title Loans can get you qualified for funding in one business day, and we can underwrite your application quickly if you have a car title in your name!
Can I Get a Title Loan if The Car Title Has Another Name On It?
While you need to check your state's statutes, in most states, if your car title has more than one name, both parties are eligible for a car title loan with direct deposit. Both parties may need to sign for the title loan in other states. You must check with your state's laws or call a title loan vendor to ask for advice. Most title loan lenders are well-versed in title law and are extremely helpful with questions. In other scenarios, they can help you get out of a title loan with other companies with high fees or APRs. The same distinction applies in this case, as the vehicle title needs to be in your name.
How To Add My Name To The Car's Title?
All states require different proof of identity to get a pink slip, so check before you get the car title in your name, but you should expect to need some combination of a government photo ID, pink slip, and a transfer of ownership form. There is usually a small cost associated with the transfer, but it also differs by state, so calling your local DMV is the best way to prepare. One example would involve someone applying for a vehicle title loan in Cleveland, OH, that needs to add or remove a beneficiary to the title after death. These situations are unique, but they come up now and then when someone needs to update a pink slip quickly. Another option is to transfer ownership of your car's title to a family member and this is often a quicker way to get a lien free vehicle than if you had transferred the pink slip to someone you don't know.
Can I Get a Car Title Loan if the Title Has Not Yet Been Signed Over to Me?
If you want a car title loan online but have lost your title or misplaced it, you can head down to the DMV and ask for a replacement title. You may also have to get new documentation if you're looking to refinance a title loan or make any other general changes to the pink slip. You can usually do it in person or by mail; if you have a reasonable amount of paperwork, the process should not take long. After completing it, you can obtain a title loan if you meet the lender's criteria. Another option is to talk to the person who's either the cosigner or has the actual title in possession. Take the necessary steps to get the car's pink slip to show you as the lienholder and you'll be one step closer to getting approved for a title loan!
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.