Are you considering becoming a co-signer on someone else’s car title loan? Or are you considering using a co-signer for your car title loan? We want to give you all the information about co-signers and car title loans so you can make the decision that is best for you.
If a borrower has a co-signer, that individual may continue making monthly payments until the borrower is able to get back on their feet. But if they don’t have a co-signer, they are encouraged to ask a close friend, spouse, or family member to continue making payments on their behalf.
What Is a Co-Signer?
A co-signer is someone who does pretty much what the title suggests: they, along with the person actually wanting to borrow money, sign for the loan. This means that there are two names on the paperwork. Co-signers may be able to help people who can’t qualify for a car title loan on their own. The lender is able to approve a borrower that might not otherwise qualify if they know that someone else can be held responsible for the loan as a backup. They can be any friend or family member with a good financial situation and history.
Here at LoanMart, we want to make the process of getting a title loan as convenient and pain-free as possible. Sometimes our customers need co-signers and we do our best to make that possible. We make it a priority to empower our customers to make well-informed decision and are here to answer any of their questions.
Why Have a Co-borrower?
Sometimes it is difficult to qualify for a car title loan! Some people have a less than perfect credit score, poor credit, or low income.
At LoanMart, we suggest the use of a co-borrower in these cases to get a title loan.
LoanMart is devoted to give you all the information about co-borrowers and car title loans so you can make the best decision for your financial situation.
Who is a Co-borrower?
A co-borrower is a person who can help you qualify for a car title loan and is able to assist with making monthly payments for the loan if needed. They are in the position to help borrowers who can’t qualify for auto title loans on their own. Using a co-borrower can be a good idea to get your title loan approved and processed quickly.
Co-borrowers could be:
- A relative like an aunt, uncle, cousin or grandparent
- A parent
- Best friend
- A spouse
- Anyone who supports your financial initiatives
- … and many more!
Add a Co-Signer
If a borrower feels they cannot successfully continue making monthly installments without financial support, or if they simply want a safety net, they are encouraged to acquire a co-signer. A co-signer is an individual whose name appears on the auto title loan contract. They are equally responsible as the borrower for paying back the loan in a timely fashion. In the event that you fail to make a monthly payment, the co-signer will be held responsible for paying back the loan.
Anyone with reasonably good credit can be a co-signer. As long as they meet LoanMart’s requirements for eligibility, they may sign a title loan with the principal borrower. Borrowers can ask anyone close if they would be willing to financially support them in case they come across an unexpected financial crunch.
What to Consider Before Having Someone Co-Sign a Car Title Loan
Before asking anyone to co-sign on a loan, borrowers need to understand exactly what they’re asking the co-signer to do. They will be legally responsible for paying the money back if the borrower defaults on any payments. In the event that the borrower defaults on the loan, the co-signer will basically be taking the place of the borrower by making the monthly payments or by paying off the loan completely.
For this reason, the borrower needs to take their loan very seriously if they ask a co-signer to help them secure a car title loan. That co-signer is placing a lot of trust in the borrower to make the payments on time, because the borrower’s financial actions will directly affect the co-signer’s credit as well as their own.
Borrowers should make sure they openly communicate with their co-signer, and do not abuse the trust that co-signer has placed in them. Understand that if anything should happen with the car title loan, the personal relationship between borrower and co-signer could also be negatively affected. Relationships between family and friends are extremely important so it is vital to comprehend the trust entangled in the action of co-signing a car title loan and what might happen if that trust is broken. This does not mean that a borrower should not utilize a co-signer but rather that they should think carefully about it and make the decision keeping all the aspects in mind.
Ask LoanMart for Help
If asking someone to help make loan payments isn’t an option, or if you can only acquire financial support for one month, consider asking LoanMart for help.
If a borrower knows they are going to miss a payment, but they need just a little more time to get their finances in order, they can ask for an extension. An extension means LoanMart may grant the borrower a few more days to make their monthly payment.
But if a borrower is going through a tough financial period, they could have their loan terms reevaluated. LoanMart just might be able to lengthen the duration of a loan, lower monthly payments, or make other term adjustments.
Contact LoanMart, after all we want to help our borrowers achieve financial stability. So give us a call, or shoot us an email, and see what we could do for you.
The Reasons You Should Consider LoanMart
There are many reasons why many borrowers consider LoanMart their favorite car title company. Some of these reasons include:
- The payment process at LoanMart is convenient and reasonable. The interest rates are flexible and can be adjusted to suit your situation.
- LoanMart offers auto title loans to the borrowers based on to their ability to repay the loan on time. This reduces the chances for repossession of the car.
- It takes little time for qualified candidates to receive their loans (It can even be within one business day)3.
- LoanMart gives customers time to repay the loan. You can choose anywhere from 12-36 months to repay the loan completely. There are no pre-payment penalties.
- LoanMart can approve up to several thousand dollars which can be enough cover many emergencies.
LoanMart Auto Title Loan Process
The process of applying for title loans with LoanMart is both easy and convenient. We know that time is of the essence, so we’ve streamlined our process into three simple steps. If you’ve been thinking about applying for title loans, check out how simple it can be with LoanMart1!
Fill out and submit our short online questionnaire or call us at 1-855-277-4847 to apply over the phone. You will be asked for contact information, your car’s details, and your monthly income.
Once we have received your inquiry, we contact you and let you know if you are pre-approved. If you meet our qualifications, we may offer a loan quote1.
If we offer a loan, and you choose to accept it, then we will need some documents and additional information. Once we have verified your paperwork and declared everything in order, we draw up a contract for you to sign. If you choose to take on a co-signer, then they would go through the same process and sign the contract as well.
And that’s it! In just three simple steps, you could receive the financial support you need to handle those unexpected financial deadlines and take back control of your finances1.