Getting Online Title Loans When People Share a Car

 
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Getting Online Title Loans When People Share a Car

Searching online title loans will provide consumers with a wealth of information to sift through, but too often that information is too broad and general. If anyone has a certain question, they need a certain answer so they can make a responsible financial decision to get the money they need quickly.

That’s where we come in! LoanMart cares about our customers, and want to make sure we help everyone with every step of the online title loan process. That includes explaining options for specific situations, like getting an auto title loan when a customer shares or co-owns their car.

First, let’s go over how auto title loans work:

  • A car title loan is a lending service where the customer can use a car they own as collateral against a sum of money they want to borrow
  • The sum of money a customer can borrow will be determined by the market value of their car; the loan amount cannot exceed the value of the auto.

Sharing a car with someone else doesn’t mean that person can’t work with LoanMart to get a check fast. But it is important to note that the potential borrower cannot secure online title loans if they don’t actually own the car. Even if they share a car and drive it regularly, they cannot take out a loan if the car’s title is not in their name.

The legal owner of the car is entitled to use the title as collateral against a sum of money they need to borrow – even if they usually allow a family member or friend to use the car too. When that legal owner gets an auto title loan, they retain possession of the car. That’s one of the main reasons our services are so convenient for our customers.

Remember, the only people that will be responsible for making the payments on the loan are the individuals who actually took out the loan. If someone shares their car with family or friends, those other people won’t be legally obligated to help the borrower make the loan payments. We want to make sure all of our customers are financially responsible, so potential borrowers should be sure to take this into consideration before seeing if they qualify for online title loans with us.

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