How to Get a Car Title Loan with a Co-Owned Vehicle

Can I Get a Car Title Loan with a Co-Owned Vehicle?

A vehicle-secured loan can be a convenient option because you can get fast funding by pledging your vehicle’s title as collateral for the loan, and you don’t need to have a strong credit score to be eligible.¹ The car title must be in your name in order for you to use it to secure the loan and access emergency cash. However, if you have joint car ownership with another person, you may wonder how to get a car title loan with a co-owned vehicle and receive the funds you need.¹

Fortunately, getting a title loan on a co-owned car is possible, but the exact steps of the application process may vary depending on the details listed on the car title and the lender you work with. Generally, if the vehicle title lists you and the co-owner with an “OR” between your names, either one of you can apply for the loan independently. On the other hand, if there’s an “AND” in between both names, it means you and the co-owner may be required to apply for the loan and sign the loan contract together, even if you intend to be the primary borrower making the payments on the loan. Depending on the title lender you work with, all people listed on the auto title must sign some paperwork during the loan process when there’s an “AND” between their names on the title. 

Before you apply for a car title loan with a co-owned vehicle, it’s important to discuss the decision with your co-owner to avoid any strains in your relationship. Getting a loan is a significant financial decision, so it’s essential that you and the co-owner agree to pledge the vehicle title as collateral for the loan. Assuming all parties are on board with applying for an auto title loan, you can conveniently start an application by completing a short online questionnaire or by calling a loan officer at 855-422-7412. You can expect to access competitive interest rates and receive quick money in as little as 24 hours if you’re eligible for a loan!³

Continue reading to learn more about getting a car title loan with a co-owned vehicle and see if it’s the right decision for you and the co-owner.

What are the Requirements for Title Loans with Co-Owned Cars?

Like with any loan application, you must meet a few requirements and provide some documentation to qualify for an auto title loan online. If you’re thinking about getting a car title loan using a title with two names on it, you and the co-owner may have to submit the application together and provide the required documents. The eligibility criteria listed below are common for title loan applications with co-owned vehicles:¹

• Must Be of Legal Age to Apply for an Online Title Loan
• The Car or Truck That You Co-Own Must Have Enough Equity to Use as Collateral for the Loan
• Vehicle Title Must Have Your Name and the Co-Owner’s Name on it
• Proof of Income is Required

If you receive initial approval, the next step is to provide the necessary paperwork to verify your personal information, and depending on the circumstances of your application, your co-owner’s information as well. In addition to having a title to a co-owned vehicle in your name and proof of income, the following paperwork will be required during your application:

1. A Valid, Government-Issued Photo ID Card, Like a Driver’s License
2. Proof of Your Current Residence
3. Recent Pictures of Your Vehicle

The requirements for an auto title loan with a co-owned car can be straightforward! If you’re struggling with an unexpected expense, a car title loan may be the resource you’ve been searching for to get your finances back on track. When applying for an auto title loan serviced by LoanMart, you can easily upload your documents to the web portal or send them via email or text message to a title loan agent. If you’re eligible for fast cash, you can access flexible loan terms and convenient options to make payments on your loan.¹

If you and the co-owner must provide documentation together, ensure that you both have the correct items on hand prior to starting the application. If you or the co-owner submits documents that are not valid, that can result in unnecessary delays during your application. Call a LoanMart title loan officer at 855-422-7412 if you have questions about the documents you must submit to get full loan approval.

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Difference Between a Co-Owner and a Co-Signer

During your research for auto title loans with a co-owned vehicle, you may have seen the terms “co-owner” and “co-signer” used on websites. While they may sound like similar terms on the surface level, the terms are not used interchangeably. 

A co-owner is someone who shares ownership and financial responsibility of a car with another person or group. A co-signer on a title loan is essentially an individual who signs the loan agreement with you if you can’t qualify for funding on your own, or if you want to strengthen your chances of receiving loan approval. Although both co-owners and co-signers will be expected to make payments on the loan if the primary borrower is unable to do so, a co-signer doesn’t necessarily have shared ownership of the vehicle. The co-signer is generally a trusted friend or family member who has a good credit score and a stable source of income.

If your vehicle title has an “AND” between the names listed on the title, you and the co-owner may need to apply for a title loan and sign the loan contract together, similar to how you would with a co-signer. Whether you are applying with a co-signer or a co-owner, it is imperative that you communicate openly with the other person on the application about the potential risks of a car title loan. Once both parties agree to this financial commitment, ensure that you pay your loan on time to avoid having the other person handle the payments on your behalf.

What are the Risks and Considerations of Getting an Auto Title Loan Using a Title with Two Names on it?

Applying for an auto title loan using a title with two names on it does come with potential risks that you should consider before you start your application, such as:

• Potential Loss of Transportation: The potential risk of losing your car through repossession if you default on your loan is a significant factor to consider in advance. If you default on a car title loan secured by a co-owned vehicle and the car is repossessed, you and the co-owner can lose access to the vehicle. You may be unable to continue with your daily routines, such as commuting to work or running errands.
• Financial Liability: As mentioned previously, if one of the borrowers is unable to make payments on the loan, the co-owner can cover the payments in their stead. Although you and the co-owner might have agreed to this decision when completing the application, this situation can be difficult for all parties involved. If you’re considering getting a title loan using a title with two names on it, ensure you discuss this scenario thoroughly with the co-owner so they fully understand the potential disadvantages of a title loan.
• Strain on Relationships: Some co-owners are willing to participate in the loan application process when emergency funds are required to handle a large, unexpected expense. However, if the primary borrower is unable to continue making payments on the loan, this can cause resentment between the co-owners.

The most important thing you can do when considering an auto title loan with a co-owned vehicle is to have open communication with the co-owner. Ensure they have a solid understanding of the risks of a car title loan default and discuss their financial liability, if applicable. To avoid the consequences of a title loan default, you must be on time with your title loan payments and speak with your lender or loan servicer if you face any issues during the repayment process.¹

How Can You Apply for an Online Title Loan with a Co-Owned Vehicle?

There are different ways to start the application process for an online title loan with a co-owned vehicle. As mentioned above, if your car title has an “AND” listed between the names on the title, you may need to apply for a title loan with the co-owner to get approved for quick funding. However, if the title has an “OR” placed between the names, you may be able to apply for a title loan without involving the co-owner during the application.

You can expect a straightforward application process when applying for online title loans serviced by LoanMart. Complete these easy steps to get fast money in your bank account in as little as one business day:^{1 3}

1. Submit a Brief Pre-approval Form Online or Dial 855-422-7412 to Begin Your Loan Application
2. Provide the Requested Documents with Your Co-Owner if You’re Applying Together
3. Get Your Money if You’re Fully Approved!¹

Don’t wait to find out if your vehicle qualifies as collateral for an auto title loan serviced by LoanMart! If you are eligible for fast funding, you can use your loan proceeds to handle various financial issues that require your immediate attention. 

Benefits of Getting a Title Loan Serviced by LoanMart With a Co-Owned Vehicle

Does a car title loan sound like the right fit to handle your financial emergency? Whether you’re applying with a co-owner or they have signed the title over to you, you can expect a convenient application process, along with other benefits:¹

• Poor Credit Isn’t Always an Issue: As long as you meet the loan criteria and provide the required paperwork, you can get quick cash through a title loan with a co-owned vehicle, even if you have a bad credit score!¹
• Zero Prepayment Penalties: If you decide to pay off your title loan serviced by LoanMart ahead of schedule, there will be no prepayment penalties or balloon payments.⁵
• Quality Customer Service: LoanMart title loan agents are there to assist you throughout the application process. If you have questions about submitting an application or making payments on your loan, dial the toll-free number, and a title loan representative will be happy to assist you. 

Discover if you’re eligible for fast financial relief by applying for an auto title loan serviced by LoanMart! If you’re considering applying for a title loan with a co-owned vehicle, you can start your application online or over the phone with a title loan officer.¹