While underwriting requirements for a car title loan can vary, the most important document needed for underwriting is the title itself. You may also need other documents, such as proof of identity, income, and vehicle registration. Some lenders require additional information, like proof of residence and insurance, and may need to inspect the vehicle in person. But what happens if the car you want to use as collateral for a loan is titled in someone else’s name?

Your car’s title includes information about the owner and the vehicle. It’s the primary document used by vehicle buyers and sellers to establish proof of ownership. When you buy a car, the title is transferred from the seller to you, making you the legal owner.

Since a car title loan requires a vehicle as collateral, the title is always the main requirement, and the lender puts a lien on that title until you repay your loan. If you were to have only the vehicle’s registration without the title, you’d be unlikely to qualify for this type of loan.

Getting A Title Loan If the Title Isn’t In Your Name

To qualify for a title loan, you must be the only lienholder listed on the car’s title, meaning you own the vehicle outright with no other liens or cosigners. This is an important requirement with a title loan, as your lender needs a clear legal claim to the car if you default on a loan. If the title is in another person’s name, you will need them to transfer the title into your name before being eligible for this type of loan.

Another way to get a title loan if the car’s title is not in your name is to add the person as a cosigner to your loan application. This means you and the vehicle’s owner are applying as co-applicants for a title loan. While this type of loan is technically possible, there’s significant risk for your cosigner, as their car can be repossessed if you fail to make payments!

Transferring a title depends on where you live, so you should check with your state’s Department of Motor Vehicles (DMV) to determine the specific requirements.

Apply for a Title Loan On a Shared Car – Is It Possible

If you have a shared vehicle and more than one owner, whether you can apply for a title loan depends on the laws where you live, the lender, and their specific policies. Many title loan lenders prefer that the applicant be the sole owner of the vehicle, but you can apply together. You’d probably both need to be listed on the loan application, and both names would be on the title.

If you’re applying for a title loan with a co-owner of the vehicle, you may need to provide identification, proof of income, and the other documents the lender requires. Remember, the requirements will be even more challenging if you’re looking for a title loan without insurance coverage or in different scenarios where the lender needs to take on more risk.

Can I Get a Title Loan With A Pink Slip That’s Been Signed Over To Me

A signed-over title means that the previous vehicle owner signs the back of the title to transfer ownership to someone else. We often have customers applying for a title loan with a pink slip that was recently signed over to them. In these cases, they have no trouble getting approved for a title loan, but we’ll always need to run the pink slip through your state’s DMV portal to confirm that all ownership details match.

To complete the approval process, you must provide proof that the car is titled in your name and has no additional liens. The title must be signed over by the previous owner and include their signature, the sale date, and the purchase price, if applicable. Once the title is in your name, you can apply for a title loan, though the lender may require additional documents to further verify the vehicle’s ownership.

How To Get a Title Signed Over

If you want a car title loan but first need to get a vehicle’s title signed over to you, you must first agree on the vehicle purchase price if you’re buying it Depending on local regulations, you might need a bill of sale that outlines the transaction specifics, including the buyer and seller’s names, the date of the sale, if applicable, the purchase price, and a vehicle description.

The title transfer process can be completed online in some states, such as California. In other cases, you and the vehicle’s current owner may need to go to the nearest DMV to complete the transfer. If required, you should bring the signed title, a bill of sale, and any other documents your DMV requires. Your local office may require you to complete a title transfer application, provide proof of insurance, and pay fees.

Once the transfer is complete, you receive a new title in your name. After a title is officially signed over, you can use it as collateral for a title loan.

Title Loans On A Gifted Vehicle

You can typically qualify for a title loan on a gifted vehicle. However, the process for gifting a car may differ from purchasing or selling one. For example, an affidavit may need to be signed to show that it is, in fact, a gift and not a way to avoid paying taxes. 

What If There’s Still A Loan On The Vehicle?

If you have a car with a loan that’s not paid off, you will likely not be able to get a title loan or even apply for a loan buyout. The lender holds a lien, and the title will show the lienholder’s information. When you finance a car, the lender’s information will be on your car title until you pay off your loan. You must own the vehicle outright, with no existing liens on your title.

Applying With Premier Title Loans

If you’re unsure how to get started or want more information on the process and requirements for a car title loan with a vehicle not in your name, please call Premier Title Loans at 800-250-6279 today. We can help you take the next step toward getting a title loan on a vehicle that’s not entirely yours. We can also help with questions about title loans without your name on the title.

Jessica Chase

Jessica has been working in the title loan lending industry since 2012. Before that, she managed a team of customer service representatives for one of the largest payday loan companies in the US. Since coming to Premier Title Loans, she’s overseen our sales and marketing department and looks forward to educating consumers on their different financing options. Jessica is always open to feedback and questions related to short term loans!