A customer with a signed over car title applying for a loan.

Can I Get A Title Loan When The Car’s Title Is Not In My Name?

While lender requirements for a car title loan can vary, the most critical document 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.

A car title includes details about the owner and the vehicle itself. It’s proof of ownership. If you buy a car, the title is transferred from the seller to you as the buyer, making you the legal owner.

Since a car title loan requires that you pledge your vehicle as collateral, the title is needed, 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

In most cases, you must own the vehicle outright to get a title loan, meaning the title is in your name. The 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 might need to transfer it into yours before being eligible for this type of loan.

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


A customer with a signed over car title applying for a loan.


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

If you have a shared vehicle and have more than one owner, whether or not you can apply for a title loan depends on the laws where you live, the actual lender, and their specific policies. Many title loan lenders prefer the applicant to be the sole owner of the vehicle, but you can apply for a title loan 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. Keep in mind, the requirements will be even tougher if you’re looking for a title loan without insurance coverage or in other scenarios where the lender needs to take on more risk.


Can I Get a Title Loan if the Title is Signed Over to Me?

A signed-over title means that the vehicle owner signs the back of the title to transfer ownership to someone else.

To complete the process, you would go through the ownership transfer. The title has to be correctly signed over by the previous owner and needs to include their signature, the date of the sale, and the purchase price, if applicable. Once the title’s in your name, you can apply for a title loan, although again, the lender may require additional documents beyond the signed-over title. The lender might also verify the information on the title to make sure you are, in fact, the legal owner and there aren’t issues with it or liens.

While getting a title signed over to you is a necessary part of the process to own a vehicle officially, you usually have to go through the entire process at the DMV to get a loan using it as collateral. A signed-over title alone isn’t typically sufficient.


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 need to agree on sales terms 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.

You and the seller may need to go to the local DMV to complete the transfer. You should bring the signed title, a bill of sale if required, and any other documents your DMV requires. At the DMV, you submit the signed title and additional paperwork. Your local office may require you to fill out an application for title transfer, 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.


A businessman driving a shared car.


Title Loans On A Gifted Vehicle

You can generally get a car title loan on a gifted vehicle as long as the title has been transferred to your name correctly. However, the process may be slightly different for gifting a vehicle versus selling it. For example, an affidavit may need to be signed to show that it is, in fact, a gift and not a way to avoid having to pay 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, please call Premier Title Loans at 800-250-6279 today. We can help you take the next step to get financing using your vehicle as collateral. We can also help with questions about title loans without your name on the title.