A title loan is a great way to access emergency funds quickly, but in order to apply for a title loan, you must be the owner of the vehicle and listed on the car title as the only owner. In fact, one of the top phone call questions of title loan lenders is “Can I get a title loan if the car title isn’t in my name?”
How To Get a Title Loan With Title Not In My Name?
The simple answer is no, you’re ineligible to apply for car title loans if the car title or “pink slip” you want to use as collateral is not in your name. A title loan is designed to help those who need money quickly to get access by using their car as collateral. You need to own something in order to use it as collateral as a title loan cannot take something that belongs to a third party.
However, if the car does actually belong to you there are plenty of options. In most states transferring a car title to your name is a quick and easy process. By simply taking a few extra steps and putting your name on the title you can be eligible for a title loan.
Can I Get a Title Loan if The Car Title Has Another Name On It?
While you need to check your state’s statutes, in most states if your car title has more than one name both parties are eligible for a title loan. In other states, both parties may need to sign for the title loan. It is important to check with your state’s laws or call a title loan vendor to ask for advice. Most title loan lenders are well-versed in title law and are extremely helpful with questions. In other scenarios, they can help you get out of a title loan with other companies that have high fees or APRs. The same distinction applies in this case, as the vehicle title needs to be in your name.
How Do I Get My Name On My Car Title?
If you own a car but do not have your name on your car title, you can be eligible for an online title loan if the car loan title is not in your name by taking the proper steps to change the situation. There are several different reasons why you may own a car but don’t have your name on the title yet. Some of the most popular ways include:
- Inheriting a vehicle
- Just finished paying off a loan
- Gifted vehicle (from parents, etc.)
- In the process of buying a vehicle from another person
In all of these situations simply taking a few steps to get the car title loan is all it takes to become eligible for a secured loan or if you pawn a car title for cash. A vehicle title that’s not in your name is something you don’t own and you need to take the steps to transfer ownership. The first thing you need to do is contact the person who actually owns the title to have them sign over the title which will release their own claim to the car. Then you take the title down to your local Department of Motor Vehicles and request to purchase a new car title and registration that shows you as the new owner.
All states require different proof of identity to get a pink slip so check before you go get the car title in your name, but you should expect to need some combination of a government photo ID, money of the fee, signed car title, and a transfer of ownership form. There is usually a small cost associated with the transfer, but it also differs by state so calling your local DMV is the best way to prepare. One example of this is what happens when you need to add or remove a beneficiary to the title after death. These situations are unique, but they come up every now and then when someone needs to quickly update a pink slip.
Can I Get a Car Title Loan if the Title Has Not Yet Been Signed over to Me?
If you want a car title loan online but have lost your title or misplaced it, you can head down to the DMV and ask for a replacement title. You may also have to get new documentation if you’re looking to refinance a title loan or make any other general changes to the pink slip. You can usually do it in person or by mail and if you have a reasonable amount of information the process should not take long. After it is complete you can obtain a title loan so long as you meet the lender’s criteria. Another option is to simply talk to the person who’s either the cosigner or has the actual title in the possession. Find out what they’re going to need to get the title put back into your name!
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.