So you have a cosigner on a vehicle and need a title loan. Perhaps you want some cash in a hurry, or are looking to pay off some bills. Co-signing helps buyers qualify for loans by using their cosigners credit rating. Cosigning a car is a popular option for new car buyers, spouses buying a car together, and anyone who is trying to establish their credit. Title loans are given to those who are the sole owner of their vehicle. When someone cosigns, the cosigner has rights to partial ownership of the vehicle. While the loan process is a very fast and easy process, having partial ownership can put all of that to a halt.
Just because your vehicle is cosigned, doesn’t mean your options have to stop there. There are a couple options to get around it. One option is removing the cosigner from the title of your vehicle and start taking full ownership. When applying for a title loan, this should be taken care of beforehand and not during the approval process. If that is not an option, you can get a title loan with your cosigner, but not separately. If you are unable to make payments on your loan, your cosigner will be responsible to pay the loan back.
Apply For a Title Loan with a Cosigner
If you have a cosigner on a title and are looking to apply for a loan then get in contact with True Financial today.
- Documents you will need for approval are
- Drivers License
- Some proof of income be they bank statements or pay stubs
- Copy of your vehicles title
- Vehicle info such as Make, Model and Mileage
These options are your way around that cosigning rule. As long as you and your cosigner have a good relationship, these options should come with ease. As for option one, removing your cosigner from the ownership of your vehicle, you will need to pay off any present liens. After doing this, you will need to follow it with a form sent to your county clerk’s office. You will be filing a transfer title in your name with this form. This is a quick and easy process as long as your cosigner agrees to changing name on car registration. They will need to sign the title release document confirming the agreement. It may take a few days for the transfer to be completed. It’s always a good idea to do your research and look up any questions before applying for a title loan. Not following these simple steps, will slow down the fast loan process. Option two as mentioned before, you can apply for a title loan with your cosigner. Some borrowers will want to remove their cosigner while others may want to add one. The difference with this option is you will need to add someone to your registration instead of removing someone. This also can be completed at your local county clerk’s office. As mentioned before, it’s important to have a good relationship with your cosigner. If you decide you want to add a cosigner to your title and auto title loan, they will be responsible in paying off any loans if you are unable to pay as long as they are registered as partial owner of your vehicle title.
Cosigner title loans
Understanding the rights of a cosigner is the first step you must take before looking at your loan options with a cosigned vehicle when applying for a title loan. The cosigner of your vehicle is a legal owner of it. If they are in play for loan qualification purposes and weren’t with you when you first purchased it, they are still an owner with the same rights you have on the vehicle. If you want a loan taken out on the vehicle, the cosigner must be involved. Whether this means they agree to letting go of their share of the title, or taking out a loan with you, they can’t not be included. The cosigner also has the right to prevent you from taking out any type of loan on your vehicle if they agree to stay as co-owner. They also have the right to transfer their entire ownership on the vehicle to you. If the case is that the cosigner signs to have a title loan taken out on the vehicle, they will be entirely responsible for paying off the loan. As much as you are responsible for paying off the loan, they will share the same responsibility.Can a Cosigner Be Removed from a Car Lease or Loan?
For any title loan, any liens already on the vehicle must be paid off for before applying for a title loan. Unfortunately, you cannot remove a cosigner from your cars’ title when there are loans out on the vehicle already. The good news is there are lenders out there near you who can provide a title loan on a cosigned vehicle. Before moving forward with the application process, please make sure your car is paid off. Both owners will be held equally responsible to pay off the loan. With this in play, you will need to fully pay off your vehicle before removing a cosigner.By reading through these options, you can find out the best option for you and your cosigner.True Financial Provides Title Loans in California.
Please call or fill in the enquiry form to begin your loan application today.