It is often the case that two people are registered together as the owners of a vehicle. In most cases you can still get a title loan but this must be handled carefully.
1. There is an OR on the title: if there are two names on the title and the word “OR” is separating between them, that means both people are free to get a loan on the vehicle without the approval of the other. In this case the regular title loan approval process is used.
2. There is an AND on the title: if there are two names on the title and the word “AND” is separating between them, the agreement of both owners is needed for a loan. Under this case the owners can choose to get the loan under both their names or for one of them to sign off the title to the other person. The second option is equivalent to “selling” the vehicle so it is only owned by one person.
In any case, contact your lender in advance so they can help you go about this process correctly. At 5 Star Loans, our experts are knowledgeable about this topic and can help you avoid mistakes and get the loan you need. Give us a call today!
For more information on title issues:
A. Title Loans When The Title Is Not Under Your Name
B. Title Loans on Leased Cars