excited man in car for car title loan

Can I Use My Car As Loan Collateral If I Share The Title With Someone Else?

Using your car as loan collateral to borrow emergency money from Georgia Auto Pawn, Inc. is quick and easy, as long as the title belongs to you. But for anyone who shares their car title with someone else, there might be some confusion about whether or not they can still borrow money the same way.

If that sounds like you, you’ve come to the right place! This quick guide will explain everything you need to know about using a shared car as loan collateral and what you need to do to get the emergency cash you need from a title pawn. Keep reading to find out more!

Can I Use A Shared Car Title As Loan Collateral?

You can use your shared car as collateral if your name appears on the title. However, it is best to remember that anyone whose name appears on the title alongside yours is also responsible for any money you borrow using it. Thus, the car title must be clearly registered in your name. So, be sure to check and get them on board before you proceed with your application!

What Can I Do If The Title Is Shared With Someone Else?

As you saw above, you can continue using your shared car as loan collateral if the vehicle’s co-owner agrees to take responsibility for the borrowed money along with you. If that’s not true, you might ask them to drop their name from the title.

They can do that with you by visiting a nearby DMV office to transfer the title to you. Once the car title is in your name, you can use it as collateral to borrow money fast!

woman thinking about her title for car title loans

What Does A Lien-Free Car Title Mean?

Aside from the names on the car title, never forget that the title must also be ‘clear’ or lien-free for you to use the shared car as collateral. A lien-free car title means it has no outstanding pawns or judgments against it. Simply put, the car is wholly owned by you and whomever you share it with.

What Happens After I Get A Lien-Free Car Title In My Name?

Once you’ve sorted out any issues with your shared car title, you can use it to borrow money quickly! As soon as you’re ready, these are the steps you’ll go through to get quick cash in your hands:

Step 1: Get In Touch

You can start the application process anytime by getting in touch! You can do that by filling out the online inquiry form with your basic details. If you submit that form, it will send your information to a representative at your nearest location. Also, feel free to call or visit a nearby store location if you already have one in mind.

Step 2: Wait For The Call

Next, wait for a phone call from a friendly store representative. That call typically happens soon after you submit your form and they receive your information. The representative will give you a quick overview of the process and its requirements on that phone call. 

Once that’s done, you can set a time and place to meet them in person to complete your application. Remember, the representative is there to help you. So, be sure to ask them about any part of the process that’s unclear to you yet!

Step 3: Meet Your Store Representative

Could you meet your store representative at the time and place you discussed earlier in Step 2? If so, you're ready to move to step 3: the vehicle inspection. During that meeting, the representative will perform a quick 5-minute inspection of your car to determine its value.

Then, they’ll check your documents to ensure everything is in order. You might also need to complete some simple paperwork to complete your application here. And as always, remember to raise any concerns and ask any questions!

man with money from car title loan

Step 4: Wait For A Decision

You won’t have to wait long to get a loan decision, i.e., find out whether or not your application is approved. Your meeting with the store representative could take as little as a half-hour to complete before you find out if you’re approved.

Step 5: Get Your Emergency Money!

If everything goes well and you get approved, you can expect to get the money you need quickly! The money could be with you as early as the same day or by the next business day. When that happens, you can use the money to make urgent payments or solve whatever financial challenges you face!

Start The Process Today!

You now know everything there is to learn to use your shared car as loan collateral! All that’s left is to contact Georgia Auto Pawn, Inc. as soon as possible by contacting a nearby store location or filling out the online title pawn form! From there, it won’t take long before you secure your loan and get the money you need.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.