When you're in a financial crunch and need fast cash, title pawns offer a reliable solution. But what happens if you share the car title with someone else? Here's how to navigate this situation and secure the emergency money you need with Georgia Auto Pawn, Inc.

Can I Use A Shared Car Title As Collateral for a Title Pawn?

Yes, you can use your shared car as collateral for a title pawn if your name is on the title. However, the process requires the co-owner's consent since both parties are responsible for the loan. Before proceeding with your application, ensure that everyone on the title agrees to take on this responsibility.

If the co-owner does not agree, consider having their name removed from the title at the DMV. Once the car title is solely in your name and lien-free, you can easily apply for a title pawn.

Steps To Take If You Share Your Car Title With Someone Else

1. Talk To The Co-Owner: Discuss the title pawn process with your co-owner and ensure they understand the shared responsibility for repayment.
2. Transfer The Title (If Necessary): Visit your local DMV to transfer ownership of the vehicle to your name only, making it easier to use the car for a title pawn.
3. Ensure Your Title Is Lien-Free: Make sure your title is clear of any liens before applying for a title pawn. This ensures smooth approval for your loan.

What Is A Lien-Free Car Title?

A lien-free car title means that the vehicle is fully owned without any outstanding loans or legal judgments. Only lien-free car titles can be used as collateral for a title pawn. If your shared car title is lien-free, you can proceed with the application and get fast cash.

How To Apply For A Title Pawn With A Shared Car Title

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!

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 Title Pawn 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.