Interested in getting a car title loan but worried you won’t qualify due to bad credit? Can you inquire for emergency funding using a co-signer?
Find out what you need to know about co-signers and car title loans below.
Benefits of Inquiring for Car Title Loans with Co-Signers
A co-signer is a person (friend or family member) that signs a loan agreement with you. The co-signer is just as legally responsible for the loan as you are, which is why co-signing is risky. However, inquiring for car title loans with co-signers could potentially help you obtain the following benefits:
- Approval: Getting approval for a loan is usually dependent on your credit history. If you haven’t established credit yet, or your credit is low, you may have a hard time getting approved for a traditional bank loan or unsecured loan. Car title loans are secured loans, so you may not need a co-signer to obtain approval–especially if you work with ChoiceCash Title Loans!1
- Better Rates: Interest rates for loans are typically heavily dependent on your credit. If you have low or unestablished credit, you may be able to get approved for a loan but you may also get stuck with sky-high rates. By signing up with a co-signer that has better credit, you may be able to get more reasonable rates. ChoiceCash Title Loans come with low rates for affordability, making a co-signer unnecessary.
- More Funding: If you need more than a few hundred dollars in emergency funding, and you have low credit, you may be considering inquiring for a loan with a co-signer. If approved for an unsecured loan with low credit, you may not get a significant amount of money unless you use a co-signer. ChoiceCash Title Loans use the car title as collateral, which means you could potentially get approved for a loan amount that is worth a percentage of your car value!1
- Lower Payments: Monthly payments for a car title loan can be low or high, depending on the rates you get and how much you are approved for. Using a co-signer could help you get lower payments, but ChoiceCash Title Loans already come with affordable payments!Best of all, your low car title loan payments could get lower every single month with ChoiceCash Title Loans!2 By the time you make your last payment, you could be paying half of your first payment.2
What to Consider Before Using Co-Signers to Get Car Title Loans
By signing a car title loan with a co-signer, you reduce the borrowing risk. But if you ever experience financial difficulty and cannot keep making car title loan payments, then the co-signer would be responsible for continuing the loan payments.
Agreeing to be a co-signer on a loan is a huge responsibility. If you are the primary borrower, and you cannot keep up with your monthly payments, you could negatively affect the co-signers credit. This could strain–and possibly ruin–the relationship you have with your co-signer.
Before asking a friend or family member to co-sign a loan with you, make sure that they understand the legal requirements being asked of them. Establish rules and confirm expectations. If you ever run into a financial roadblock, discuss with them how you would handle the situation so that your co-signer is not financially burdened.
If you can’t find anyone to be a co-signer on a loan with you, you may be worried about your limited loan options. But don’t worry! With a ChoiceCash Title Loan, a co-signer may not even be necessary for car title loan approval!1
How to Qualify for Car Title Loans without Co-Signers
ChoiceCash Title Loans have flexible requirements, which means that people with bad credit and past bankruptcy could still be able to qualify for car title loans without co-signers.1
To be deemed eligible for a ChoiceCash Title Loan, you just need to be at least 18 years of age and have the following1:
- A car with positive equity
- A car title in your name
- A consistent source of income
If you meet the qualifications outlined above, you may be able to qualify for car title loans without a co-signer! ChoiceCash Title Loans have high approval rates and already come with affordable rates and convenient terms, so there may be no need for you to ask a family member or friend to sign the car title loan with you.
Find Out if Your Car Has Enough Equity for Car Title Loans without Co-Signers
To be deemed eligible for car title loans without a co-signer, your car must have a sufficient amount of positive equity. Positive equity is when your cars resale value is greater than the remaining amount you owe on it. If you own the car outright and aren’t leasing it, then the equity is simply equal to the market value.
To find out how much your car is worth, you could visit an auto dealership or use an online equity calculator. ChoiceCash Title Loans provide free estimates for car title loans right on the website! To find out how much emergency cash you may be able to receive, you just need to provide a few details about your car. You will be asked for the vehicle year, make, model, style, and mileage.
If your car is worth enough money, you could receive a pre-approved car title loan amount after you complete the short online form!1
Find Out What Documents You Need for Car Title Loans without Co-Signers
Credit is not one of the main requirements for car title loans without co-signers, but income is. You will need to provide proof of income and a few other documents to qualify.
If you can show proof of your ability to make on time car title loan payments, you may be able to qualify for financial support.1 If you are currently unemployed, you may think that you have to sign up for car title loans with a co-signer, but ChoiceCash Title Loans accept a wide variety of alternative income documents. If you don’t work a 9-5 job but you have enough money to repay a car title loan, you could still qualify.
Take a look at some of the documents you could submit as proof of income for car title loans:
- Paycheck stubs
- Bank statements
- Social Security benefit statements
- Pension statements
- Workers compensation letter
- Government award letter
If you want to submit another type of income document that isn’t listed above, speak to a car title loan agent by calling (855-422-7402) 277-4847. A car title loan agent can help you determine which document you should submit based on your unique financial situation.
In addition to showing proof of income and a car title, you will be required to submit these documents for car title loans:
- Proof of Residence: To prove you live at your current address, you could choose to show a car title loan agent a recent utility bill, credit card statement, rental agreement, etc.
- Proof of Identification: For any legally binding contract, you must show proof of identity with a government-issued photo ID. You can use your state ID, driver’s license, or U.S. passport.
- Photos of the Car: For car title loans, potential borrowers have to undergo a car inspection. When you work with ChoiceCash Title Loans, you could complete an inspection entirely online! Just answer a few questions about your car and submit some photos using your mobile phone. To take the best photos, park your car in a brightly lit spot free of background clutter. Ensure that the top and bottom of the car are clearly visible in the image and include a photo of your vehicle identification number.
- References: You may be asked for personal references, professional references, or a mix of both.
ChoiceCash Title Loans also allow qualified borrowers to turn in their documents online instead of in-person. There’s no need to waste time traveling to a brick and mortar location. Just scan your paperwork onto a computer and email the files or take photos using your smartphone.
Start the Approval Process for Car Title Loans without a Co-Signer
There are a few things you should know about ChoiceCash Title Loans. For one, using co-signers for car title loan approval is not necessary!
ChoiceCash Title Loans offer incredible benefits, flexible requirements, and affordable terms! Inquiring may only take up a few minutes of your time.1 Call (855-422-7402) 277-4847 to speak with a car title loan agent or complete the online inquiry form.
If approved, you could get the emergency money you need on your own without a co-signer in just 24 hours!1