Title loans differ from traditional personal loans in a number of ways. For starters, it’s much easier to qualify for a title loan than it is to qualify for a traditional personal loan. In fact, many people who are not approved for a traditional personal loan are eligible for a title loan. This is one of the reasons why so many people rely on title loans to get the fast cash they need.

However, if you’re not eligible for a title loan on your own, there’s no need to throw in the towel. You always have the option of adding a co-signer to your title loan application. Here’s everything you need to know about getting a title loan with a co-signer:

How Do Title Loans Work?

Before learning about adding a co-signer to your application, it’s important to understand how title loans work. Unlike traditional personal loans, title loans are secured, which means they are supported by collateral. To obtain a title loan, you must use the title to your vehicle as collateral.

You won’t need to hand over your keys just because you are using your vehicle as collateral, though. If you are approved for a title loan, you can continue to drive your car as you normally would. However, the title loan company will either hold onto your title or put a lien on it while you make payments. Once your loan is completely paid off, the title loan company will return your title or remove the lien.

You will only lose possession of your vehicle if you fail to repay your loan. If this happens, the title loan company has the right to take possession of your car to satisfy your debt.

What is a Co-Signer?

As its name suggests, a co-signer is someone who agrees to sign the title loan application alongside the person who is applying for the loan.

By signing the application, the co-signer is not agreeing to borrow money from the title loan company. In fact, the co-signer will not receive any of the money the lender issues to the borrower. Instead, the co-signer is agreeing to share the responsibility for the loan. In other words, the co-signer is agreeing to repay the loan in the event the borrower fails to do so.

The co-signer takes on a lot of risk by agreeing to add their name to the borrower’s application. Because the co-signer is adding their name to the application, their credit will be impacted by the title loan. If the borrower misses a payment, for example, this will negatively impact their credit score along with the co-signer’s credit score. 

Who Can Co-Sign Your Title Loan Application?

If you aren’t eligible for a title loan on your own, you might be wondering who you can choose to add as a co-signer to your application. A co-signer can be anyone who is willing to take on the financial responsibility of signing your title loan application, including your:

• Spouse
• Boyfriend or girlfriend
• Mother or father
• Brother or sister
• Friend
• Aunt or uncle
• Cousin
• Co-worker
• Neighbor
• Grandparent

These are just some examples of the people in your life who could serve as a co-signer for your title loan application. 

What Are the Benefits of Adding a Co-Signer to Your Title Loan?

There are a number of benefits to adding a co-signer to your title loan application, including:

• Easier to get approved. If you don’t qualify for a title loan on your own, adding a co-signer with good credit could improve your chances of getting approved.
• Better terms. Even if you do qualify for a title loan on your own, you may want to consider adding a co-signer with good credit to your application. Doing so could help you secure better terms, including a lower interest rate, which could save you a significant amount of money over the course of the loan.
• Holds you accountable. Adding a loved one as a co-signer may motivate you to comply with the terms of the title loan so you don’t hurt your loved one financially as a result of a missed or late payment.

These are some of the many reasons why you should consider adding a co-signer to your title loan application.

What Will the Co-Signer Need to Submit to the Title Loan Company?

If you’ve found someone to act as your co-signer, it’s important to understand what they need to submit to the title loan company during the application process.

Just like the borrower, the co-signer will need to sign a credit application and consent to a credit check. This means a hard inquiry will appear on the co-signer’s credit report.

The co-signer will also need to submit:

• Their driver’s license or another type of government-issued ID
• Proof of income such as recent pay stubs, tax returns, or bank statements
• Proof of residence such as their driver’s license, a utility bill, mortgage statement, or lease agreement

The sooner your co-signer submits this documentation to the lender, the sooner your application can be processed. 

What to Consider Before Adding a Co-Signer to Your Title Loan Application

There are several things you should consider when adding a co-signer to your title loan application, including:

• The person you choose should have good credit. If the person doesn’t have good credit, adding their name to your title loan application may not benefit you.
• The title loan company will keep all information confidential. You don’t have to worry about your co-signer having access to the documents you submit to the title loan company. Everything is kept confidential, which means your co-signer won’t see your information and you won’t see theirs. 
• Make sure the co-signer understands the role they are agreeing to play. Your co-signer should understand the risks involved with adding their name to your application. This way, they know what they are signing up for and the consequences they could face.

How to Apply for a Title Loan With a Co-Signer

If you’re ready to get the fast cash you need, follow these steps to apply for a title loan from INeedCashNow with a co-signer:

1. Contact our loan specialists. There are two ways to initiate the application process. You can either call 1-855-713-6522 to speak to a loan specialist directly or submit your information using the form on our website. If you submit an online form, a loan specialist will get in touch with you shortly.
2. Get a free quote. Your loan specialist will need some information about your vehicle to prepare your free quote. You may be asked about the vehicle’s make, model, year, mileage, and condition, for example. The quote will tell you how much you can borrow based on the information you provide.
3. Finalize your loan. If you need to add a co-signer to your application, now is the time to do it. Your loan specialist will explain what documents you need to sign and submit to complete your application. 
4. Get your cash. You can collect your cash shortly after your application is approved. Once you’re approved, you can either pick up your cash in person or ask to have it sent to you via check or wire transfer.

Tackle these four simple steps today so you can get the cash you need to make ends meet as soon as possible.