Getting a car title loan can be a noticeable financial weight to take on. Therefore, it is not something to be considered lightly. With the kind of responsibility that comes with such a loan, it is natural to wonder whether you need to have a cosigner on a title loan.
Do I Need a Cosigner on a Car Title Loan Through Max Cash® Title Loans?
With Max Cash Title Loans, you are not required to get someone to co-sign on your loan. However, when going to get a car title loan when you are having problems regarding your income and/or credit history having a cosigner for the loan may increase your chances for approval.5
Who Can Act as a Cosigner on a Title Loan?
Almost anyone can be a co-signer on a title loan as long as they are at least 18 years old, have good credit, and are well-informed about their obligations and responsibilities when signing onto a loan. Additionally, a co-signer should be able to meet the requirements that the lender being dealt with might have. In fact, people that you could consider asking to act as a cosigner on your car title loan include:
- One of your parents
- Your spouse
- Any of your close friends
- One of your relatives
Things You Need to Keep in Consideration Before Having Someone Co-Sign A Loan
Basically, you need to make sure that you have a complete understanding of the financial burden you would be asking the cosigner to take on before you approach them to ask that they co-sign your car title loan. If they put their name down on your papers, they will be legally responsible for the money you borrow through a title loan. If, for some reason, you default on one or more of the loan payments, they must handle it in your stead.
Additionally, you need to make sure that you are as responsible as you can for the car title loan that you take out. Your actions (or lack thereof) have serious consequences that could heavily affect someone else.
As you are in the process of repaying your car title loan make sure that you keep an open and constant channel of communication with the cosigner. They need to be aware of the current state of the loan repayment as often as you can manage to inform them. If you feel as if you can’t make a loan payment, inform them immediately. They can make a payment for you in most cases!
Things You Should Take into Consideration Before You Sign On to a Loan
Firstly, if someone you know asks you to be a cosigner on a car title loan, both of you will have to do some serious evaluation of the situation overall before both of you can come to any kind of agreement. Essentially, the two of you need to have a serious conversation! Make sure to go over all the pros and cons of a loan being co-signed. Discuss the amount of money the loan will be for along with the interest rate. From there you should work together to devise a strategy and schedule of communication. That way, you are able to stay up to date on the present state of the car title loan you would be co-signing on.4 5
Ready to Apply for a Title Loan? Get in Contact with Us
Do you have any questions about a past, present, or future car title loan? If you need to talk to us for any other reason, you can get in touch with us by:
- Calling or texting us directly at 1-855-561-5626
- Emailing us at info@maxcashtitleloans.com