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Auto Title Loan with Cosigner?
I own my car and need to take a title loan. The problem is that I am currently unemployed (yes people, things are that bad) so I cant prove income. My question is, can I use a cosigner with great employment history and proof of income to get approved for the loan, even if that person is not on the car title?
Thanks
P.S Please no lectures on how bad title loans are. I have exhausted all my other options and I need to pay rent.
4 Answers
- FlusteratedLv 71 decade agoFavorite Answer
No lectures here!! The problem is going to be finding someone who is willing to put their good credit history in your hands & you may have to add their name to the title first. By your own admission you have no way of paying the money back right now, so even though you have every intention of doing so the fact is that it just might not happen. Your friend would then be stuck making the payments or taking a credit hit for you - it would have to be an awfully good friend to be willing to take this chance. It may be easier to sell the car - I know you probably don't want to, but as you said...times are tough & rent needs to be paid. You need to decide which is more important at this point - having a car, or a place to live. Otherwise, is there someone you can move in with until you get over the hump? Your situation does suck & there are so many in the same shoes as you are - things just have to get better soon. Good luck to you - hopefully you'll find work and won't need to sell the car or move.
- InvictusLv 76 years ago
Some car title loans company approve loans from borrowers who aren't employed. Do try to find such.
For car title loans Waukegan, IL, see http://www.aaa1autotitleloans.com/waukegan . The same company also offers loans throughout California, Illinois, Missouri, and Wisconsin.
- Anonymous1 decade ago
I think you can do that just remember to make good on the loan or else both you and your co-borrower will be on the hook.