At Lake Title, we do allow our customers to utilize a cosigner in the event they need one to complete their title loan request. Common reasons a cosigner may need to be utilized is because of dual ownership (2 owners on the title), supplemental income, proof of residency or shared financial responsibility of repayment of the title loan. In most cases, your cosigner is not required to be an owner on the title of your vehicle so you will not need to stop by the DMV to have anyone added to your vehicle title.
Dual Ownership:
Vehicles with dual ownership can be a bit tricky, since having a dually owned vehicle doesn’t necessarily mean that your co-owner will be required to be on your title loan request. For Florida titles, you will need to look at the way your names are joined on the title. If the names are separated by ‘OR’, this allows either party the ability to apply for a title loan without the other party, using the vehicle as collateral. If the names are separated by ‘AND’, both parties on the title will be required to be applicants on the title loan request. For Georgia titles, the names are not separated by any words so both parties are required to be applicants on the title loan request.
Supplemental Income:
We frequently have cosigners added to the title loan request in order to provide additional proof of income to ensure the title loan request is approved for the maximum amount you need. As in most financial applications, your recurring income allows for a larger loan amount approval to ensure the ability to repay the loan. Having a cosigner to provide additional income to complete a title loan request is frequently done.
Proof of Residency:
Another common reason that applicants request a cosigner be added to their title loan request with Lake Title is proof of residency. It is a requirement that you and your cosigner reside at the same address if you are using a cosigner for proof of residency.
Shared Financial Responsibility:
Sometimes, the repayment of the title loan is a shared responsibility which will require a cosigner on the account. When title loan borrowers are working with friends or family to assist them in a financial need, we always encourage that both parties are applicants and account holders on the title loan; regardless of the reasoning. Essentially, this allows for both parties to be recorded on the paperwork and account for the title loan, and makes it easier for the borrowers to communicate with Lake Title regarding the status of the account, making a payment or paying the loan off completely, without having to burden one account holder with all of the responsibility.
Still have questions about using a cosigner and what all will be needed? Please feel free to reach out to one of our friendly office representatives at (352) 692-2274 and we will be more than happy to assist you!