Cosigners are absolutely a possibility with Jacksonville Title! Common reasons that our customers utilize a cosigner on their title loan is because of dual ownership of the vehicle, supplemental income, proof of residency, or shared financial responsibility with the repayment of the title loan. In many cases, we can allow for a cosigner on a title loan application without the cosigner actually being a registered owner of the vehicle, so you do not need to go to your local DMV to add your cosigner on the title of your vehicle in order for them to be added as a cosigner on your title loan application.
Dual Ownership
A vehicle with dual ownership can be tricky – just because the vehicle is dually owned, does not necessarily mean that the co-owner is required on your title loan application. On the title, what you will need to pay attention to is the way that the names are joined. If the names for the owner of the vehicle are joined by ‘OR’ this separation of the names grants either party the ability to apply for a title loan, using the vehicle as collateral. If the names for the owner of the vehicle are joined by ‘AND’ or even sometimes, nothing at all to connect the two names, this requires both parties to be the applicants for the title loan application.
Supplemental Income
Cosigners are frequently added to a title loan application to provide additional proof of income in order for your title loan application to be approved for the maximum amount that you need. Like in most financial applications, the amount of income that you have coming in allows for a larger loan amount approval for the repayment of the transaction so having a cosigner to provide additional income for your application is frequently done.
Proof of Residency
Proof of residency is another common reason that applicants have a cosigner added onto their title loan application with Jacksonville Title. We do require that if you have a cosigner for proof of residency and your cosigner is the one providing the documentation for proof of residency, you and your cosigner must reside at the same residence.
Shared Financial Responsibility
Sometimes, our applicants have a shared responsibility for the repayment of the title loan, and this requires a cosigner on the account. Regardless of the reason, we always encourage title loan borrowers when working with family or a friend to assist them in a financial need that both parties are applicants and account holders on the title loan. This allows for both parties to be recorded on the title loan paperwork and makes it easier for either borrower to communicate with the company in regards to the status of the account as well as make payments and payoff the title loan without placing all of the burden on the one account holder.
Want to know more about applying for a title loan with a cosigner? Call us today at (904) 880-2274 to allow one of our friendly and helpful customer service representatives assist you with your title loan application questions! We look forward to assisting you!