Do I Need A Cosigner To Get A Title Loan in Tennessee?

Daniel Joelson

Daniel Joelson

Total Posts: 351

Published Date: April 8, 2024

Daniel Joelson has been in the consumer finance space since 1994, he has helped to develop underwriting manuals for the financial sector. With a vast amount of Knowledge in consumer finance, he has been writing articles for all types of loans. With his knowledge, he is able to help many people to answer different financial problems.

Title loans in Tennessee can be a helpful solution when you are in need of quick cash, and sometimes having a cosigner can make the process easier. Let’s explore how title loans work in Tennessee, the role of cosigners, and what you need to know to make informed decisions.

For lenders to offer title loans in Tennessee, they must have a consumer finance lenders license, and they must comply with all of the state and federal laws.

Understanding Title Loans in Tennessee

A title loan is a type of loan where your car’s title serves as collateral. This means that you can borrow money based on the equity in your vehicle, regardless of your credit score. In Tennessee, some lenders may require a cosigner to increase the likelihood of approval.

Cosigners and title loans in Tennessee
Tennessee title loans with cosigners

What is a Cosigner?

A cosigner is someone who agrees to take financial responsibility for the loan if you are unable to make payments. Having a cosigner can be beneficial for borrowers with bad credit or low income because it improves the chances of approval and may lead to better interest rates.

Why Some Lenders Require Cosigners

Lenders in Tennessee may ask for a cosigner if they have concerns about the borrower’s ability to repay the loan based on income or credit history. A cosigner provides additional security for the lender, making them more comfortable with approving the loan.

Factors to Consider with Cosigners

Before deciding to use a cosigner for a title loan in Tennessee, consider the following:

  • Approval Chances: A cosigner can increase your chances of loan approval.
  • Interest Rates: With a cosigner, you might qualify for lower interest rates.
  • Responsibilities: The cosigner is legally responsible for the loan if you default.
  • Choosing a Cosigner: Select someone with stable finances and good credit.

Qualifying for Title Loans in Tennessee

To qualify for a title loan in Tennessee, you will typically need:

  • A clear car title in your name without any outstanding liens.
  • Proof of income to demonstrate your ability to repay the loan.
  • Valid identification such as a driver’s license.
  • Proof of residency, like a utility bill or lease agreement.

Benefits and Risks of Cosigners

Using a cosigner for a title loan can have advantages, such as improving approval odds and securing lower interest rates. However, it is important to consider the risks, as the cosigner becomes responsible for the loan if you’re unable to make payments.

Finding a Suitable Cosigner

If you need a cosigner for your title loan, choose someone you trust and who understands the responsibilities involved. Ensure they have a stable financial situation and are aware of the potential risks.

Conclusion About Title loans and Cosigners in Tennessee

While not all lenders require a cosigner for title loans in Tennessee, having one can be beneficial if you have bad credit or limited income. Before deciding on a cosigner, discuss the terms and risks thoroughly to ensure everyone involved understands their obligations.

Contact us today for more information on getting a title loan in Tennessee. We are here to help you navigate the process and secure the funds you need, with competitive rates and transparent terms. Let’s work together to find the best solution for your financial needs.


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DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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