If you're wondering, "Can I use my car as collateral for a loan in S.C.?" you've come to the right place. Auto equity loans use your paid-off, lien-free car title as collateral, offering you a quick and easy option to get the urgent cash you need to face a financial emergency.

This helpful guide from Carolina Title Loans, Inc. will cover how title loans in S.C. work and share the steps you can take to get an auto money title loan for yourself. We will also explain how your vehicle can affect approval and the loan amount for your car title loan.

Can I Use My Car As Collateral For Auto Equity Loans In S.C.?

Your paid-off, lien-free car title can act as collateral for a car title loan. Although your vehicle is an important component in getting a title loan, your paid-off, lien-free title is the most important factor.

Let's break down the process for those who have not put up collateral. Collateral is any asset a person owns that is offered to a lender in case that person defaults on their loan. If the person decides to stop paying and defaults, the collateral asset legally belongs to the lender. This is when you hear the term "repossess," which means the lender legally takes and possesses the collateral.

With a title loan, you will use your lien-free title as collateral. This means the vehicle title should have no liens or legal claims against it. While this might sound daunting, as long as you plan to repay the loan, the collateral will remain securely yours.

Using Auto Title Loans For Emergencies

Now that we've answered, "Can I use my car as collateral for a loan in S.C.?" let's discuss when you should consider using car equity for loans. Any quick cash loan should only be pursued when someone is in a tough financial situation.

If you face a financial emergency that you cannot afford, you could use your car title as equity for a vehicle title loan. You should only attempt to get a car title loan if you cannot afford the urgent expenses out of pocket.

The following are some financial emergencies that a title loan can help pay for:

• Late bills (mortgage, rent, utilities, etc.)
• Automotive repairs
• Home renovations
• Unexpected travel costs
• Pet health emergency costs

How Can Your Vehicle Affect Getting A Title Loan?

When you get a title loan, you use your vehicle title as collateral for the loan. If you aren’t using the vehicle itself, does your vehicle matter when getting a car title loan?

The answer is yes. Your vehicle will serve a role in determining if you can gain approval for a car title loan and how much you can receive from a loan lender.

A Vehicle Inspection Impacts The Loan Amount

In addition to analyzing your specific situation, we'll need to inspect your vehicle to decide your loan amount. Your car's maximum value will be the total value of your auto money title loan. For example, a car worth $8,000 will only qualify you for a title loan of up to $8,000. Even though you can get approved for up to $15,000, the condition of your vehicle only allows you to get approved for $8,000.

When inspecting your vehicle, our loan representative will analyze your car's:

• Make
• Model
• Year
• Mileage
• Noticeable condition (e.g., any damage, accidents, issues, etc.)

The Condition Of Your Car Can Affect Car Equity Loan Approval

In most cases, you can still receive a car title loan, even if you have an older car with damage. Dents, scratches, and worn upholstery can lower the value of your title loan but not keep you from receiving emergency cash.

However, a loan lender may not give you a loan for a majorly damaged car. If your car is missing windows and doors and can barely work properly, a loan lender may not feel comfortable using your car equity for a loan. They may feel the car is so damaged that it is not worth giving out a car title loan.

Using Your Vehicle And Vehicle Title To Get Approved For An Emergency Loan

Some lenders ask for a long list of documents to prove the borrower can repay the loan. This could include asking for a good credit score, looking at employment verification forms, analyzing pay stubs, etc. Banks and credit unions are fond of this paperwork, but Carolina Title Loans, Inc. is not.

Instead, South Carolina title loans bypass the lengthy and tedious traditional loan application and focus on collateral. We trust that our borrowers will repay the loan as promised with the funds they already possess or plan to receive. Since a paid-off, lien-free title secures the loan, borrowers with poor credit can pursue this emergency option, too.

Our loan representative will inspect your car at the in-person meeting and use its condition to determine your approval. If approved, you can continue to drive the car as usual--just ensure you stick to the repayment schedule.

How Can You Start The Car Title Loan Process?

Carolina Title Loans, Inc. allows potential borrowers to begin the process of getting a title loan online. You can fill out the online form with basic information before hearing back from one of our loan representatives.

They will call you to verify the information and schedule an in-person meeting. You do not have to come to one of our South Carolina locations; we will meet you at a convenient location like your home or office.

What Do You Need To Get Approved For A Car Title Loan?

At the in-person meeting, our loan representatives will verify your required items to determine if you can get approved. You must bring your driver’s license or other state identification, your lien-free vehicle title in your name, and your vehicle for inspection.

After verifying your required items, they can use the condition of your car to determine the loan amount you can qualify for. They can present loan documents for you to sign. You can sign them and receive $601-$15,000 the same day or the next business day.

Use Your Vehicle And Vehicle Title To Get Emergency Money With Carolina Title Loans, Inc. Today!

Your vehicle is a vital part of securing a loan using your car equity. A representative from Carolina Title Loans, Inc. will inspect your vehicle to determine if you can get approved and for how much.

If you want to use your car equity for a quick cash loan, head to our website and fill out the online inquiry form. One of our loan representatives will call you shortly to walk you through the process of securing emergency money from auto equity loans.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.