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Everything You Need to Know About Title Loans

December 04, 2019 | Louis Tully

 

A title loan is a loan using your vehicle title as collateral. You do not need to have a driver’s license, but you must have a state-issued photo ID to show. The loan is designed to be a short-term cash-flow strategy and not a go-to fix for long-term financial problems. You can pay for things like medical bills, repairs, or any other unexpected expense. Especially with the holidays coming up, a title loan can really help with budgeting. With your car title, you can get $601 - $15,000 at Carolina Title Loans.

What Do You Need To Get A Title Loan?

Before you are approved, there are certain documents you must bring with you to complete the process:

  • Your driver’s license or state-issued photo I.D.
  • Your lien-free car title to a vehicle in your name
  • Your vehicle for inspection

How Do You Get A Loan?

You can get your car title loan in as quick as thirty minutes. Whether you have good, bad, or no credit at all does not affect your ability to get your loans. You also do not need a license – just a state-issued photo ID and any vehicle where the title is in your name. You must also be 18 years or older in order to be eligible for a vehicle title loan from South Carolina. There are two options when it comes to getting your car title loans in South Carolina.

    • The classic option is to come into the store. First, just fill out the online form to explain your needs and a representative will quickly give you a call. Once the call is complete, you only have to drive to a location nearest you to finish the application process. Be sure to bring the vehicle for inspection, the title, and your driver’s license or state-issued photo ID. A store manager will then do a quick inspection on your car and help you complete your application.
    • If you can’t make your way to the store, the second option is to complete your application over the phone. Just call 1-800-514-2274 and a representative will start your application for you. Once finished and approved, the representative will meet you at any location you choose to check your title, ID, and do the car inspection. Once everything is signed and approved, your money will be deposited into your account the following bank business day. So, even if you cannot make it into the store, you can still rest assured you’ll be able to get your auto title loan.
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How Do I Qualify for a Title Loan?

To qualify, there are a few things you need to make sure of. Your car title needs to be in your name and lien-free. What does that mean? That means your title must be free of loans or judgments against it. Your car will also be inspected by a store manager when you arrive. The value of your car is determined through the condition of your car and from a nationally recognized pricing guide. Finally, the loan rep will help qualify you for a loan amount based on your needs, the appraised value of your car, your ability to repay the loan, and the applicable state law.

What Happens After I Am Approved?

Once all your documents are verified and your car inspection completed, you and your loan representative will go over your remaining questions and you are handed your loan agreement. This part is important as this agreement details everything you need to know about your loan and what happens when you give over your car title.

In your loan agreement, you can find information on your rates, fees, and charges. There will be what is called a “maximum rate schedule” that shows you what the maximum rates you’d be charged so you can make an informed decision as to whether you want to do business with SC Title Loans. Your loan agreement will also tell you about the late payment policy. Your vehicle will be used as collateral; this means if you cannot pay, your vehicle can be repossessed and sold. Again, whether you have good, bad, or no credit at all, you can still apply for a title loan and it will not affect the charges detailed in your agreement. The amount you can borrow is also stated in your loan agreement, but it can be anywhere from $601 all the way to $15,000. Another detail in your loan agreement is how often you can get a title loan from South Carolina.

Signing your loan agreement is not an obligation if you are not completely sure. You must read everything and make absolutely sure you understand and agree with everything before you sign. Ask questions and make sure your loan representative has gone over everything and has made the process clear and easy for you to understand. Once you understand everything and have made the decision you want to proceed, just sign the agreement and you will have your loan.