toy car and cash for car equity loan

What Is A Car Equity Loan, And How Can I Get One?

A car equity loan is an often-misunderstood resource that can help you recover quickly after an emergency leaves your finances in shambles. Here’s how they work with Carolina Title Loans, Inc., and how you can apply for one today!

Car equity loans, or title loans, use your lien-free vehicle title as collateral, allowing you to borrow money for your expenses. Over time, you will make payments towards the loan in installments. To get one, you must inquire through our website, follow through with an in-person inspection process, and fill out the application.

While it may seem daunting, a car equity loan is much simpler than it appears at face value. In this article, we’ll break down this loan category, when it’s right to consider, and how you can get one today.

The Definition Of A Car Equity Loan And How To Get One

A car equity loan, often referred to as a title loan, is a loan that uses your lien-free car title as collateral, putting it in the category of secured loans. With a fast loan, you don’t need good credit or jump through many hoops to get approved.

Because you’re putting up your lien-free vehicle title as collateral, you’re signaling your willingness to repay the loan according to the terms provided. Generally, the structure of a title loan is as follows:

woman with car equity loan money

Essentially, the lender places a lien against your vehicle and holds onto the title in exchange for a lump sum. The money can be used at your discretion, although it’s best used to tackle emergency expenses.

Over time, you’ll pay installments toward the loan, plus interest. Once the loan is paid off, the lien will be removed. You can continue using your vehicle as usual during the repayment period.

When Is A Car Equity Loan Sensible?

The mere idea of borrowing is off-putting to many people, and for good reason. Often, loans can be detrimental to your finances if used sparingly. For example, using any loan to purchase a TV you can’t afford is foolish and will result in a more significant financial headache.

Rather than using loans for things you want, it’s much wiser to use them for things you need, such as any of the following:

  • Urgent home or car repairs
  • Pest treatments
  • Rent or utility payments
  • Any late or overdue bills
  • Medical expenses
  • Emergency travel

In these situations, ignoring the problem doesn’t do anything and will usually result in more expenses. As such, it’s preferable to take on debt in the form of a loan to cover these needs; in most cases, the costs associated with taking out a loan are lesser than the snowball of debt you might find yourself in after missing a vital payment—not to mention the stain on your credit.

How Can I Get A Car Equity Loan?

A car equity loan can be a boon to your financial situation if the situation calls for it. Here’s what you’ll need:

  • Your driver’s license or state-issued ID
  • Your lien-free vehicle title
  • Your car itself for inspection

You’ll also need to be 18 or older and ensure the title is in your name.

woman with cash from car equity loan

The Step-By-Step Process

If you’ve decided that a car equity loan is right for your needs, here’s our step-by-step process to apply:

  1. Fill out our online form.
  2. Wait for a representative to call you back.
  3. Schedule an in-person meeting with the representative.
  4. Bring your required items to the location, either the store or the place you choose.
  5. Follow through with the inspection and follow-up paperwork.
  6. If approved, get your money the same day or the following business day.

When you speak with a representative, they will gladly explain the loan process, including your monthly payment schedule. If you have concerns about whether taking on debt is the right call, they can help you discern whether a title loan can help you.

Get Your Car Equity Loan Today!

Carolina Title Loans, Inc. offers fast title loans to help you confidently tackle emergency expenses. If you’re struggling after a sudden unplanned expense, then leveraging the value in your car title is an option worth considering in some cases, and doing so can get you up to $15,000 toward your expenses.

Our in-person process takes as little as 30 minutes, and if you’re approved, you’ll get your quick cash the same day or the following business day. If you’re ready to apply, fill out our online form to start today!


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

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.