When you're in a financial pinch, it can be a struggle to pull together the funds to get yourself out of it. Whether it's home repairs, vehicle breakdowns, medical bills, veterinary fees, or something else entirely, life has a way of throwing curveballs when you least expect them. If you don't have a large enough emergency fund, you may feel you have no other options.

Thankfully, that is not the case — you can leverage your vehicle's value to access quick title loans in South Carolina. With our loans, you can borrow between $601 and $15,000, depending on your car's worth, to cover the emergencies listed above. In this guide from Carolina Title Loans, Inc., we will explain how to get a title loan for emergency expenses today!

Can You Use Your Vehicle’s Value To Borrow Emergency Cash?

Typical loans require a strong credit score and numerous other hard-to-meet requirements. When you use your vehicle's worth to get a loan from us at Carolina Title Loans, Inc., you don't have to worry about that. Your vehicle's value is the main factor in your ability to borrow money, allowing you to access funds quickly during pressing situations.

Despite widespread belief, you don't have to leave your car with us while you repay the loan. We simply place a lien on your title, allowing you to continue your driving routine as normal. We only need to inspect it initially to establish how much it's worth (and thus, how much you can borrow).

5 Vehicle Factors Affecting Your Title Loan Value

With the above in mind, it's important to understand the factors that impact your car's value. After all, it's the variable that will impact how much you can borrow from one of our South Carolina loans. We will use a nationally recognized pricing guide to determine how various car factors influence its value.

Here are the five vehicle factors that can affect your title loan’s value:

1. Make and Model

As you know, some cars are worth more than others due to their make and model. Manufacturers like Tesla, Lexus, and Jaguar tend to be more expensive than those like Toyota or Kia.

To establish how much your vehicle is worth, we start by taking a look at the average South Carolina car prices for your make and model. You can find the state's most popular cars and their approximate value ranges in the following list. However, it's important to remember that age, condition, mileage, and other factors greatly impact your car's actual worth.

The following are the average prices of popular car makes and models:

• Honda CR-V — Recent models can run from the mid $20,000 to $30,000+ in South Carolina, while much older ones can be under $10,000.
• Honda Accord — The average cost is about $17,000. However, newer models can fetch over $20,000, and 2010s models typically fall around the $10,000 to $15,000 mark.
• Nissan Altima — Very old Nissan Altima models might be worth $7,000 and under, but recent models have a potential value of about $12,000.
• BMW 3 Series — Models from 2020 and later fall within the $20,000 to $40,000 range, with M Performance trims extending even higher. For older models, you can expect a value between $10,000 and the low $20,000s. 
• Chevrolet Silverado — 2015 to 2017 models start from around $8,000 and run above $25,000. However, those registered in 2023 hold a potential value of between $20,000 and $25,000. Some new models fetch more than $35,000.
• Ford F-150 — Those manufactured in 2020 and later average $30,000 to $32,000, but older models can be worth as low as $5,000 and as high as $32,000.
• Mercedes-Benz C Class — Models registered between 2015 and 2020 generally come in under $20,000. Newer models, however, can be between $30,000 and $40,000. 
• Jeep Grand Cherokee — Older models (early 2010s) range from $10,000 to $15,000, with those registered between 2018 and 2020 falling into the $18,000 to $25,000+ band.

While the average value of these makes and models can influence the title loan value, the age of your specific car will likely have a greater effect on how much you can borrow.

2. Age

Generally speaking, the newer your vehicle, the more it's worth. Naturally, this doesn't apply to vintage or classic cars, but for most vehicles, you'll be able to borrow more if you own a newer vehicle outright. As with the make and model, we consider South Carolina car prices when determining how much its age will affect its value.

An older, damaged car will obviously not be as valued as a newer car without as many mechanical issues. Keep that in mind when assessing whether a title loan is the right option for you. If you need over $10,000 for an emergency cost, such as medical bills, using an older car from before 2000 that has a damaged exterior probably won’t work out.

A vehicle factor that goes in tandem with your car’s age is its mileage, which can influence its value.

3. Odometer Reading

The lower the mileage, the more it's worth. In South Carolina, the average annual mileage is 10,000 to 12,000 miles. Low mileage is anything below 10,000 miles per year, making high mileage anything above 12,000 miles per year.

The latter will negatively affect the price, while the former will positively affect the value. The mileage can indicate the vehicle’s wear and tear. One that has been used a lot will be worth less than a newer vehicle.

A car that has a lot of miles on it probably has some issues with its condition, which can affect the vehicle’s value.

4. Condition

Of course, cars that are in better condition are worth more than those in poorer condition. If you've taken good care of your 2015 Chevrolet Silverado, for example, and somebody else hasn't taken care of their 2015 Chevrolet Silverado, yours will be worth more. 

Keep in mind that anything from dents to scratches to stained interior to failing wiring will negatively impact its overall condition. Your interior condition will affect the value just like the exterior condition. Your car’s service history can affect its condition, as deteriorated parts can devalue the vehicle.

5. Modifications

If you're a car person, you may think that modifications like aftermarket exhausts, decals, spoilers, racing stripes, and more add value to your vehicle. However, they actually decrease its worth, as the typical car shopper may fail to see the value in your customizations.

If you're looking to leverage your car's value to the fullest with a title loan, it's best to remove modifications before bringing your vehicle in for inspection.

Once you feel your car is ready, you can leverage its value by seeking out a title loan. Read on to learn about tier loan requirements and the approval process.

How To Get A Title Loan In South Carolina

At this stage, you know exactly how we evaluate your vehicle's worth and thus, how much you may be able to borrow. All that's left now is to explain the steps. Before beginning the process, you will need to make sure you have the required items: a driver’s license, a lien-free vehicle title in your name, and a vehicle for an inspection.

Once you have these items, you can complete the steps below to get approved:

1. Complete our online request form
2. Speak to a loan representative over the phone
3. Bring your required items to the nearest South Carolina store location
4. We'll check your documents and evaluate your vehicle's worth.
5. If you are happy with the amount, we will help you sign the paperwork
6. Receive the amount you qualified for later that day or by the next business day

Get A Title Loan In South Carolina – Borrow Up To $15,000 Today!

You don't have to sell your car to leverage its worth. With us at Carolina Title Loans, Inc., you can use your vehicle’s lien-free title and the car's value to borrow up to $15,000 during a financial emergency. If you're ready to start the process, simply complete our easy online title loan form, and we will guide you through the rest to approve your person in 30 minutes.

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