auto money title loan personal finance

How Are Auto Money Title Loans Different From Traditional Loans?

Those needing extra money for an emergency may be considering auto money title loans compared to traditional loans. There are some vast differences between the two and the one you choose may depend on things like your credit, the speed you need the money, and how much you need. It helps those looking at loan options to understand the differences so you can decide which is best for you.

Three Factors Mark Key Differences

1. Credit Scores

Credit scores can make or break any opportunities for loans. Those with marginal or low credit scores are going to find it challenging to get a traditional loan without a co-signer. You can build up your credit score but that takes time. You may need money now.

Auto money title loans are secured loans offered through alternative financing. That means no bank is involved and each store makes its own policies and approval decisions. Also, stores offering auto money title loans typically don't do a credit check because the title serves as collateral.

That means your credit score doesn't carry the weight of these types of loans as they do with traditional loans. Auto money title loans are often an option that those with bad credit can access.

2. Quick Money

A traditional bank loan is usually pretty slow in getting an applicant approved and giving them access to money. Paperwork is involved and sometimes the application has to be submitted to a regional office. Money can be approved within 14 days but that doesn't help those trying to pay for an emergency.

Auto money title loans work much faster. The application process can be done in as little as 30 minutes with a decision following. In many cases, money can be made available either the same day or the following business day depending on the private lender.

3. The Amount Of Money

The amount of money you are allowed to borrow could be crucial to paying for an emergency, especially if it's something like a roof repair or a water main break at your home. Even a car repair can cost thousands.

Traditional loans from banks and other financial institutions are usually conservative in the amount they lend. They look at your past credit history, your current job and earnings, and the other debt you carry to make that determination.

Auto money title loans look at the value of your car that you own and your ability to repay. The time you have on the job or even if you have a job doesn't matter as long as you have a source of income to repay the loan.

Those who have a lot of value in their car can borrow a lot more money. Vehicle loans are one way to tap into the equity that you have in your vehicle that you own. For many people, a vehicle is one of the largest investments they will make and one that has immediate equity. This is particularly true for those who don't have other assets they can use to secure a loan.

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Title Loans In South Carolina

Those looking for title loans in South Carolina can look to us at Carolina Title Loans, Inc. for help. We offer auto money title loans from $601 to $15,000 to help with any emergency expenses you may have. The requirements for applying are simple. You just need a photo ID like a driver's license or a state-issued photo ID, your vehicle, and a clean title for that vehicle.

Those with bad credit can apply and you can keep your car during repayment. The process once you meet with a loan representative can be done in as little as 30 minutes. Money is given to you by the end of the next business day.

Starting The Process

People needing money now for emergencies can start the process by filling out the online inquiry form on the website. It will be sent to the closest store to you and a loan representative will call you.

They will answer your questions, make sure you have what's needed to apply, and set up an appointment either at the store or at a location closest to you. Bring your documents and your vehicle for an inspection and fill out the application with the loan representative. They will see if you are approved, and the money is sent to you quickly.

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Submit The Inquiry Form

Getting money for an emergency with a title loan from Carolina Title Loans, Inc. is one of the simplest and easiest options when compared to traditional bank loans. Fill out the form now to find out how auto money title loans can help you.

It could relieve not only your unexpected expense but a lot of stress too. Let a loan representative talk to you about your options with a phone call today! Submit the form to look at your options.

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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.