car title for money

How Do Monthly Payment Title Loans Work?

It's a great feeling when you pay off a vehicle. You don't have to budget for your car payment each month and you get the lien-free title to the vehicle with your name on it because you outright own your car. It also gives you the ability to use your car to get a loan. Carolina Title Loans, Inc. is in the business of getting people the money they need in emergency situations with title loans.

You can borrow against the title of your vehicle when you own it outright. As long as your name is on the title to the vehicle in your possession, you could qualify for our monthly payment title loans. Keep reading to learn how easy it is to get a title loan and how the process works. 

How do monthly payment title loans work?

What Is A Title Loan?

Let's start with a brief overview of what a title loan is in case you aren't quite sure what we're talking about. A title loan is a collateral-style loan. You borrow money against an asset that you own. In this case, we're talking about your vehicle.

Once you completely pay off your car loan, the lender sends you the title to your car with your name on it as the owner. That title is valuable. Say your refrigerator bites the dust. It stops working and there's no fixing it. You need a new refrigerator stat. But there's no room in your budget for one.

Carolina Title Loans, Inc. can get you the cash you need within the day to go buy a new refrigerator. Then, you'll agree to a payment plan to get the money back to us. You'll get the new appliance you need, keep your vehicle throughout the duration of the loan, and have payments you can handle.

Can You Qualify For Monthly Payment Title Loans With Bad Credit?

Here's some great news if you're worried about your credit history. Our monthly payment title loans aren't dependent on your credit score. These are loans that are backed by the vehicle you own. Though we don't expect you'll have a problem paying back your loan, we know there is an asset you can sell to get the money back to us.

So, your credit history is far less important to us. In many cases, we can even approve monthly payment title loans for people with no credit established. It's a good option if you have a clear title to your vehicle and need funds.

What Do I Need To Get A Title Loan?

Generally, you do not need much. All you'll need is your vehicle, the title in your name, and a state-issued ID. This can be a license or an ID card. The loan specialist may come across a reason to ask for something extra, like a pay stub or other proof of employment. But, this is not standard. You don't even need a checking account to qualify for our monthly payment title loans. 

How Do I Get Started?

All you need to do is go to our homepage and fill out the simple inquiry form to let us know you want to be contacted. One of our loan representatives will reach out and explain what happens next. This person will go over all the things you need to know and help you schedule a meet up with the inspecting agent.

It's up to you where you'd like to meet your agent. You can use our store locator to find the closest title loans location to you. Or, you can schedule an appointment to have the agent meet you at a neutral location or even at your home. Just make sure you have the vehicle with you wherever you decide to have this meeting.

How Much Money Can I Get With A Title Loan?

The limit of your loan will depend on how much the vehicle is valued at during the inspection and your vehicle's resale value. The valuation is done by a professional inspector who uses a national pricing guide to help calculate the resale value. 

$15,000 is the maximum you can get on a title loan, though. Things like normal wear and tear can bring the value of your vehicle down, but that doesn’t mean you can't still get approved for some amount of money.

title loan payments cash calendar

The Bottom Line

Monthly payment title loans are good options for people who have the titles to their vehicles and have unexpected expenses come up that they cannot afford. Your vehicle is an asset you can borrow against so you can continue to pay your normal bills while still taking care of what pops up.

Carolina Title Loans, Inc. is here to help you in times of financial stress. If this sounds like a good fit for your needs, fill out the inquiry form on our landing page and talk to one of our expert loan representatives 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.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.