What Is A Secured Loan Against Car Title?

January 10, 2022 | Daniel Dewitt

secured loan against car title

 

When you have emergency expenses you cannot handle alone, you might look to get a secured loan against your car title. A secured loan against car title, otherwise known as a title loan or auto title loan, allows you to borrow a lump sum of money, depending on the value of your vehicle.

We determine your vehicle's worth by evaluating several factors, allowing us to give you the cash you need to fund your financial emergency. Before you begin the process, you need to know the definition of car title loans in more detail. Here is information about title loans you need to know.

What Is A Secured Title Loan?

A secured loan against car title is a form of short-term loan that can help pay for unexpected expenses like overdue bills, urgent home repairs, and medical expenses. With max auto title loans from us at Carolina Title Loans, Inc., you can borrow between $601 and $15,000, based on your vehicle’s value – which we determine through a quick inspection.

The process takes as little as 30 minutes, and you receive the money on the same or next bank business day. And even if you have poor credit you do not need to worry because you aren't required to have a good or perfect credit score. We stand your vehicle in higher stead than your financial history.

How We Value Your Vehicle

When it comes to the vehicle inspection, it's worth knowing how we value your vehicle. That way, you can determine if your vehicle will possibly get you as much as you need before diving headfirst into the title loan process. When deciding how much we can offer you, we look at make and model, condition, mileage, and age. Here is a breakdown of each category:

  • Make and model — Luxury automobiles always command a higher value (Lexus, Range Rover, Acura, and Cadillac). When purchased new, they might be worth six figures, but they often retain their value thanks to their high performance and high-tech features.
  • Vehicle's condition — Make sure you regularly change your oil, rotate tires, and keep up with regular services. Otherwise, you risk prematurely decreasing the value. It's also a good idea to take care of the cosmetic appearance, as this impacts its value. Dings, scratches, stained seats, and cracks might lower the price considerably, depending on the severity.
  • Mileage — Look at your odometer because it impacts your car's worth. High mileage is a great indicator of wear and tear. If you've ever bought a used vehicle, you'll notice the higher mileages sell for less money. Despite regular services keeping your car in good condition, the odometer reading doesn't lie.
  • Vehicle's age — As manufacturers release the latest vehicle models with brand-new features and sleek designs, the value of the older models decreases. Plus, most cars lose roughly 60% of their value within the first five years of their life. So, a car older than five years is worth a lot less than a two-year-old vehicle, for example.

 

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How To Get A Secured Loan Against Car Title

Now that you know about title loans and what to expect with our process, all you need to know is how to get a title loan to fund your emergency! Luckily, getting a title loan from Carolina Title Loans, Inc. is simple and quick. Just follow our process below to get a better understanding of what you can expect:

  1. Fill out the online form on our website to start the title loan process. Be sure to pick up the phone when one of our loan representatives calls you. We will tell you about the process and ask whether you wish to meet at the nearest auto title loan SC location or a more convenient place.
  2. Afterward, head to the agreed location with your driver's license or another form of state-issued photo identification, your vehicle, and your lien-free title to your vehicle. A loan representative will conduct a five-minute vehicle inspection to determine how much you qualify for.
  3. If you are eligible for the secured loan against car title, you complete the paperwork with the help of our loan representative. Finally, once you are done, you receive the amount you qualify for on the same or very next bank working day!

Enquire About A Secured Loan Against Car Title Now!

The next time you are dealing with an emergency, you do not have to handle any of the expenses alone. A secured loan against car title can be just the thing to help you pay off your emergency expenses and get back to financial stability. With us, it's easy — start with filling out the online form for the quick cash you need to fund your emergency.