woman in car for car title loan

How Does A South Carolina Title Loan Work?

Many loans are available in the United States, each unique and has different terms and conditions. A title loan is one of the quickest ways of borrowing money, which makes it an option for more urgent financial situations. But, you might be thinking to yourself - how does a title loan work? 

When you get a title loan, you pledge your lien-free car title as collateral - and therefore, the amount you can borrow depends on how much your vehicle is worth. In this article, we will look at how exactly a title loan works and how you might be able to get one. 

How Does A South Carolina Title Loan Work?

Is Your Car’s Value Significant?

As we’ve explained above, the value of your car - as estimated by a representative of your chosen leader - determines how much money you can borrow for your title loan. 

A big part of the answer to the question 'How does a title loan work?' is car value and how it ties in with your title loan. Generally, lenders will let you borrow between 25% to 50% of your total car value in a title loan. 

Due to the importance of your car’s worth when considering a title loan, it’s a good idea to get a car value estimation from a few professionals before applying for any loans. These evaluations include anything from how the car runs and drives to its age and mileage. 

This will help you understand how much you would be able to borrow, as well as how much you can afford. With this understanding of your car’s value and your overall loan affordability under your belt, you’ll be well-equipped when searching for the right title loan for you. 

man in car counting quick title loan cash

How Much Does Your Credit Score Matter?

Because your lien-free car title is used as collateral for a title loan, your credit score is less important when you apply for a title loan - but you will still most likely be credit checked by your chosen lender. 

Despite this, however, lenders are more likely to look at your car value and overall loan affordability than your credit score when it comes to auto title loans, which makes this loan a solid option for those with poor credit scores or history. Therefore, your score does matter with title loans, just like with any loan, but it matters less. 

Can I Apply Online Or In-Store?

Depending on your chosen lender, you can apply online, in-store, or a combination of the two! These days, lenders are increasingly providing website forms you can fill out to be put in touch with a representative, which is ideal for many in our modern age of technology.

However, if you’d prefer to get a face-to-face appointment with a natural person so you can talk through your options, this is also a service many lenders offer! Also, if you’re looking for a mix of the two, many lenders provide online and in-store services and appointments. 

What Is The Application Process Like?

Another part of the answer to your likely question (how does a title loan work?) is the application process. If you’ve filled out an online title loan form, the application process is likely to be fast and seamless and can sometimes take as little as 30 minutes, making this type of loan ideal for those in tight, often urgent financial situations. 

After filling out the form through the lender’s website, a representative from your chosen lender usually contacts you- often via telephone. During the call, you can arrange for them to come and inspect your car and your ID and vehicle documents. 

Once this is done, they will assess everything before getting back to you to let you know if you have been approved. If approved, you will likely receive your money on the same or the next business day!

man with title loan money

Why Choose Carolina Title Loans, Inc.

If you’re looking for a title loan in South Carolina, Carolina Title Loans, Inc is the way to go. At Carolina Title Loans, Inc., the in-person process can often take as little as 30 minutes, and if approved, you’ll usually receive your money on the same or the following business day. 

Carolina Title Loans, Inc. is the best way to get money quickly when needed in an emergency financial situation due to the speed of processing. Carolina Title Loans Inc’s friendly representatives are on hand to explain the whole title loan process and help you with your application, whatever questions you may have, including the main one: How does a title loan work?

Start Your Title Loan Journey Today

So, now that you have answers to a few questions like 'How does a title loan work,’ it’s time to get started on your journey to find your new title loan.

With Carolina Title Loans Inc, all you need to do is fill out the form online, talk to a representative, get your car valued during an in-person appointment, and hear back if you’ve been approved super quickly. 

And, if you’ve been approved, you can be sure you’ll get your money as quickly as possible, helping you out of whatever difficult financial position you may find yourself in.


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.