bad credit score for title loan

How Does A Title Loan Work And Can I Get One With Bad Credit?

Bad credit can be something that weighs heavy on your mind. It may have you thinking there's no help for you when financial emergencies present themselves. But did you know there is an option for you if you have a clear title to your car, even with bad credit? Title loans use your vehicle as collateral so you can get cash fast.

Carolina Title Loans, Inc. can get you approved quickly for necessary funds by calculating a car title loan estimate based on the value of your vehicle. Unlike other loans, you can even get approved with bad credit, as well as being unemployed. If you want to know more about how does a title loan work, continue reading to find out.

How does a title loan work and can I get one with bad credit?

What Is A Title Loan?

A title loan is a collateral loan that is backed by the fact that you own your vehicle outright. Your car title must be clear and in your name.

There cannot be any liens against your title. The amount of the loan you get approved for is how much your car title loan estimate is. During the loan process, our loan specialist will inspect your vehicle and calculate a limit that you can approximately borrow.

Advantages Of A Title Loan

One of the biggest advantages of a title loan is that it is not based on your credit. You can have bad credit and still get approved for a title loan with Carolina Title Loans, Inc. when you need quick cash. You just need to have a clear and free title to your vehicle in your name and a state-issued ID to move forward with your loan approval.

Another great advantage is the simple process. You just need your car, the vehicle’s title, and your state-issued ID. There's not much more to it. You can also do your entire loan process from your home, if you'd prefer.

How does a title loan work entirely from your home? Carolina Title Loans, Inc. gives you the option to submit your inquiry online and talk to a loan specialist over the phone. Then, you can request that the specialist comes directly to your home to complete the car and title inspection and even sign the documents. 

How Does A Title Loan Work With Bad Credit?

Title loans aren't approved based on credit history or score. They're also not determined by income level. Title loans are collateral loans and are approved based on the fact that you own your vehicle outright. You use your title to leverage the equity that you have in your car. 

No matter how bad your credit is, you own your vehicle. You can get cash from Carolina Title Loans, Inc. because we know you have an asset you can use to pay the loan back should you absolutely need to.

Do I Get To Keep My Vehicle During The Loan Term?

You do keep your vehicle even while you're paying off your title loan. We know your vehicle is important to you. You get to keep your vehicle throughout the duration of the loan term, while use your car title as collateral.

How Does A Title Loan Work If I'm Unemployed?

You also don't need to be employed to get a title loan with us. We do not ask for proof of income. We work hard for our clients to make sure they get the money they need and they secure a payment plan that works well for them.

We know that being unemployed does not mean you have zero income. Due to the nature of this type of loan, you do not have to show proof of income to get approved. We will exhaust every effort to work with you on payments and loan terms.

title loan contract and representative

How Fast Can I Get The Loan Funds?

There's no guarantee, but you can get the cash you need in as little as 30 minutes. We work fast and efficiently to get your loan processed as quickly as possible. Generally, these are same-day loans so you are likely to be given the loan quickly.

To Wrap Up

How does a title loan work to save you from financial crisis with bad credit? It allows you the option to get cash based on vehicle ownership rather than credit history and income. You don't have to provide proof of income, nor do you need a certain credit score.

If you find yourself in need of some extra funds unexpectedly and you have a clear vehicle title, fill out the inquiry form on our homepage and speak with a loan specialist today. You might get exactly the help you're looking for.

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

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.