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Does Title Loan Affect Your Credit Score?

People who are seeking emergency cash may ask "Does a title loan affect your credit score?" It's a good question to ask, especially for those who are trying to build their credit score. Title loans don't affect your credit score for two reasons.

First, the loan application isn't reported to the credit bureaus. Most banks and other financial institutions report any loan application to the credit bureaus and the fact you are applying can cause your score to drop a few points. However, this doesn't happen with title loans since applications are not required to be reported.

Second, any title loan you take out isn't reported to the credit bureaus. It is part of alternative financing that falls outside of traditional loan options. That’s why you know that the answer to “Does title loan affect your credit score?” is going to be no.

Applying for a title loan means your credit score won't be affected. You can continue working to build your credit score while you use the title loan to pay for the emergency you have now.

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Paying For Emergencies

It can be tough to figure out what to do when you have an unexpected home repair, a refrigerator goes out, or a child ends up in the emergency room from a sports injury. These can be big-ticket items, while almost half of American’s have little to no savings in the bank to handle these emergencies.

Consider this with people still recovering from financial losses during the pandemic and you’ll understand why getting fast financing is challenging. That's where alternative financing is an option.

Financing In South Carolina

Does title loan affect your credit score? Not at Carolina Title Loans, Inc. when you need help. We offer title loans from $601 to $15,000 with the amount of the loan based on the value of your vehicle and other factors. We make getting a title loan fast and easy.

All you need are three basic things including a driver's license or state-issued ID, your vehicle available for a quick inspection, and a clean title to the vehicle. You need to make sure the vehicle is listed in your name on the title and that no one else is on it. There can't be any liens or judgments on the title, either. They will verify this information when you apply.

The actual application can be done as quickly as 30 minutes. One way to ensure the process moves along quickly is to fill out the online inquiry form first. A title loan form is just basic paperwork sending your information to Carolina Title Loans, Inc. so that we can help you. It isn't an application and doesn't result in a credit check. So, does title loan affect your credit score when you send in an inquiry form? No.

What Happens Next?

Once you submit the online form, a loan representative from Carolina Title Loans, Inc. will contact you. They will answer your questions and verify you have the required documents. You can ask them does title loan affect your credit score? They will explain their process.

The store representative will assist in making an appointment for you to meet with a loan representative to fill out a formal application and have the vehicle inspection done. You can come to the store closest to you, as there are many located throughout South Carolina. A convenient way to schedule a meeting, though, is to have a loan representative come to you.

You can choose a location that is convenient and makes you feel comfortable. You will need to bring your title, ID, and your vehicle. The loan representative will handle the rest from the quick inspection to guiding you through the simple paperwork.

The inspection will determine how much you can borrow and the loan representative will verify your documents and assess other information to determine if you qualify for approval. Those who are approved can get their money either the same day or the next business day. You keep your vehicle while you repay the loan.

Can Those with Bad Credit Apply?

One of the positive aspects of title loans with this private lender is that it remains an open option for those with bad credit. The value is in your vehicle and not your credit score. That can make a world of difference in getting approved.

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Ask About A Title Loan Today

The online website form isn't an application but shows those at Carolina Title Loans, Inc. that you are interested in what they offer. It doesn't obligate you to a title loan but does allow you to ask directly does title loan affect your credit score?  Their answer will help you make a decision that's right for you. Don't waste any more time wondering how to pay for an emergency. Fill out the inquiry form 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.

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.