What Is A Car Title Loan Exactly? And When Should I Get One?

March 19, 2021 | Daniel Dewitt

what is a car title loan

 

What is a car title loan? That's something a lot of people want to know. In fact, most folks ask, "What is a car title loan" under the same stressful circumstances. That's because life is tough sometimes, but getting help doesn't have to be. Here's when most consumers ask about, research, or apply for title loans in Carolina when you need cash for your car title:

  • Loss of income
  • Injury
  • Illness
  • Unplanned travel
  • Poor credit

There are many other reasons why title loans are so popular. In fact, it may even be the best option for you because it doesn't require you to have a spotless financial record. But despite all that, we still haven't answered the question, "What is a car title loan anyway?" So, let's break it down a little further.

What Is A Car Title Loan Exactly?

This is a more credit-friendly type of secured loan that uses your vehicle title as collateral for borrowed money. Unlike traditional loans, this kind doesn't require perfect credit scores and high incomes. We at Carolina Title Loans, inc. essentially become the car's legal titleholder until the loan is repaid, and that's as complicated as it gets.

Best of all, borrowers get to keep possession of their vehicles while their loan is in good standing. That means they can liquidate resources creatively and conveniently without decreasing their quality of life or giving up useful assets.

Applicants can get their borrowed money on the same day they request it if the requirements are met and the loan representative says you qualify for approval.

What Is A Car Title Loan Normally Used For?

Loans from pawned car titles are used for many different things, including life or death situations such as financial emergencies, budget-busting expenses, and even property liquidation. Approved candidates can then use their cash to pay off major emergency expenses, leaving their own money to cover high costs and turn into spendable cash that they can put toward more important things.

Here are a few instances of when Carolina title loans can make a major difference:

  • You can't pay the rent or mortgage on time, especially for more than one month a year.
  • A medical condition is preventing you from earning a livable wage.
  • Your credit report makes you ineligible for a traditional bank loan.
  • You need a large lump-sum of cash quickly to get your emergency out of the way.

 

vehicle title loans

 

Carolina Title Loans, Inc. can get you as much as $15,000 for your clean car title if you qualify. However, eligible applicants must be at least 18 years of age to get approved.

What Is The Car Title Loan Process?

This process is already designed to be as quick and easy as possible. That's because title loan lenders understand the gravity of their applicants' situations, meaning the system is set up to help, not hinder. So, here's how to get the best Carolina title loans even if your credit isn't perfect:

  1. Step One: Apply for your title loans online to hasten the process. Go to Carolina Title Loans, Inc. to get the information you need and fill out an online title loan application. It should only take a few minutes to complete, and then a loan representative will call you as soon as possible. You'll also get a preliminary answer within 30 minutes or less, so you can plan your approach to financial freedom with more confidence and efficiency.
  2. Step Two: Collect the necessary documentation ahead of time. It will save you even more time if you prepare for what happens next. It's the longest part of the process, and it still only takes a small window to complete. This is when you'll be asked for verifiable information. However, the title loan agent can usually come to your location if you give them one when you are on the phone.
  3. Step Three: Whether they come to you or you come to the title loan location near you, you'll need to present a government-issued driver's license or photo ID, your car's lien-free title in your name, and the vehicle for a quick inspection by the agent. They will then examine your items and decide if you qualify for approval. Once they make their decision, they will go over our loan terms.
  4. Step Three: Sign the paperwork after asking lots of questions. This is your chance to have all of your questions answered, so try to think. Once everything looks and sounds good, sign the contract to initiate your cash. You can either get it the same day or the next bank business day.

Car title loans are essential in a competitive economy, especially for people with less than perfect credit and something major to pay for. When you are going through an emergency, don’t just handle it alone, turn to Carolina Title Loans for help.