car title lending explained

Car Title Lending Explained In Simple Terms

You may have heard of car title lending, maybe someone among your family or friends made use of it before. But are you not sure what is it and what it entails? That’s what this guide is here to explain.

Car title lending is a simple form of loan that any adult with full ownership of their vehicle can apply for when they have a need for cash in a pinch. The process of obtaining a car title loan is just as simple as explaining this concept is.

Let’s take a deeper look into what all of this means and how you can qualify for your own car title loan today.

What Is Car Title Lending?

Car title lending is a type of loan that you acquire by using your car title as collateral. This means that when you get a car title loan and are approved for it, the lender puts a lien on the title of the vehicle for the duration of the loan. You do this in order to secure the loan and get the agreed-upon funds.

This type of approach to borrowing money will often subvert the need for credit checks that often adversely affect your ability to obtain other types of loans promptly.

When the loan is secured, you can also rest assured that the loan you take out will not have any impact on your credit score. At Carolina Title Loans, Inc., we keep your loan information confidential, and we don’t report it to any credit bureau.

What Type Of Loans You Can Get 

The type of loan you could qualify for using your car title is called an auto title loan. These title loans in South Carolina are short-term loans that help in bridging what is typically a brief gap in someone’s financial situation.

It is a type of loan that is usually acquired for a specific amount of funds and for a short time compared to long-term loans that may take months or years to pay off. For this reason, they are usually obtained in financial emergencies such as home repair, vehicle repair, medical bills, and important travel.

determining amount of title loan

What Determines The Amount You Can Receive From Car Title Lending

The amount of the loan itself is determined by the vehicle connected to the title you plan to use as collateral. This requires that you have the vehicle available for a loan representative from Carolina Title Loans, Inc. to inspect it to determine its value.

The loan amount is determined by the state of your vehicle, such as any damage it may have, how old it is, mileage, and other factors that will affect the overall price of the vehicle. The vehicle’s make and model also help determine its value according to a national standard. This is why Carolina Title Loans, Inc. uses a nationally recognized pricing guide that helps in determining the value of the vehicle being used to obtain a loan.

Do I Get To Keep Your Car?

Car title loans do not require that you leave the vehicle with us. You simply use your car title as collateral, and you can keep your vehicle.

When the loan process is completed, you will still be able to get in your vehicle and go about your day without the concern of needing to find alternate transportation.

car title lending process

How To Get A Car Title Loan

Getting a car title loan is made as simple as possible when you work with Carolina Title Loans, Inc.

To start, you will first want to fill out and submit the online form for South Carolina title loans, which simply expresses your interest in obtaining a loan through us.

A loan representative from our nearest location will call you in a few minutes to go over what we require from you, which is a lien-free car title, your driver’s license or state-issued ID, and your vehicle itself for inspection.

Once you meet with the loan representative, they will perform a quick inspection of your vehicle. They will also review your documents to make sure that you qualify. When the inspection is over you will be informed whether you qualify.

The next step will be to finalize the paperwork. Once the process is done, you can expect to receive your money on the same day or the following business day.

When To Get A Car Title Loan

Unexpected finances can strike when you least expect it. That’s why car title lending can provide you with the funds you need to help address such a situation. If your financial situation calls for quick cash, a car title loan may be an option worth considering. That’s when Carolina Title Loans, Inc. can assist you with getting one.

You can get a title loan through our quick process in as little as a single day. You simply need to be 18 years of age or older and have a government-issued ID to prove it, fully own your vehicle and have its lien-free title, and lastly, have your car ready for an inspection. By qualifying, you can potentially get a title loan amount between $601 and $15,000.

Get Started Today!

If you’re in a bit of a difficult financial situation, you can get your finances sorted with car title lending services. Get started today by submitting the online inquiry form to have a representative of Carolina Title Loans, Inc. get you started on the title loan process right away.


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.