Whether it’s to pay rent, lingering medical bills, or to take care of some other expense, you need cash – fast. You’ve been hearing about car title loans and think you may qualify. After all, all you essentially need is a vehicle with a title in your name, and the means to repay the loan. You may be able to use your South Carolina title to get cash, even on a salvage title. Keep reading for more about title loans in the Palmetto State and elsewhere.
What is a Title Loan?
These are short-term loans of 30 days or less, although some title loan companies will offer longer terms.
To get such a loan, you’ll need a vehicle and title. In exchange, the lender will keep the title until the loan is repaid, plus interest. A major title loan feature – and what helps separate such loans from pawn title loans – is that you get to keep your vehicle during the loan repayment process. By the way, depending on the lender, “vehicle” could mean car, truck, motorcycle, or boat.
Do note that if you do not make payments as agreed, the vehicle will likely be seized and sold. So, be certain about repayment before taking a loan out.
In South Carolina, whether the vehicle is salvage, or you own it outright, you’re going to need a title in your name. If the title has been lost or stolen, you’ll need to go through the Department of Motor Vehicles to get the situation remedied.
Also, if you still owe on a vehicle, the title company may be able to pay it off for you, then extend a loan. It doesn’t hurt to inquire.
How Much Can I Borrow?
That depends in part on your vehicle’s value, which the lender will determine based on its make, model, age, mileage, style, and overall condition. You can usually borrow up to half the value, up to $15,000 or so in South Carolina.
Rather than take the ride in for an appraisal, you’ll simply be asked to submit with your application recent photos from all angles, and in natural light (not in the garage). Be sure to also take shots of the odometer and vehicle information number.
What how much you’re offered will not depend on is your credit, although the lender will likely run your report. Because the loan is secured, the lender will focus on your vehicle and your ability to pay the loan back.
If you’re employed, you’ll have to show pay stubs or bank statements. If you do not have a 9-to-5, don’t despair. Alternative income such as from Social Security, Worker’s Compensation, self-employment, rental property, retirement plan, or a legal settlement may also be considered.
What Else is Required?
In South Carolina, and most other states, you must be at least 18, possess a government-issued photo ID, and show proof of residence (utility bill, lease agreement, etc.).
How Soon Can I Get Cash?
Another key feature of title loans is its expediency; you can have cash in hand in 24 hours. For one thing, you can apply completely online, which is a timesaver right there. After submitting the application and required materials, you’ll have your answer that day, if not within minutes. Once you’re approved, your funds will be available the next day.
You’ll also have options in terms of funds receipt – a check, wire transfer, direct deposit, or pick up from a local MoneyGram.
The bottom line is that title lenders make loans on all types of vehicles, possibly even salvage, as long as title is in hand. In South Carolina and elsewhere, a title loan can get you out of a fix in a pinch.