You’re relieved to learn that your vehicle and steady employment will likely garner you a title loan, since a bank loan is out of the question and you’re out of options. Here’s what you should know about title loans in South Carolina, including what documents you need to apply.
Explain Vehicle Title Loan
These are short-terms loans that typically come due in 30 days or less, although you may be able to get longer terms.
You’ll need a vehicle in your name and its title, which should be lien free. The lender will hold onto your title until the loan’s repaid. A prominent title loan feature is that, unlike title pawns, you can keep your car during the repayment process. Be sure to make those payments, though, or risk losing your vehicle to seizure.
Note that, depending on the lender, “vehicle” could mean car, truck, recreational vehicle, or motorcycle.
How Much Can I Borrow?
That generally depends on the lender and the state in which it’s located. In South Carolina, you can expect an offer of up to half your vehicle’s value – which could net you up to $15,000. The lender will determine said value based on the vehicle’s make, model, model year, mileage, and condition. It will also factor in trim level, styling, and any alterations or modifications.
The lender will want to see your vehicle. However, instead of having you bring your ride in for a physical inspection, you’ll merely have to submit recent quality photos from all angles, plus shots of the odometer and vehicle identification number.
Your offer will also hinge on your income, the higher your earnings, the better. You’ll need to show proof of income, say through pay stubs or bank statements, since the lender wants to be certain of your loan repayment ability. If you do not have a job but have other consistent income, that would likely be acceptable as well. Income could be from, for example, Social Security, Worker’s Compensation, settlement payments, self-employment, alimony, child support, rental property, or a retirement account.
What your offer will not depend on is your credit score. While some title lenders will consider it, it won’t base decisions on it. In fact, the average credit card debt in South Carolina is $5,938. It’s not at all unusual for individuals with bad credit to get a title loan. Because your loan is secured, lenders aren’t as concerned about risk.
What Else Will I Need?
In South Carolina, you’ll need to be at least 18 and have a driver’s license or other government-issued photo identification, such as a passport. You’ll also need to show proof – a lease agreement or utility bill, for example – that you live in the state. Some lenders will also require proof of vehicle insurance or personal or professional references.
How Long Does it Take to Get a Loan?
Not long at all, which is another industry hallmark. Once you’ve applied, which you can do totally online, and have submitted required documents, you can expect an answer that day, if not within minutes. Once you’re approved, you can have cash in hand the next day.
You’ll likely have options in terms of funds receipt, including direct deposit, and ACH transfer, pickup at a MoneyGram location, or an overnight check.
So, yes, title loans are available in South Carolina, and you probably have all required materials at your fingertips. Just be 100 percent sure you can repay the loan before taking one out, and you should be all set.
