A car title loan is a loan where the vehicle’s title is put down as collateral. If a person in Charleston is looking for a car title loan they are probably wondering how old of a car lenders might accept. In any city in the United States, including Charleston, there are some lenders that require a vehicle to be of a certain year. However, there are other lenders in Charleston that could accept an old car for a car title loan as long as the borrower has a lien-free title, and the car is in safe, working condition, along with other qualifying factors.
Why Does Age Matter with Car Title Loans in Charleston?
The year a car is manufactured may be a factor in determining a car‘s value and ultimately the value of the car title loan. The age of a vehicle can impact its value in a couple of ways:
- General Age– Sometimes, a newer car will be worth more than an older car (Keep in mind that there are many exceptions to this rules, such as classic cars)
- The Mileage – Generally the older a car the more mileage it will have. Having a higher mileage usually decreases the value of a car, while having lower mileage may increase the value.
- Working Condition– Sometimes older cars don’t run as well as newer ones and this may impact value
- Physical Condition– Older cars, if not taken care of can have more physical damage such as rust when compared to younger ones.
Other Than How Old a Car Is, What Other Factors Determine the Value of a Car?
Other major factors that lenders use when figuring out the value of a vehicle include:
How is Condition Looked At?
There are a few ways that lenders inspect the condition of a vehicle:
- Some lenders ask for the borrower to bring them their vehicle to look at, to their business location
- Others may ask for several pictures of the vehicle
- Or lenders may ask for the borrower to fill out a checklist online (essentially letting the borrower do the inspection at home)
- Some lenders may do a combination of these methods of inspection
Keep in mind that the inspection may occur on both the exterior and interior of the car being put up for collateral. So it is best to fix the small things, and just clean up a vehicle before putting it up for condition inspection.
Why is the Value of the Car So Important in Car Title Loans?
The value of the car is important because it serves two main purposes in the title loan process.
- The value of the car is a large factor in determining in the amount that the borrower may receive.
- In car title loans, the lenders’ only security is the vehicle, and so they want to make sure they are taking a calculated risk by giving out a loan.
Flexibility with Car Title Loan Lenders in Charleston, When it Comes To Old Cars
All lenders vary when it comes to the types of vehicles they will take. In some states there has to be a minimum value the vehicle must bring in. While in other states there is a range for the age of the car that can be accepted for a car title loan. Fortunately for the residents of Charleston who have a very old car, there are no state laws that the lenders have to follow in regards to the age of the car.
What Do I Need to Get A Car Title Loan in Charleston?
In order to get a Car Title Loan in Charleston, in addition to having a safe, working vehicle, an individual may need to have the following:
- A Government-Issued Photo ID (driver’s license, passport)
- Proof of Income (pay stubs, bank statements)
- Lien-Free Title
- Vehicle Inspection (the method depends on the lender)
Once the lender collects all of this personal information, along with the information for the vehicle they can begin the process of a car title loan1. They will work with the borrower’s income to come up with interest percentage along with a repayment plan.
Car title loans could be a good option for people who have bad credit or bad credit history. If someone with an old car looking to get a car title loan in Charleston, they might be thinking about their car’s value. A vehicle’s value plays a large role in determining eligibility and amount of a car title loan. There are some lenders in Charleston who have age ranges for the vehicle’s they accept.
If you’re considering a move to or from Charleston, you might want to take a look at the cost of living in Charleston compared to the rest of the nation. LoanMart has compiled data to help you figure out the cost of living in Charleston down to the average salary. We will be breaking it down by:
- Health care
Overall, the average cost of living is 3% higher than the National Average Cost of Living.
Average Cost of Living in Charleston
Out of 102 of the cities posted in the rankings, Charleston is at 25th. The average cost of living in cities can be compared through groceries, housing, utilities, transportation, and health care.
In Charleston, groceries are 2% higher than the national average, as well as utilities at 24% higher and health care which is 2% higher. Luckily, transportation is 6% lower than the national average along with housing which is 3% lower.
To compare Charleston with some of the bigger metropolitan areas as well as some of the popular housing markets, we look at how much higher or lower these places are to live compared to Charleston:
- Phoenix, Arizona: 8% lower than Charleston
- Miami, Florida: 8% higher than Charleston
- Anchorage, Alaska: 24% higher than Charleston
- Dallas, Texas: 2% lower than Charleston
- New York City, New York: 120% higher than Charleston
- Knoxville, Tennessee: 21% lower than Charleston
- Chicago, Illinois: 17% higher than Charleston
Average Salary in Charleston
The average salary in Charleston is $48,826, which is used from compiling some of the more popular jobs in Charleston like Office Manager, Operations Manager, and Software Engineer. Since 2006, Charleston has seen a wage growth of 14.2% with a 1.3% decrease in the last quarter of 2017.
Cost of Housing in Charleston
For the average cost of housing in Charleston, you can break it down into the categories for what you may pay as a part of your housing like:
- Monthly rent (furnished accommodations)
For monthly rent, an expensive area with a home of about 900 square feet costs $2,284 per month. Rent in a normal area for the same size is about $1,344 per month.
Separate from monthly rent, the utilities for one month with 2 people are $177 including gas, heating, electricity, etc. Internet costs about $46 per month for 8 Mbps.
Cost of Transportation in Charleston
Transportation in Charleston is lower than the national average, so it’s good to have an idea of how much lower and in what categories like:
- Public transportation
- Taxi trips
One gallon of gas goes for about $2.28 in Charleston. Public transportation for a monthly train ticket is at $47, and a taxi trip on a business day for 5 miles is $18.
How Does the Cost of Living in Charleston Compare?
If you want to compare the cost of living in Charleston to wherever you might be living now, or where you are relocating, you can enter your information on Payscale.com and it can help you compare everything!
Living in Charleston
Other than the cost of living in Charleston being only 3% higher than the National Average, it has a lot of history behind it. It’s known for its beauty, history, food, livability, business climate, and romantic appeal. Nominated the world’s friendliest town, Charleston is a region made up of many little diverse cities and towns divided into areas.
History of Charleston
The history of Charleston is one of the longest and most diverse in the country. In 1670, the first settlers began establishing the town under the name Charles Town due to their relation to King Charles during the time of the settlements. Upon establishment, they grew from the export of rice, and eventually, sea island cotton.
While it is known for the Siege of Charleston, one of the worst American defeats of the Revolutionary War, the American settlers renamed the town Charlestown before finally setting with Charleston. It was one of the leading cities in the Southern states during the colonial era and up to the Civil War, where the city was destroyed during battles.
They became a major Naval base during World War II, continue their growth into a diverse community. There are many historical places to visit and surround yourself with in Charleston like:
- Rainbow Row – the Historic District cluster of 13 pastel-painted, Georgian-style rowhouses built between 1758 and 1845.
- Magnolia Plantation and Gardens – a plantation and gorgeous garden dating back before the revolutionary war time.
- Patriots Point – a retired Naval aircraft carrier, destroyer, and submarine that visitors can look upon.
- Middleton Place – a rice plantation dating back to the 1730s.
- Old Slave Mart – the former slave auction building that now serves as a historical mark of the slavery in Charleston.
- Boone Hall – 1681 working plantation known for its plant life.
- Drayton Hall – a well-preserved antebellum plantation with an African-American cemetery.
- Fort Moultrie – a military site used between 1776 and 1947 with artifacts, harbor, and Fort Sumter views.
What do I need to get a Title Loan?
You’ll need to get a few things together for your title loan application:
- Clear-and-Free title for the vehicle
- Government-Issued Photo I.D. (Driver’s License, State I.D., Passport, etc.)
- Photos of the front, back, and sides of vehicle
- Proof of Income
- Proof of Residence (Certain pieces of mail)
What is Considered Proof of Income for a Title Loan?
Using a paystub is a common way of demonstrating proof of income to lenders. However, there are a number of other ways you can show you’ll be able to pay your title loan back:
- Worker’s Compensation
- Settlement/Court-Ordered Award
- Social Security
How Much Money Can I get with a Title Loan in South Carolina?
A variety of factors influence how much money you can receive for a title loan:
- Loan Terms
- Value of your vehicle
- Income (ability to repay the loan)
The value of your car will determine the maximum that you may be able to borrow. That said, the actual amount you may be approved to borrow is based on your ability to repay the loan1.
How do I get a Copy of my Vehicle’s Title?
Your local department of motor vehicles (“DMV”) may be able to provide you with a copy of your vehicle’s title. LoanMart may be able to direct you to the nearest DMV capable of expediting your duplicate title request. LoanMart may even be able to assist you directly with the duplicate title. If you can add LoanMart as a lienholder at that time, you may be able to speed up the loan process.
What Happens if I Fail to Pay my Title Loan?
In the worst-case scenario when a customer cannot make payments, the most effective strategy is to maintain constant communication with your lender. If you continually communicate and the lender knows where you stand, most lenders will work with you. All lenders want to work with their customers to help them pay the loan back by keeping an ongoing dialog. Payment plans and help are usually available. When a customer falls silent is when they run into issues.
The best way to handle your financial situation is to keep in contact with your lender. When you pick a lender that understands your financial situation, you can both work on a plan that will satisfy your lending terms and your current budget.
How Auto Title Loans Work
Auto title loans are a type of secured loan that you may receive by using the qualifying title of your vehicle as collateral for the loan. Now that you know some of your loan options when you are in need of emergency cash in Charleston, South Carolina, you can see that title loans are a great way to cover an unexpected expense. You won’t have to wait through lengthy application processes.
Streamlined application only takes 3 steps, and you could receive your money in less than 24 hours3:
- Fill out application over the phone or online.
- Submit your documents to your representative.
- Sign your loan agreement and collect the funds1!
Don’t miss out on the chance to pay for your expenses hassle free!