What Happens After Having an Accident While Repaying a Car Title Loan?
Having an accident is not a pleasant thing to deal with during or after by any stretch of the imagination. Your lender should certainly understand and empathize with that. That said, they should be are willing to work with all of their borrowers who get into an accident, but even though the car may be completely totaled and no longer exist (or at least is in such a bad condition that it will never be able to be repaired and driven again) they are still responsible for paying back the amount of money that still remains on the balance for their car title loan.
Insurance Coverage After an Accident
After getting into a car accident and all of the dust from it has settled, it is important for a borrower to remember what their car insurance policy entails. This is because insurance coverage is a major factor in deciding what the future of their accident case will be as well as future payments on their car title loan. This information might not be the most helpful following an accident, but it may help them in rethinking whatever financial planning they may be doing for the future, should something like this ever unfortunately happen again.
In this kind of situation, the best kind of coverage to have is full coverage, rather than only liability coverage. Liability coverage only covers property damage and injury to another person, whereas full coverage will also protect the policy holder – especially when they have a pending title loan at the moment of the accident. All of the coverage protection will be made clearer once the driver at fault is determined.
Negotiating Vehicle Value, Loan Coverage, and Insurance Liability
It is a wise idea to be aware of the value of the car that was involved in the accident when going to deal with the insurance company. Going to Kelley Blue Book is one of the best ways to find this information. By heading over there, all of the important information can be input to determine the worth of the car.
If there was still a remaining balance on a car title loan when getting into an accident, the lender may expect a borrower to continue making payments. Once everything regarding the case gets settled down some, the settlement check received from the insurance company may then be applied to what remains of the loan.
The car title acts as the lender’s collateral for all car title loans and even though the car may no longer exist, repayment of said loan is still an obligation on the borrower’s part. In many instances, a car title loan will require a borrower to have a full coverage policy for car insurance in order to make sure that there is money made available for the repayment of the loan just in case a car totaling accident might happen.
A car title loan is a loan where a vehicle’s title is put down as collateral against the loan. If an individual is interested in getting a car title loan in South Carolina, but lives in a different state they might be curious to whether South Carolina allows them to take out a car title loan or not. Each state including South Carolina is different when it comes to car title loans and it may be helpful to know about lending and borrowing laws before applying for a car title loan.
I Don’t live in South Carolina, Can I Get a Title Loan in South Carolina?
In order to get a car title loan in South Carolina, one must be resident of the state, so most likely if a person does not live in South Carolina, they cannot get a car title loan from there. Instead they need to seek out lenders in the state that they do live in. When it comes to navigating the different states with car title loans, people may find themselves in these scenarios when looking for a car title loan (in South Carolina or really any state):
- I Just Moved to South Carolina – They may have to get a driver’s license for the state of South Carolina and then transfer their vehicle’s title to the state.
- I AM a Resident of South Carolina and My Car’s Title is Registered to Another State –They may have to get their title registered to the state of South Carolina.
- I AM NOT a Resident of South Carolina and My Car is Registered to the State (South Carolina) – They may have to get their title registered in the state they live in. After that, they can find out if title loans are legal in their state.
- I Have More Than One Vehicle (safely running) Registered to the State of South Carolina– When looking into title loans everyone should let their lender know about all other vehicles, as this may increase the value of the loan. This applies for any state in the U.S (Keep in mind title loans can be only given out one at a time to the same person and the value of the vehicles cannot be combined).
So, for anything title related the Department of Motor Vehicles in the state in which one resides may be the most helpful. In addition, having more than one vehicle may also be a benefit one when looking for a car title loan. The general rule for car title loans in the United States is this: The individual applying must live in the state, and have their vehicle registered to the state, in which they are applying for their car title loan in.
What Do I Need for A Car Title Loan In South Carolina?
In almost every state, including South Carolina a borrower needs to have a couple things:
- A Lien-free title
- A Government-Issued Photo ID (driver’s license, passport etc.)
- Proof of Income (pay stubs, bank statements, invoices etc.)
- Vehicle Inspection (pictures, in person, or online- lenders vary)
- Proof of Residency (a utility bill, copy of lease, etc.)
Once these pieces of information are collected a lender will then figure out if that person can get a car title loan.
If There is No Title to Show
If for some reason the car title is missing, there are some things that can be done by the applying borrower to help fix the situation.
The Department of Motor Vehicles (“DMV”) will frequently allow someone to have a new title to a vehicle be printed up and authenticated so that they will have in their possession the legal documentation that proves that they have ownership of it.
Replacing a Missing Title
To apply for a duplicate South Carolina title by mail or in person, a client will be required to:
- Fill out a Lost/Stolen or Destroyed Certificate of Title Report (Form TI-004A).
- Fill out an Application for Certificate of Title and Registration for Motor Vehicle or Manufactured Home/Mobile Home (Form 400). This includes the current odometer reading on the vehicle.
- Submit both forms to the closest local DMV or through the mail to:
P.O. Box 1498
Blythewood, SC 29016
When applying to receive a new vehicle title in person, it will be necessary to provide proof of identity, such as:
- Valid South Carolina credential
- Passport that’s valid and unexpired
- Valid out-of-state credential that’s unexpired
- Permanent residency card that unexpired and valid
- Valid or unexpired Employment Authorization Document (EAD)
If a Vehicle Has No Title
If an applying borrower does not have a previous title to their vehicle, they can apply for approval for a new title, which can be processed at DMV headquarters. Necessary documents include:
- Acceptable ID showing South Carolina residency.
- For a full list of documents, head over to the South Carolina DMV website.
- Affidavit of Ownership for a Motor Vehicle, Trailer or Mobile Home (Form TI-021A) which will need to include information regarding the circumstances regarding the acquirement of the vehicle, the condition of it, as well as any known history regarding lien holders or sellers.
- Photographs of the vehicle in question.
- Vehicle Information Verification Title without Previous Title (Form TI-021B) signed by a South Carolina DMV official from the closest branch.
- If this verification is not available then use an Application for Special Serial Number (Form 401-A).
Once everything has been submitted and all of the fees paid, it should not take long to get the new title. Once the new title is in hand and can be provided in addition to the other required documents, the process for getting a car title loan can proceed1.
If you currently live in Columbia, South Carolina or if you are considering moving there, it’s a good idea to have at least a basic understanding of what the cost of living is and how it compares to the nation as a whole. In addition to information about things like salaries, we’ve compiled what you need to know to start being aware of how much to budget for expenses like:
Average Cost of Living in Columbia
The average cost of living in Columbia is 3% lower than the national average. This number is generated by using the costs of a number of different things like housing, groceries, utilities, transportation, and healthcare.
The cost for each of the five categories, except utilities, ranks at or below the national average in Columbia:
- Housing – 25% Lower
- Healthcare – 7% Lower
- Groceries – National Average
- Utilities – 11% Higher
- Transportation – 8% Lower
How does Columbia stack up, compared to other major cities around the United States? Take a look below:
- Phoenix, Arizona: 3% lower than Columbia
- Miami, Florida: 17% higher than Columbia
- Anchorage, Alaska: 31% higher than Columbia
- Dallas, Texas: 4% higher than Columbia
- New York City, New York: 135% higher than Columbia
- Knoxville, Tennessee: 16% lower than Columbia
- Chicago, Illinois: 26% higher than Columbia
Average Salary in Columbia
Using average salaries of some of the main job titles in Columbia, the average salary people are reporting is $44,286, trending down 1.5% over the last few months of the end of 2017. This is compared to the U.S. average of $51,939. The average salary in Columbia is about 85% of the national average.
Cost of Housing in Columbia
There are three major things consider when thinking about the cost of housing.
- Monthly rent
Rent on one-bedroom apartments closer to downtown run about $865.91 a month and a three-bedroom costs about $1,593.75 a month closer to downtown. A one-bedroom further from downtown runs about $691.67 per month and a three-bedroom costs about $1,205.00.
The utilities for one month with two people living together is about $143.05, including gas, heating, and water and garbage. Internet separately for one month at a rate of 60 Mbps is $62.73.
If you plan on buying a home, rather than renting, you’ll be excited to hear that the average price to own in Columbia is $131,300, just over half the average price for the nation, $206,300.
Cost of Transportation in Columbia
Transportation in Columbia costs 8% less than the national average. The cost is figured to include:
- Public Transportation
One gallon of gas is about $2.10 in Columbia. For public transportation like trains, it costs about $40 per month and for a 5-mile taxis trip it can cost $14.
How Does the Cost of Living in Columbia Compare?
You can compare the cost of living in Columbia, South Carolina to where you live now by simply entering all your information on this website that helps you compare the cost of living between two cities, or the cost of a single city to the national average.
Living in Columbia
During the 1990s and early 2000s, Columbia saw heavy investment in revitalizing its downtown area. The Congaree Vista district, previously known as a warehouse district, has since become known for its art galleries, shops, and restaurants. It’s also home to the state’s flagship university, University of South Carolina, and Fort Jackson.
There are a number of great things to do in Columbia, whether you are visiting or are a resident:
- Riverbank Zoo and Botanical Gardens – Home to nearly 2,000 animals and representing over 350 species from around the world, Riverbank Zoo and Botanical Gardens hosts more than 70-acres of plants, over 4,300 species of native and exotic plants and is considered one of the greatest public gardens in the United States.
- South Carolina State Museum – A state-of-the-art museum featuring a digital dome planetarium, a 4D interactive theater, and an observatory. It’s the largest and most comprehensive museum in the state.
How to get an Auto Title Loan
Title loans allow you to get emergency funds without the lengthy application process of most other loans. And since they are secured with collateral, you may receive a more-favorable interest rate than if you borrowed an unsecured loan. If you have a qualifying car title in your name, you may be eligible to qualify for a loan1. Streamlined application process means the turnaround between submitting your information receiving your money could be less than 24 hours3.
- Call us at 1-877-787-4923
- Apply online without leaving your home
Once you’ve figured out the best way for you to apply, all you have to do is follow these steps to get the money you need1:
- Fill out the application
- Submit your important documents to your representative
- Sign your agreement and collect your funds!
Don’t let unexpected expenses get the best of you in Columbia! Take advantage of quick service and amazing benefits to get the funds you need today1!