If you find yourself confronted with an unexpected expense in South Carolina, you may be considering a car title loan. Are you concerned about the amount of money you may be able to borrow? If you don’t want to over-borrow, you’ll be interested in knowing what the minimum amount of money you can borrow is. If you’re wondering how much money you could get approved for, as well as the answer to other commonly asked questions about car title loans, keep reading.
What do I Need when I Apply for a Car Title Loan?
If you’re interested in a car title loan in South Carolina, you’ll need a number of different documents. Your documentation helps determine your eligibility, how much money you may be able to borrow, etc.
- Qualifying title to the vehicle in your name
- Government-issued photo I.D. (driver’s license, state I.D., passport, etc.)
- Proof of residence (certain pieces of mail)
- Proof of income
- Photos of the front, back, and sides of vehicle
What can I use for Proof of Income for a Car Title Loan?
There are tons of people who believe the only way to show proof of income for a car title loan is with a recent paystub. They couldn’t be more wrong! There are actually several convenient ways to demonstrate your ability to repay your loan. For example:
- Settlement/Court-Ordered Award
- Social Security
- Workers’ Compensation
What do I do for a Car Title Loan Inquiry if I don’t have my Car Title?
If you don’t have a copy of your car title, you’ll need to acquire a new copy before you can receive your car title loan. The Department of Motor Vehicles (“DMV”) can issue you a new copy. There are even some DMVs that may be able to issue an expedited copy. The helpful representatives at LoanMart may be able to direct you to the nearest DMV capable of providing you with an expedited title.
How do I Apply for a Car Title Loan in South Carolina?
It’s easier than you think to apply for a title loan. Qualified borrowers who own a car with a qualifying title in their name could be eligible for a car title loan1. If you need money to cover an emergency expense, you may be able to get it by completing this simple, three-step process:
- Send in an information request form
- Get your important documents over to your representative
- Collect your funds1!
It is not all that uncommon for someone to find themselves in a situation where they are in the process of paying off a loan that has an interest rate or monthly payment amount that is much too high for them to deal with. Luckily for South Carolina residents in such situations, there may be the option of refinancing the loan with a car title loan.
How to Refinance a Loan
Refinancing a car title loan is a piece of cake. The process of refinancing a car title loan is pretty similar to applying for a brand-new car title loan. The only thing that someone interested in refinancing their car title loan would have to do is to head over to the online form and complete it as though they were applying for a new car title loan.
The following documents will be required when applying to refinance:
- A car title to a qualifying car in the borrower’s name
- A government-issued photo ID like the borrower’s driver’s license or state ID
- Several photos of the car whose title is being borrowed on. These can be done on any camera that produces good quality photos, including a smartphone.
- Proof of Income (like paycheck stubs, invoices, or bank account statements) showing one’s ability to repay the loan
- Proof of residence (a piece of recent mail, like a utility bill, will be fine)
After filling out and sending in the car title loan application form and providing all of the necessary items, a knowledgeable and helpful specialist will shortly be in touch1. When one does get in touch, they will need to be informed of the wish to refinance a pre-existing title loan instead of taking out one that is entirely new.
The representative will guide the client through the refinancing process by looking through what their income is, what the value of the vehicle currently is, and what the current balance still owed on the loan is1.
If the customer qualifies to refinance their loan with a car title loan, the lender will then pay the remaining balance owed to their lender. The amount paid to the previous lender will be attached to the new refinanced car title loan. After that the lender will work with the borrower to set up a payment plan and terms that works a lot better for them1. The refinancing borrower might even be able to take out a loan for a more favorable interest rate and pay back term1. After the new car title loan is put into place, the customer will start making all of their monthly payments to the new lender rather than the lender they were borrowing from before.
Proof of Income Documentation
Are you in need of some emergency funding in South Carolina? If that’s the case, you may be curious as to what documents are needed to show ‘proof of income’ in order to get a loan in South Carolina.
- Paystub: If you are currently employed, and receive regular monthly or bi-monthly paychecks, then paystubs are an excellent option for proof of income documentation. You can make copies of your two most recent paystubs to turn in, and then keep the originals for your records.
- Bank Statements: Bank statements are an especially great option if you are self-employed. Showing recent bank statements from the last few months can give the lender enough proof that you are receiving steady income while self-employed.
- Social Security: You could also provide a Social Security benefit verification letter which can be printed online at socialsecurity.gov/myaccount. This statement should be easy to access for you to provide proof of income.
- Disability: Disability can be proven with a benefit verification letter that you could access on the same website as your Social Security benefits, as they are both run by the SSA (Social Security Administration). This statement will show your monthly income from the assistance program.
- Court Issued Funds: These might include various forms of income that are court ordered such as alimony or child support. You can request copies of these agreements to offer as proof of monthly income.
Other Necessary Documents
- Government Issued Photo I.D.: Driver’s licenses, Social Security cards, passports, and state issued identification cards verify your identity.
- Proof of Residence: For proof of residence, you can show a household utility bill, a mortgage statement, a bank statement, a lease agreement, or a certificate of voter registration.
- Qualifying Title to Vehicle: The title to your vehicle has to have your name on it in order to prove ownership. We also need to keep the original title during the loan’s duration, not a copy.
- Photos of the Car: Finally, we also ask that you send us a few pictures of the car