Here at Auto Money, we understand that life is often unpredictable. When challenges arise and stability is shaken, paying your bills may become nearly impossible – but we’re here to help! Secured title loans in South Carolina can provide the financial support you need when you need it most.
Title loans provide fast cash in exchange for your car’s – or your motorcycle’s – title. But what if you have been involved in a serious accident and your vehicle has been deemed a “salvage” or “rebuilt” model? A salvage title through Auto Money Title Loan may be the solution, so read on to learn more!
Clean Title vs. Salvage Title
Many drivers are unsure about the difference between a clean car title and a salvage title. Put simply, it all comes down to one factor: insurance. After an accident, the insurance agency is typically the first one notified. In an ideal world, your insurance agent will help you move forward in filing a claim and assist in getting your vehicle back on the road – but this is not always the case.
If the repairs fall under a certain percentage of the vehicle damage, your title will still be considered clean. But what comes next if your vehicle is deemed a “total loss” and officially considered salvaged?
A salvage title confirms that a vehicle is beyond repair, having sustained between 75 and 90 percent damage. If you’d prefer to hold onto your vehicle, you may retain the salvage title. If you decide to start your search for a new ride, you may turn your damaged vehicle over to the insurance claims department.
How Much Is a Car Worth With a Salvage Title?
Before a title loan can be issued, your car’s value must be appraised. Lenders typically loan between 25 and 50 percent of the car’s value in exchange for the title. Several key factors influence your vehicle’s value:
- Year, make, and model
- Overall condition
- Severity of damage
- Upgraded features
Once an Auto Money representative determines the vehicle’s value, you can move forward toward getting the fast cash you need! It’s really that simple!
What Documents Should I Bring?
Be sure to provide the following:
Vehicle title
Your title is used as collateral, so don’t forget it! The title should be lien-free, meaning you currently do not owe any outstanding payments.
Proof of insurance
Proof of insurance must be up to date, and may include your insurance ID card or the current auto policy declarations page (both of which can be requested from your insurance agency).
Proof of income
A recent pay stub, unemployment or disability benefits, retirement funds, and investment income are all accepted.
Proof of registration
The registration, received from your DMV or license office, must be current.
Proof of residence
This can include a recent utility bill in your name at your current residence, like a water, cable, or electric bill. Neighboring states may also be eligible!
Government-issued ID
Acceptable forms include driver’s licenses, passports, State IDs, or other government-issued documents.
Extra car key
We’ll keep a spare key on file with your title loan information.
Where Can I Apply for Salvage Title Loans Near Me?
With convenient locations throughout the Southeast, Auto Money Title Loans in South Carolina and Auto Money Title Pawns in Georgia provide much-needed financial support to the clients we proudly serve. Whether you have a clean car title or a salvage title, Auto Money provides a quick and easy three-step process to get you cash in less than an hour.
Find car title loans near you – and put cash in your pocket today!