South Carolina Car Title Loans

Loans that offer cash for car titles, also known as pink slips, require a clear car title to be used as collateral. A clear title is one that is free of any encumbrances or defects. When a person takes a loan or lien against a property such as a home or vehicle the title then becomes "clouded."

Using Clear Car Title for Cash Loans in South Carolina

When a new or used car is financed, that counts as a lien against the pink slip. Consequently, the auto lender typically keeps the pink slip until all payments are made. If a pink slip has a lien against it, it is not free to be used as collateral. The lien holder already has claim to that vehicle should the borrower default, so it cannot be used to back another loan.

The car owner receives the clear title from the lender when the vehicle is completely paid off. Because the vehicle is owned outright, it can be used for collateral to back a cash loan. Only one auto equity loan can be taken against it at a time, however, because no reputable lender will accept a clouded title as collateral. Some lenders will work with borrowers with nearly paid off vehicles as well.

Wilshire Consumer Credit offers customers quick cash for auto equity regardless of bad credit, provided there are no other liens against the vehicle. Operating in South Carolina, Oregon, Arizona, California and New Mexico, this lender promises industry-competitive interest rates, rapid processing, flexible terms and complete confidentiality for personal information.