Car title loans are designed for people who need to get some cash fast to pay for a financial emergency, you will be able to use the equity that you have in your vehicle, they are excellent if you need to get some money fast.
Assuming you own your vehicle liberated, or you just have a little equilibrium left on your financing, you might be able to get some money on your car title, with the equity that you have in your vehicle.
A title loan is not for everyone, they are not a long-term solution, but they are great for short-term cash solutions, they are expensive, and if you fail to make your monthly payments, you could lose your vehicle.
The following are a couple of things that you should know about getting title loans in Columbia SC so you can settle on the best choice. Remember that the title loan company does not want to pick up your car, they want you to make your monthly payments.
Title Loans With Your Equity
Use the equity that you have in your car if you want to get a title loan, they will use your vehicle as collateral, but the finance company will only hold on to your title.
Depending on what company you go with, title loans can range from $100 to $20,000, it will depend on the equity that you have in your vehicle. The average title loan is about $2,000 in South Carolina.
The advance rate that the company will give to you on your equity will start at a 25% to 80% advance rate, this will vary from lender to lender, so it will be good to shop around, and it will also depend on your monthly income to repay the loan.
Picking The Right Title Loan Company
Not all title loan companies are the same, so you must do your homework and shop around, and it is important that you choose the company that will give you the best rate and the money that you need. It is essential to ensure that the organization is authorized in the state to do short term advances.
There are some short-term title loan terms need to be repaid after 30 days, it would be best to find a company that will offer you longer terms, up to 24 months would be better, and make sure that there are no prepayments penalties.
Make sure that the title loan will fit into your monthly budget, make sure the payments will work for you, and that you get the best possible interest rate.
You can also get title loans on other vehicle types such as< motorcycles, trucks, and commercial vehicles, so make sure if you have one of these vehicles, that the company offers title loans on them too.
Equity Title loans
You will need to have the title in your name, that you have 100% ownership of your vehicle, you will need to have the title when you go to the company, to give it to them.
If you are still financing your vehicle, you may be still able to get a title loan, as long as there is enough equity in your vehicle, the title loan company will be able to pay off your existing finance company and replace it with the new title loan.
Getting Approved For Title Loans
Getting car title loans are fast and easy to qualify for, so you are able to get the fast money, some companies will offer same-day funding.
To get a car title loan, you will require a couple of fundamental things, the endorsement interaction will vary from lender to lender, but these are the most general items that all of the lenders will need.
You should have a vehicle with enough value.
Evidence of pay will be significant, you should show that you can bear the cost of the month to month short term advance installments.
Your evidence of home, as the banks as a whole, will need to see that you have a laid out home.
Drivers permit for ID.
Your vehicle protection, not all banks will require this, it might rely upon how much your title loan.
Photos of your vehicle, to show the overall condition of your vehicle, your odometer reading, and your VIN number.
Five personal references
Your vehicle title
Getting Your Car Title Loan
If you want to get some fast money there is no better way than using your vehicle equity to get it, but be careful, some car title loans are way more expensive than some others, so it is important to shop around.
Make sure that the terms will work for you if you get a car title loan, that you will be able to afford your monthly payments, because the last thing that you want, is to lose your vehicle in repossession.
It is important to look for a company that has long terms, so you will have a smaller, more manageable, monthly payment, and make sure you get the overall lowest monthly payment, it will shift from one organization to another, and ensure that the organization is in consistence with the CFPB.
There may be less expensive options out there for you, but you will be able to get the money that you need today, if you need to get a title loan, it might be your best fast cash option.