What Are Title Loans Clemson, SC?
When a borrower offers the title to a motor vehicle as collateral to get approval for a cash loan, this is referred to as a title loan. A lien is placed on the title of the vehicle and the title is held by the lender until the full loan amount has been repaid. Once the loan is repaid, the lien is removed and the title returned.
The guarantee of the loan by the vehicle allows for the borrower to bypass a number of obstacles to approval through more traditional channels. Title loans usually do not require a credit check, so it is much easier to be approved. The value of a title loan is usually 30-50% of the value of the vehicle being used as collateral.
Is It Hard to Apply for a Title Loan?
Online title loans are available through our website serviced by Platinum Lending. To begin, click the ‘Apply’ button at the top and begin filling out the form that appears on your screen.
Some information about your vehicle is necessary, such as the year, make, design, model, and mileage at the time of the loan. Ensure that the information you supply is correct, because our computerized system relies on these factors to come up with an accurate quote.
Once you have decided to move forward with the loan process, one of our representatives will contact you at your convenience to schedule a car inspection. This car inspection serves as a second verification of the information you have supplied online.
Drive the vehicle to a Platinum Lending location at the time of your appointment. You will not need to worry about making alternative arrangements for transportation as you will be able to drive it back home. Taking a cash loan against your car does not mean we need to hold onto it.
Once your car has been approved, you will drop off your registration with us and drive off with cash in hand.
What Are the Restrictions on Title Loans?
Auto title loans in SC are restricted by state law.
- Title loans in Clemson are legal in South Carolina starting from $601 and up.
- South Carolina allows six rollovers, meaning you can renew your loan up to six time, usually for a duration of a month each time.
- Vehicles cannot be repossessed unless the lender can prove an utter inability to repay the loan.
- A repossessed vehicle can be bought back by its original owner at any time.
What Are the Benefits of Title Loans?
Title loans in Greenville are advantageous for many reasons. Here are some of the most common benefits for choosing a title loan over other routes of obtaining cash.
- Approval for a title loan can be as short as 24 hours from the time of online application. Those of us who need emergency cash know how important it can be to get an instant infusion of cash.
- Interest rates on title loans in Clemson are lower than those of payday loans as a rule. On average, borrowers save about 50% on interest choosing title loans over payday loans.
- Co-owners of a vehicle can be approved for a loan as long as the other parties are informed and signed consent is obtained. This protects co-owners from dealing with unwanted loans on a vehicle they partially own.
- Owners of a vehicle who have lost the hard copy of their titles can still be eligible for a title loan. We offer guidance in filling out the necessary paperwork to obtain a new title. The process is simple and should not prolong the loan process by much time.