What Are Title Loans Hanahan, SC?
A title loan is a loan made against the value of your car. When a title loan is approved, the hard copy of the title to your vehicle is held by the lender until the full amount of the loan is repaid. Afterwards, the title is returned. The possession of the vehicle itself remains with the borrower throughout the entire loan.
Anyone who legally owns a motor vehicle like a car, truck, or SUV may be eligible for a title loan. Because the loan amount if based on the value of your vehicle and the title is secured as collateral, a credit check is unnecessary. This means even those with bad credit may be approved for a title loan.
Co-owners of a vehicle are also eligible for a title loan so long as they inform the other parties involved in the ownership of the vehicle and obtain signed consent.
If you are the owner of a vehicle but have misplaced the hard copy of your title, we offer help in filling out the necessary paperwork to get a new copy.
How Do I Apply for a Title Loan?
Platinum Lending offers title loans online through our website, to begin, click the ‘Apply’ button at the top of the page. Once you have reached the first form, you will need to have the year, make, model, and estimated mileage of your vehicle as well as some personal information. This information will allow our computerized system to give you a free, instant quote on the loan amount you may be eligible for.
Once we have given you an estimate, you can make an appointment for a car inspection with one of our professional representatives who will guide you through the process of getting cash.
On the date of your inspection, drive your vehicle to a Platinum Lending location, where we will verify the accuracy of the information you have supplied us online. Title loans in Hanahan rely on the guaranteed value of the vehicle to work, so this step is extremely important.
Once your vehicle has been inspected and approved, you will be able to drop off your registration and pick up the total amount of your loan in cash. It is unnecessary to make plans for public transportation or an alternative form of transportation as you will be able to drive off in your own car! Title loans in South Carolina never require you to leave your vehicle with the lender.
What Are the Restrictions on Title Loans in North Charleston?
Title loans are subject to certain restrictions to protect both the borrower and the lender.
- A vehicle cannot be repossessed unless the borrower has proven to be completely unable to repay the loan.
- A borrower always has the right to buy back his or her vehicle if it has been repossessed by repaying the loan in full.
- “Small loans” of $600 or less are illegal in South Carolina.
- There is no cap on the maximum interest rate on title loans in Hanahan.
What Are the Benefits of Title Loans?
Title loans in Hanahan offer quite a few advantages over more traditional routes. By taking a loan against your vehicle, you are able to circumvent a number of obstacles to being approved.
- Title loans work much more quickly. The average turnaround time is about 24 hours from application to cash in hand.
- Title loans have lower interest rates than payday loans–often up to 50% lower.
- Title loans do not require a credit check. This offers those with poor or no credit a second chance at financial independence.